Monero, one of the ecosystem’s most significant privacy protocols, carried out a protocol update to enhance a number of the network’s privacy and security features.
The hard fork was successfully performed on block 2,688,888, thanks to a collective effort of more than 70 developers, after almost 4 months since it was announced.
Monero gets stronger with significant protocol improvements
The hard fork brought several fixes to the internal multi-signature mechanism to facilitate the exchange of information such as key sets and data synchronization between wallets, as explained on their website.
“Multisig means that a transaction needs multiple signatures before it can be submitted to the Monero network and executed. Instead of one Monero wallet creating, signing, and submitting transactions all on its own, you will have a whole group of wallets and collaboration between them to transact.”
In addition, from 11 to 16 cosigners are now necessary to approve ring signatures. Ring signatures make it impossible to track the origin of network transactions. Monero is the most well-liked cryptocurrency among fans of privacy thanks to one feature.
In order to strengthen the network’s anonymity, the bulletproof algorithm was improved to bulletproof+, a zero-knowledge proof technique launched in 2018. Bulletproof+ hides the precise amounts of transactions and only displays the transactions’ origin and destination.
The addition of the “View tags” option, a new feature that speeds up wallet synchronization by 30% to 40%, was another noteworthy enhancement brought about by the latest update. This is essential to improving the efficiency of the entire Monero ecosystem (XMR).
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