Monero completes privacy enhancement
On Saturday, the hard fork that Monero was working on to improve its network was accomplished. This was done to make transactions on the protocol more anonymous.
According to Monero Sunday, the network is “now more private and efficient with ring size 16, Bulletproofs+, and view tags.”
In a blog post published in April, the protocol said that the newly developed “Bulletproofs+” algorithm has the potential to decrease the normal transaction size while simultaneously improving verification performance by 5% to 7%.
The new method that Monero use to cut wallet sync times by between 30 and 40 percent is called view tags.
The issuance of privacy coins by privacy protocols like Monero allows crypto traders to conceal the origin of transactions and the identities of senders and recipients of cryptocurrency payments.
According to statistics provided by CoinMarketCap, the price of XMR, Monero’s native token and the 28th-largest cryptocurrency by market capitalization increased by 0.1% over the previous twenty-four hours to US$167.21 at 2.11 p.m. HKT. A little over a month ago, the token was trading for US$132.6.