Monero network relies on ring signature, ring confidential transactions, and stealth addresses for the purpose of anonymity. Talking about swapping the cryptographic operation of ring signature in Monero, Andrew Poelstra, Blockstream Director of Research, in a recent interview on the sidelines of Magical Crypto Conference, said that he knows some of the ideas that have been “thrown around” regarding the same.
Poelstra, along with Bitcoin Core contributor Tim Ruffing, was working on a ring signature scheme that is logarithmic-sized. While admitting that employing the “new” scheme on Monero would not possibly be “earth-shattering,” it would however, be a small step toward efficiency improvement, Poelstra said.
For the long term, Poelstra revealed,” .. there are some ideas that could give you log scaling in size and verification. For example, you could literally like look up every single output in a giant Merkle Tree, pick one and say that I’m going to spend this, but the whole thing is inside a zero-knowledge proof. And that would actually give a ring of the entire output.”
The Blockstream researcher also pointed out that the technology is “not there yet,” in terms of general zero-knowledge proof. According to the researcher, a zero-knowledge proof scheme that needs the implementation of a trusted setup, is required. Notably, Trusted Setup is an important part of another privacy coin, ZCash’s network.
He also asserted that for Monero to be perfectly binding, it needs to “throw away” bulletproof and instead, deploy enormous ring signatures. Bulletproof tech was implemented on Monero’s network to ensure that the data stored within a confidential transaction does not, in any way, contain false information in order to maintain anonymity.