GRAFT Network Upgrades to Monero Bulletproofs
Blockchain-based payment processing network, GRAFT has upgraded its network to Monero “bulletproofs”. While making the announcement in an official post, the project noted that:
[Bulletproofs] is a significant upgrade that brings important new features and improvements to the network such as much smaller block sizes, multi-signature wallets, and better security.
The new protocol will pave the way to other upgrades and features outlined on their roadmap, particularly their plans to solve four of the major problems facing cryptocurrency transactions – privacy, fees, speed and integration.
GRAFT is a blockchain based payment processing network the functions similarly to a credit card processing network with off-chain authorizations and in-network atomic swap based interchanges. The network is completely decentralized, able to work across borders and adapting to the local regulatory environment.
The bulletproof protocol was developed by Benedikt Bunz and Jonathan Bootle as a zero-knowledge solution to enable users to hide transaction amounts from the blockchain. With the protocol, a one party can prove to another that he knows a value without revealing additional information, thus providing an additional level of privacy without the extra computational power. In essence, the transaction amount is hidden by the protocol.
The protocol which is based on ZkSNARKs tech enables faster and decentralized transactions whilst maintaining privacy. The transaction size is also reduced and becomes easily verifiable. The protocol has been known to reduce fees by up to 80%.