- The former Bulletproofs algorithm underwent an upgrade to “Bulletproofs+”
- The number of ring signers increased per transaction from 11 to 16
- Fee changes were made to improve the overall security of the ecosystem
The hard fork to upgrade Monero, one of the most popular privacy protocols in crypto, was successfully completed yesterday evening, CoinDesk wrote. It took place around 7 pm UTC at block 2,688,888. A number of new privacy-preserving features enhances the network.
The price of XMR remained flat on the news. The live token price today is $167.76 with a 24-hour trading volume of just over $82 million according to CoinMarketCap data.
Increased number of ring signers
The number of ring signers increased per transaction from 11 to 16. Ring signatures are digital signatures that any member in a group can produce.
This is a security measure rendering it very difficult to determine the key from the group used for the signature, if not impossible. Thus, the origin of a transaction within Monero becomes impossible to trace.
Bulletproof algorithm upgrade
The former Bulletproofs algorithm underwent an upgrade to “Bulletproofs+.” This algorithm is linked to zero-knowledge proofs that make private transactions possible. Bulletproofs+ raised the transaction speed and reduced its size. This is expected to improve overall network performance by 5-7%.
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This new element provides a creative way to speed wallet syncing up by at least 30%. Trezor and Ledger are two leading hardware wallets that support Monero. Originally, the hot wallet Cake was exclusive to Monero, but it now supports Bitcoin, Litecoin, and Haven too.
Fee changes and new security patches
Finally, fee changes were made to improve the overall security of the ecosystem and minimize fee volatility. Monero added crucial security patches and improved multisig functionality.
