Update: Enables Completely Untraceable Currency Transactions at Low Cost and Precedes Upcoming Particl Open Marketplace Mainnet Launch
On the day of its second anniversary, Particl, the open-source privacy platform and a decentralized marketplace for buyers and sellers for cryptocurrency, has announced its hard fork. With the activation of RingCT and Bulletproofs, Particl’s already rigorous privacy protocol has been strengthened even further, giving users the ability to send completely untraceable currency transactions at a fairly low cost.
Originally made popular by the open-source cryptocurrency Monero, the RingCT privacy protocol fully anonymizes the transacting amounts and participants of any transaction made using the protocol and makes financial data mining ineffective. RingCT provides very strong privacy and plausible deniability that is supported by cryptography.
Unlike Monero and other RingCT-based cryptocurrencies, however, Particl’s implementation is compatible with the Bitcoin codebase, which is much more flexible and programmable than the more rigid Cryptonote codebase. As a result, Particl is enabling the RingCT protocol to reach its full potential, not only making currency transactions untraceable, but also bringing anonymity to decentralized applications and atomic swaps, as well as the Lightning Network, which is now running on Particl’s testnet.
The accompanying privacy release to the Particl mainnet, Bulletproofs, is a new generation of range proofs that scale logarithmically rather than linearly, making transactions less costly to send and lighter in size. Also referred to as non-interactive zero-knowledge short proofs, Bulletproofs offer a groundbreaking improvement over regular range proofs, reducing their size by approximately 70%. This in turn reduces transaction fees and the space they take on the blockchain by the same ratio.
Paul Schmitzer, the Head of Marketing for Particl, said: “We look forward to bringing this 100% decentralized marketplace to the mainnet, where anyone in the world can buy and sell products and services for cryptocurrencies while keeping their shopping habits, financial data, and sales data private.”
Particl is a blockchain based open-source privacy platform and a decentralized marketplace that enables buyers and sellers to transact using cryptocurrencies. Particl’s mission is to foster a new decentralized, private and democratic economy supported by its platform and native currency (PART). All the fees generated by the platform are paid to the PART coin holders who are securing the network. Particl, incorporated in July, 2019 in Zug, is funded by The Particl Foundation, (Particl Stiftung), a non-profit Swiss organization serving the Particl ecosystem and promoting awareness of financial privacy.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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