It is well known that Monero hides the details of the sender and the receiver and also the amount in a transaction and other details. Triptych is a new Monero technology which is able to better hide senders by using less space on the Monero blockchain and therefore takes less time in processing.
Triptych is zero-knowledge proving system for confidential transactions that is faster, lighter, and more private.
Monero tweeted: “Triptych: A New Algorithm Protecting Monero Users – by Monero Outreach.”
When it comes to hiding senders in Monero there is a lot happening and it takes more than just guarding addresses. The Monero outputs of transactions are known as TXOs. Each TXO is given a unique one-time ID known as the public key. It is also known as the stealth address.
By simply looking at the TXO public it is not possible to identify how two Monero addresses relate to each other. However, public keys also need protection as they cannot be transparent considering to avoid identification of the essential details in the TXOs. Cryptographic ring signatures are used to keep this as a secret.
A lot of technological improvements has happened about TXO decoys are getting selected from the blockchain. Also, the core ring signature algorithms have improved over time. All of these improvements provide Monero with the required anonymity. However, it is now considered that the current hiding techniques are not perfect.
Sydney Ifergan, the crypto expert tweeted: “i believe that #Monero will be able to sustain its privacy promise if the Triptych getting a good adoption, honestly i think it’s feasible….”
Monero (XMR) on Triptych as a New Algorithm
A present they are using 10 decoys to sustain hiding. Random TXOs might become identifiable as it is possible for decoys to have gotten spent with public knowledge in the past. A workaround to find ways to identify decoys, including their relationship to pools and exchanges with the TXOs details to estimate validity in other transactions with timing probabilities are more.
While increasing the numbers of decoys would improve privacy it will inflate the Monero transaction size, therefore not practical or sustainable.
Triptych, as a new algorithm for ring signatures developed by Sarang Noether and Brandon Goodell of the Monero Research Labs (MRL) with outside partner Arthur Blue is the proposed answer.
Triptych gets the size of the ring signature to grow logarithmically and not linearly. Logarithmic growth being slow avoids the need to depend on someone to destroy randomness. With verification time growing linearly verification is set to be batched and evaluated with specialized algorithms leading to speed up. Triptych times on the Monero Network!