Monero developers have updated the protocol

by in Cryptocurrency News

Monero

On August 13, the Monero team successfully implemented a hard fork to update the protocol of the privacy-focused cryptocurrency.

As part of the upgrade, the Bulletproofs algorithm has been upgraded to Bulletproofs+. As a result, the size of transactions decreased, and their speed increased. It is expected that the increase in network performance will be 5-7%.

The developers have implemented the "view tags" feature as a new way to speed up the synchronization of Ledger and Trezor wallets by 30-40%.

The number of participants in the ring signature has been increased from 11 to 16, making it even more difficult to track the transactions of the coin.

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Other changes include: changes in fees to minimize volatility and strengthen the overall security of the network; improved multi-signature functionality and critical security fixes.

Amid the update, the price of XMR rose from around $158 to over $168. At the time of writing, the coin is trading around $165.

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Recall that in August, without indicating an official reason, the largest mining pool Monero stopped working.