Monero developers have implemented a hard fork, which took place over the weekend in the block #2.688.888, to introduce new improvements and functionalities through a new update
The new hard fork was successfully implemented on the Monero blockchain last Saturday, as reported by the developers of the privacy cryptocurrency on their Twitter account.
Through the Monero upgrade, the blockchain network has become more secure, private, and efficient.
This update brought with it a series of improvements and functionalities that are focused on Strengthening the privacy of transactions of XMR, as well as Increase speed and safety of the blockchain network, Improve wallet synchronization y reduce rate volatility of commission.
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Monero is one of the projects that focus on the user privacy most important in the crypto industry. Through its protocol, it provides users with a high level of privacy and anonymity, allowing them to make untraceable transactions on the blockchain.
However, although Monero is a privacy-focused cryptocurrency, users can choose whether their transactions are visible to certain people, ensuring transparency and auditability.
Improvements in the new Monero update
First of all, the new Monero update introduced a Increase in the number of Ring Signatures from 11 to 16 for each transaction, to enhance privacy and prevent the origin of transactions from being traced.
The Monero protocol uses Ring Signatures to ensure that transactions are untraceable and that each transaction has some ambiguity, preventing them from being linked to a user or computer.
Secondly, the new update brought with it a new version of Bulletproofs algorithm, called Bulletproofs+. This algorithm, based on the Zero-Knowledge (ZK) Technology, is what allows the Monero protocol to hide the addresses involved in an XMR transaction.
The new update also introduced wallet synchronization improvements and in the commission rates Monero. Specifically, it implemented display tags that speed up wallet synchronization by up to 40% as well as fee changes to reduce volatility, CoinDesk reported.
All of these changes, as mentioned, are focused on improving the privacy and efficiency of the network. Also, the project roadmap shows that in the future, Monero developers will also implement improvements to the Triptych algorithm, also focused on transaction privacy, as well as the creation of second layer networks (Layer 2) that allow for a significant increase in the speed and scalability of the protocol.
Monero developers also released a new Ledger-compatible wallet version this week and called on users, services, and exchanges on the protocol to run version 0.18.0.0 to be prepared for the hard fork.
XMR is up 10% in the last week
The price of XMR, the native cryptocurrency of the Monero network, has recovered slightly over the past week. According to data from CoinMarketCap, the price of XMR traded at $171 per unit yesterday, which represents a growth of 10,3% from its lowest price of $155, seen in the last 7 days.
Usually, major network upgrades and improvements influence the price of cryptocurrencies. However, this time, the price of XMR has not changed significantly after the hard fork.
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