Categories: MoneroNews

Monero (XMR) Serves as a Stronger Testing Ground for Bitcoin Than Litecoin, Concludes DAR

Monero, the privacy based Cryptocurrency is often looked at as an experimental Testnet like Litecoin. Digital Asset Research concludes the other way around that Monero is a stronger testing ground for the experimental Bitcoin network than Litecoin.

Why do they conclude that? One Word: Bulletproof

The Monero Network went through a scheduled hard fork recently on October 18th to activate Bulletproofs.

What is Bulletproof?

Monero employs three major technologies to achieve Privacy: Ring Signatures, Confidential transactions, and Stealth Addresses. The Bulletproof upgrade is intended to address a major drawback of RingCT(a term used to represent Ring Signatures and Confidential Transactions) which is the size of the range proofs.

BulletProof was first proposed in a white paper authored by Standford University, University of London and Blockstream in 2017. With the implementation of BulletProofs the size of the Range proofs over 13kb to as less as 2.5kb which will help massively in scaling the network.

The technology can be compared to that of Zero-Knowledge Proofs in Zcash with a few tradeoffs. But ultimately the upgrade will improve privacy and potentially will help massively in scalability.

Monero Better Testnet than Litecoin?

Where it gets interesting is that in the BulletProof Whitepaper, they mention that if NIZKP’s (Non-Interactive Zero-Knowledge Proofs – the technology used in BulletProof to aggregate range proofs of a confidential transaction) is implemented on the Bitcoin Blockchain then “total size of Bitcoin’s UTXO set would be only 17 GB (compared to 160 GB) if Confidential Transactions were to be implemented.”

In a report, Digital Asset Research concludes:

Monero at this time is serving as a stronger testing ground for experimental Bitcoin technologies than Litecoin, which is widely regarded as a “financially incentivized testnet” for Bitcoin.

BulletProofs along with other technologies like Schnorr Signatures, Mimble Wimble, etc are being explored on the Bitcoin Roadmap.

Litecoin has been a Testnet for Bitcoin for experimenting with technologies like Segwit and Lightning network on the Litecoin Blockchain first before implementing it on the Bitcoin Blockchain.

But Monero can be a bigger deal for Bitcoin as it will serve as a testing ground for privacy-focused technologies like Bullet Proof which is far more different that Litecoin which shares most of the properties with Bitcoin with a few changes.

Also Read:


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

1 month ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

2 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

3 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

3 months ago