Monero tech is coming to XBI
We are glad to announce that XBI will be implementing some very exciting privacy features. As we know, lately ,there were a lot of Pivx bugs that were widely discussed. Some valid concerns were pointed out, however, we think every project has to take own responsibility and actively research, develop and stress-test it’s own chain.
Here is what our blockchain scientist, Dr. Stealth, said about the XBI’s future privacy tech.
“Bitcoin Incognito will implement private features that will be provided as optional transaction feature in Bitcoin Incognito:
* Phase 1: In this phase, we will implement the privacy techniques from Monero, including Ring Signature and Ring Confidential Transaction (RingCT) along with dual-key stealth addresses in Bitcoin Incognito technology stack. Ring Signature obfuscates senders of a transaction while RingCT allows to hide transaction amounts. Together with stealth addresses that provide transaction receiver anonymity, this phase 1 will provide basic privacy to the chain.
* Phase 2: we are thinking of implementing bulletproofs as a range proof to work with RingCT. The implementation of bulletproofs is a crucial step to avoid any cheating and double spend.
* Phase 3: The phase 3 will focus on optimization of RingCT by implementing OmniRing, which is more efficient than RingCT in terms of verification complexity, but also in terms of anonymity”
What exactly is Omniring — its a form of zero-knowledge proofs derived from Bulletproofs .
Omniring is unique because it:
- does not require a trusted setup or pairing-friendly elliptic curves
- has a proof size logarithmic in the size of the ring
- allows to share the same ring between all source accounts in a transaction, enabling significantly improved privacy without sacrificing performance
With all that being said, let’s get one thing clear. “Privacy” is a never-ending quest. The tech that is considered “cutting edge” today, will become old and outdated in 1–2 years time. That’s why we are glad we have such a brilliant mind on our team.
Thank you Dr. Stealth , for believing in our vision and deciding to be a part of this never-ending, progressive improvement of XBI’s privacy techniques.Our community will highly appreciate all the work that you will do for the project in the future!