Innovations, updates and upgrades in the cryptocurrency market continue at full speed. Now, privacy-focused altcoin project Monero (XMR) has successfully implemented its protocol upgrade.
Popular altcoin successfully implemented the update
As we reported as Kriptokoin.com, the hard fork of Monero, one of the most popular privacy protocols of crypto, has been successfully completed today. The fork took place at block 2,688,888. It has also enhanced the network with a host of new privacy protection features. The developers 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 of a group. Ring signatures make it impossible to trace the origin of a Monero transaction.
The developers updated the previous Bulletproofs algorithm to “Bulletproofs+”. Bulletproofs+ reduces transaction size and increases transaction speed. Developers expect overall performance to increase by 5-7%. View tags is a new way to speed up wallet sync by 30-40%. According to experts, wage changes will minimize wage volatility. It will also improve overall network security. Developers have improved multi-signature functionality and added critical security patches. The update did not affect the altcoin price. At press time, the price is flat and holding at $166.77.
How does Monero work?
Monero uses innovative cryptography to offer its users a high level of privacy and security. Some of the key features of cryptocurrency are:
Ring signatures: Digital signatures that can be produced by any member in a group. It must be computationally impossible to determine which key (from that set of keys) was used to generate the signature. Ring signatures make it impossible to trace the origin of a Monero transaction.
Private addresses: One-time addresses that are automatically generated for each new transaction. It is possible for a Monero user to broadcast a single address. But he can receive all incoming funds at different addresses. These different addresses cannot be linked back to the user’s published address. Only the sender and receiver know the address to which the payment was sent.
Bulletproofs: Zero-knowleg proofs that enable confidential transactions in Monero and other protocols. A confidential transaction is a transaction in which the transferred amount is cryptographically hidden.
Dandelion++: A feature in Monero that hides the connection between processes and node IP addresses. This process increases its confidentiality.
Wallets and exchanges: A few major exchanges, such as Bittrex and Kraken, have removed it from the list. Other exchanges like Coinbase have not even listed the altcoin project. This is because know-your-customer (KYC) and anti-money laundering (AML) checks cannot be performed on Monero users. Wallets that support Monero include Ledger and Trezor, two popular hardware wallets. Cake wallet is a hot wallet that was originally exclusive to Monero but now also supports Bitcoin (BTC), Litecoin (LTC), and Haven (XHV).
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