Monero Implements A Hard Fork To Enhance Privacy And Security Features
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).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
Author
Uncategorized
Monero Implements A Hard Fork To Enhance Privacy And Security Features
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).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
Other Posts
News
The Bitcoin Epic Satoshi Of The 4th Halving Was Auctioned For Over $2.1 Million
News
Hong Kong Crypto ETFs Of HashKey And Bosera Completed Subscription To Launch On April 30
News
