Bulletproofs is a new efficient form of “zero knowledge proof”. Zero knowledge proof is a method of proving that a certain statement is true without revealing anything about the statement itself. You have zero information about the statement except that it is true. Monero is a privacy coin where the amount of a transaction and the transactors are private. Bulletproofs in Monero ensures that no new Moneros are created. The amount of Monero goes into a transaction must be the same as the amount that goes out of the transaction. The benefit of Bulletproofs is that it reduces the size of a private transaction by up to 80%. As transaction fees depend on the size of a transaction bulletproofs significantly reduces transaction fees.