Bulletproofs are actually part of the zero-knowledge proofs family and allow multiple range proofs from different parties to be aggregated into one proof. What this means, in practice, is that bulletproofs allow for information to be significantly compressed without compromising its validity. When integrated into Monero last year, for example, bulletproofs slashed transaction fees through reducing the average size of each transaction.
There is a number of interesting applications for bulletproofs outside of facilitating confidential transactions. They can be used in proof of solvency, for instance, with one research paper noting: “A Bitcoin exchange with 2 million customers needs approximately 18GB to prove solvency in a confidential manner … Using Bulletproofs and its variant protocols … this size could be reduced to approximately 62MB.” The same paper lists a total of eight use cases for bulletproofs, including smart contracts and crypto derivatives.
Source:
https://news.bitcoin.com/conceal-and-reveal-the-evolution-of-privacy-coin-technology/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications