Privacy Cryptocurrency Monero Completes Major Upgrade
One of cryptocurrency’s most popular privacy protocols, Monero, on Sunday August 14th successfully completed its undisputed hard fork. The fork occurred at block 2,688,888 and added some major new privacy features to the network.
The update increases the number of signers for ring signatures per transaction from 11 to 16. Ring signatures are digital signatures that can be created by any member of the group. Because it is impossible to determine which key from that set of keys was used to create the signature, the origin of Monero transactions cannot be traced.
The open-source project Monero, with native token XMR, launched in 2014 as “Bitmonero.” It’s been regarded as a secure, private and untraceable coin. In addition to the ring signatures, one-time addresses are also generated for each new transaction, therefore addresses cannot be linked back to the user with only the sender and receiver knowing the address assuring Monero users privacy.
Other updates were made to Bulletproofs algorithm which is now Bulletproofs+, helping to increase transaction speed and performance.
Furthermore, wallet speed has been increased by 30-40% and changes to network fees were made to minimize fee fluctuations and assure the security of the protocol. Other security patches have also been added.
Congratulations on a successful network upgrade! 🎉 #Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!
Make sure your node/wallet is updated to continue using Monero.
Privacy and fungibility matter, and it’s exciting to keep improving!
— Monero (XMR) (@monero) August 13, 2022
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At time of writing, XMR is trading at $166.60 according to CoinMarketCap data.
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Source: igaming
