More private and secure Monero after making its last hard fork

Monero, the most popular privacy blockchain, just ran a new one hard fork this saturday, august 13th. This major update provides several features that improve transaction anonymity and network security.

Monero strengthens himself despite a hostile environment

Monero continues to chart its course with a novelty hard fork performed on its blockchain, despite a very hostile environment whose news has just testified with the extravagant episode of the Tornado Cash mixer. The decentralized tool used to cover up the tracks by transferring ETH to receive more in return, once mixed up, suffered the wrath of the American authorities for suspicion of money laundering and led to the truly astounding arrest of the developers of a protocol.

In such a context, the hard fork performed on Monero this Saturday is quite ironic, especially since they are more than 70 developers who got to work, testifying to the strength and robustness of the network.

The big update, slated for four months, has resulted several fixes to the internal multiple signature mechanism.

Multisig means that a transaction requires multiple signatures before it can be sent to the Monero network and executed. Instead of a Monero wallet creating, signing and sending transactions by itself, you will have a whole group of wallets and the collaboration between them to make transactions.

Monero website

More, the number of co-signatories for the approval of the so-called “ring” signatures goes from 11 to 16 for each transaction.

Other major changes

The zero-knowledge algorithm has also been strengthened, which hides exact transaction amounts by showing only the origin and destination of transactions.. Done, Bulletproof + further reduces the size of transactions by increasing their speed. Overall performance should improve by 5-7%.

Another notable change: beacons are now displayed. A change that reduces the complex transaction verification process eaccelerates portfolio synchronization times by an average of 30-40%.. Wallets that now include Ledger and Trezor hardware.

He also carries the Monero hardfork tariff changes to curb tariff volatility to support the security and resilience of the overall network. The goal is to help prevent attacks by malicious entities by better paying minors.

it’s about fifteenth major blockchain update whose native XMR token is aiming for 30th place with a combined market capitalization of nearly $ 3 billion. A remarkable performance as many centralized exchanges have banned it from their platforms.

Just one day before the hard fork, another significant event occurred in the Monero ecosystem. Its largest mining pool, MINEXMR, has closed its doors because captured more than 48% (44% according to official data) the computing power (hashrate) of the network. A rate that brings it dangerously close to a possible 51% attack on the blockchain. To resist this historic trap of network mining centralization, MINEXMR has started its transition to a decentralized p2p pool.

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