Kudelski Security Audit Report: Monero (XMR) Bulletproof Protocol Successfully Completed

You have probably already heard about Monero. The open source crypto is known for being a privacy coin. What you buy with Monero stays hidden forever as the transactions are not as transparent as most of the other blockchains. The service does this by using algebraic properties to ensure that inputs and outputs on the network can be verified but not linked to anyone.

Now, Monero has successfully released its Bulleproof security audit, which was made by Kudelski Security. The company has just reported on its social media account that only minor issues were detected while analyzing the tokens.

More information about Monero compatible Bulletproofs can be found here: https://t.co/gPPNXGTFZF

Note that Monero compatible Bulletproofs are already live on testnet and are scheduled to go live with the scheduled protocol upgrade of September / October.

— Monero || #xmr (@monero) July 15, 2018

The Range Proof And The Bulletproof Protocol

A development of the blockchain led the Monero team to implement the Range Proof protocol, which is used to avoid overflow at the same time that can verify transactions. The main problem with this technology is that it consumes a huge transaction size on the blockchain.

Because of this, the community had to come up with a new protocol, which the Bulletproof protocol that was recently audited. There are two types of them, the single or multiple-output protocols. By using a single output, a transaction size will be reduced from 13.2Kb to about 2.5Kb, an 80% reduction, while it will be even lower with the multiple version.

In December 2017, the team made a public announcement telling the world that each version of the Bulletproof protocol would be released alone with the single output version being deployed first. According to the team, this will represent a huge advancement for the Monero community and the quality and speed of the transactions.

At the moment, the Bulletpoof is only deployed on the Testnet, not the Mainnet itself.

Kudelski Security And The Audit

The Kudelski Security is an independent Swiss provider for cyber solutions and the Monero Foundation hired it to perform a security assessment on how secure the new protocol was. The company did not find any major issue with the technology.

Four minor security issues were found, though, and will be corrected before the protocol is officially released. There was also 8 observations about general code safety that could be improved.

The first audit (by Kudelski Security) of Monero compatible Bulletproofs has, bearing a few minor issues, been successfully completed! https://t.co/qZk3FdhJ5L

— Monero || #xmr (@monero) July 15, 2018

Charles Hoskinson, the founder of IOHK and Cardano, has stated that Kudelski is a great firm and that IOKH also uses it, while users on Reddit appointed that the fee reduction will be lower than 80% because only the size will be reduced so much. Verification time, according to users, will be reduced lower, so there is no reason to be so focused on the 80% reduction.