According to reports, Monero has implemented a hard fork update on its platform. The aim is to increase privacy and security despite the recent scrutiny of privacy tools.
The platform executed the update on the 13th of August after announcing the update months back. The update carried out on block 2,688,888 was successful due to the effort of over 70 developers.
Monero’s Update Features Protocol Enhancements
Meanwhile, the update introduced several fixes to the platform. One of the m is the internal multi-signature system that controls the transfer of info like data synchronization and key sets between wallets.
“Multisig refers to the requirement of several signatures before sending a transaction to the Monero network and carried out. Users will have more wallets and interaction among transactions,” the statement noted.
Also, the ring signature approval now needs 16 cosigners instead of 11, which was the previous requirement. Ring signatures make it hard to track the source of network transactions.
Additionally, the protocol upgraded its bulletproof algorithm to bulletproof+. This is a zk proof algorithm that Monero executed in 2018.
The aim was to reinforce the privacy of the network, thereby hiding the number of transactions. It only shows the destinations and origin of the transactions.
Another major improvement made to the platform is the “View tags.” This recent feature speeds up wallet synchronization by about 30% – 40%. This is essential to improving the efficiency of the entire Monero network.
Monero Pays More Attention To Security And Privacy
According to CryptoPotato, the hard fork is a huge departure from the security model of BTC. Also, it will provide incentives to crypto miners that rely on cheap fees to ensure the network’s untraceability and security.
Moreover, this is the fifteenth update on the Monero protocol. Hence, Monero might release future improvements to ensure network security and privacy.
Last week, the Dutch police arrested the developer of Tornado Cash for creating a tool that fraudsters have used to launder millions. Tornado Cash helps to mix users’ transactions and obscure them.
In the cryptocurrency industry, the usage of privacy tools is now rampant. Although it has its benefits, it also has its disadvantages.
One of them is that criminals use these tools for money laundering making it difficult for law enforcement agencies to trace them. Meanwhile, most crypto users want to protect their privacy while carrying out crypto transactions.
However, recent regulatory measures may remove the anonymity enjoyed by crypto users.
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