ING Bank to Test "Bulletproofs" DLT Privacy Tech

"Bulletproofs" was developed by the cryptographers from Stanford University, University College London and Blockstream
15 April 2019   255

ING Bank in the Netherlands has begun testing technology "Bulletproofs", developed by cryptographers from Stanford University, University College London and Blockstream startup to hide the amounts transferred in transactions through the blockchain of bitcoin, CoinDesk reportes.

Payment privacy matters not only for cryptocurrency users, but also for banks interested in using blockchains and not willing to disclose information about transactions of their clients. For this purpose, ING Bank has already tested zero-disclosure (ZKP) evidence technology, but it turned out to be too demanding of calculations and could slow down the operation of the bank system.

As reported, the bank found bulletproofs turn out to be “roughly ten times faster than other range proofs, for a single range proof,” Most of the work is currently carried out on a scientific level, which does not prevent the bank from seeking out the fields of application for the technology right now. The privacy of blockchains is particularly relevant due to the need to comply with the requirements of the EU General Data Protection Regulations (GDPR).

At the same time, ING Bank is not going to give up ZKP technology completely. The Bank cooperates with developers on the issue of creating specialized tools, in particular for carrying out documentary operations through the blockchain. For example, ZKP can be used to track exchange goods from the moment they are produced and the certificate of origin is stored during the movement along the entire supply chain without having to disclose information about the supplier, price or quality.

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.