Crypto news

Monero network underwent a hardfork

The creators of the anonymous cryptocurrency Monero conducted another network hardfork, which resulted in reduced block size and increased speed and confidentiality of transactions.

The hardfork took place on August 13 at block 2,688,888. The upgrade added a host of new features to the network to ensure transaction privacy. The previous Bulletproofs algorithm, which is a zero-disclosure proof, was upgraded to Bulletproofs+.

As a result, the number of signers for a ring signature has been increased from 11 to 16 for each transaction. It will now become more difficult to determine which key was used to create the signature. This will further reduce the traceability of the transaction on the Monero network.

In addition, the update reduced the size of blocks and increased the speed of transactions. The overall blockchain performance is expected to grow by 5-7% after the hardforward. The update also improved multi-signing functionality and added critical security fixes to Monero.

In addition, browse tags were added to speed up synchronization of Monero-enabled wallets by 30-40%. These include Ledger and Trezor hardware wallets, as well as the Cake hot wallet, which was originally created for Monero (XMR) but now supports BTC, LTC and XHV.

Recall that the former Monero developer is being extradited from the US to South Africa.

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