RAYS Network is a cryptocurrency that will revolutionize the way you interact in the crypto world by providing customised solutions to the existing problems of speed, security, and privacy along with issues surrounding usability and the operations of decentralised systems.
RAYS Network offers a new solution which includes innovative and customised features such as Customised Delegated Proof-of-stake (DPoS) and Bulletproof Protocol to suit the needs of the community. RAYS promises to offer two solutions:
1)Secure and private blockchain for industries
2)Secure and fast cryptocurrency for general users
In this post, let us dig deeper into what exactly is a Bulletproof Protocol
Bulletproof Protocol is the latest development currently under extensive research which will revolutionize and determine the privacy aspect of cryptocurrencies and blockchain. Bulletproofs are zero-knowledge arguments of knowledge. A zero-knowledge proof of knowledge is a protocol in which a person verifying the transaction can convince a verifier that some statement holds without revealing any information about why it holds.
Bitcoin and other similar cryptocurrencies use a transaction-output-based system where each transaction fully spends the outputs of previously unspent transactions. These unspent transaction outputs are called UTXO. In comparison to other privacy protocols such as ZK-SNARKs, Bulletproof Protocol which is logarithmic in size, reduces the block transaction size tremendously. For instance, if all the Bitcoin transactions were confidential and used Bulletproof instead of other proofs, the total size of the UTXO set would reduce from 160 GB to 17 GB. Hence, Bulletproof Protocol is logarithmically smaller as compared to other linear privacy protocols.
Bulletproofs are short interactive zero-knowledge proofs which does not require a trusted setup unlike SNARKs and rely only on the discreet logarithmic assumption. A verifier can be convinced that an encrypted plaintext is well formed. For example, the person verifying the transaction can convince a verifier that a confidential transaction is valid without revealing why that is the case, i.e. without leaking the transacted values.
The proof is designed in such a way that an efficient confidential transaction in Bitcoin and other cryptocurrencies can be enabled without revealing the actual transaction. It basically hides the amount transferred within the confidential transaction. There is a cryptographic proof in every confidential transaction which validates a transaction. Bulletproofs shrink the size of the cryptographic proof from over 10kB to less than 1kB. Moreover, Bulletproofs support proof aggregation, so that proving that m transaction values are valid adds only O(log(m)) additional elements to the size of a single proof.
Application of Bulletproofs in cryptographic protocols include shortening proofs of solvency, short verifiable shuffles, confidential smart contracts, and a general drop-in replacement for Sigma-protocols.
Microtransactions via Bulletproof
One of the greatest challenges in the blockchain technology is its potential to be used for microtransactions. The transaction fee for microtransactions could be very high. Why would you pay a transaction fee of $1 for a payment of $0.01 worth of transaction? With a Bulletproof Protocol, RAYS Network will offer a zero transaction fee to its users. This is made possible as Bulletproof Protocol features a built-in capability to facilitate bundles of transactions in each block.
Multi-Transaction System via Bulletproof
Can you imagine a wallet where a user can send payments to hundreds of his/her contacts just by a single click? With the Bulletproof Protocol, RAYS NETWORK will allow a single user to carry out multiple transactions at the same time.
The implementation of the Bulletproof Protocol will make the RAYS Network also immune to attacks from quantum computers.
In a nutshell, RAYS Network is a state of the art blockchain project which promises to revolutionise the world of cryptocurrencies with its disruptive innovations such as the Bulletproof Protocol. You can be a part of the RAYS Network and earn RAYS through their referral program.
Referral Program
Join the Referral Program (up to 140$ in Free RAYS)
Join the Ambassador Program (up to 15000$ in Free RAYS)
Some of the RAYS Partnerships are:
Blockchain Implementation Guide: Shield Cryptocurrency
Blockchain Research: Complexty Labs
Wallet Development: OPOLO.IO
Marketing Partner: The ARCADIA Media Group
Mobile Apps Development: Appzilla
To know more about RAYS Network, read their Whitepaper or follow them on:
Website — www.rays.network
Telegram — t.me/RaysNetwork
Github — github.com/RaysNetwork
Twitter — twitter.com/Rays_Net
Facebook — www.facebook.com/RaysNetwork
Watch out for RAYS Network, the new disrupter in the world of cryptocurrencies!