Cryptocurrency one of the most popular privacy protocols in the industry. Monero (XMR) The hard fork of the upgrade was successfully completed today.
The Long-Awaited Update for Monero (XMR) Has Arrived
The Monero team confirmed that the update has been implemented in its statement on its official Twitter account.
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
Hard forks 2,688,888. took place on the block and expanded the network with a host of new privacy-preserving features. Here are those innovations.
Increased the number of signers for the Ring signature from 11 to 16 per transaction. Ring signatures are digital signatures that can be produced by any member in a group.
It should not be computationally possible to determine which key (from this set of keys) was used to generate the signature. Ring signatures make it impossible to trace the origin of Monero transactions.
“Upgrade your software to Monero v0.18 today,” an XMR developer said on Friday.
The previous Bulletproofs algorithm has been upgraded to “Bulletproofs+”. Bulletproofs are zero-knowledge proofs that enable confidential transactions. Bulletproofs+ reduces transaction size and increases transaction speed. The overall performance is expected to increase by 5-7%.
View tags have been developed as a new way to speed up wallet syncing by 30-40%.
Wallets that support XMR include Ledger and Trezor, two popular hardware wallets. Cake wallet, originally XMR exclusive but now Bitcoin (BTC), Litecoin (LTC) and Haven (XHV) It also operates as a hot wallet that supports
Fee changes will minimize fee volatility and improve overall network security.
Improved multi-signature functionality and added critical security patches.
However, the XMR price remains stable at the time of this writing. The altcoin has gained 0.33% in the last 24 hours and is trading at $166 according to data from CoinMarketCap.
*Not investment advice.
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