HI THERE

We are ready to finalize our Bulletproofs implementation! I and others with the project have been hard at work reviewing and coding Bulletproofs, a new range proof technology released by researchers at Stanford, University College London, and Blockstream. Over the past several months, work has been underway to incorporate the core algorithms and many optimizations that benefit new and existing network nodes. The use of range proofs in Monero is key to the security of our confidential transactions, and switching from our current implementation to Bulletproofs offers a massive savings in future blockchain space and transaction validation time.

Our Bulletproofs code will be audited. There is a high degree of confidence in both the underlying mathematics and our implementation into the Monero codebase. However, the critical nature of range proofs to the security of Monero, the fact that we are pioneering the use of this technology, and the benefit that independent third-party review offers, mean we are taking a belt-and-suspenders approach to the release. Academic research has long placed peer review in high regard, and recent audits of other core open-source technologies has shown its benefit in code.

The amount required for this audit depends on our choice of auditors. We have solicited statements of work from several groups, and encourage the community to read them and comment.

Here is the directory containing the documents: https://github.com/b-g-goodell/research-lab/tree/master/audits/BP

My summary and the Monero Research Lab's initial recommendations are in the README file: https://github.com/b-g-goodell/research-lab/blob/master/audits/BP/README.pdf

This audit is an important and final step in our release of Bulletproofs. We are excited to be pioneers in the deployment of this excellent new technology, and are ensuring that we do so correctly and with the best interest of the community in mind.

WHAT WE NEED FROM YOU

• Read through the statements of work and summary document.
• Sit in a room with your drink of choice and contemplate the options, as well as your place in the universe.
• Comment on our recommendations: here, on the reddit posting, or in the #monero-research-lab channel

Once there is consensus on our choice of reviewers, a funding request for the appropriate amount will be opened. Then the audits happen, and then Bulletproofs happen!