Monero (XMR) is probably the most popular cryptocurrency focused on privacy. Today, its developers have completed the second hard fork this year, thanks to which transaction fees fell by 90%.
The update was named “Beryllium Bullet” and includes BulletProofs – one of the latest developments in the field of cryptography, thanks to which the size of XMR transactions has dropped significantly, which opened the way for expanding the capabilities of this cryptocurrency, of which there are already a lot.
Monero has come a long way and takes its roots from CryptoNote. Cryptocurrency is best known for its revolutionary solutions, such as circular signatures and confidential transactions.
Circular signatures are one of the key principles in the Monero database. It adds random old transactions to the block with new transactions, so it’s difficult to identify a specific sender, because there is whole “Circle”.
Confidential transactions became possible thanks to circular signatures. They are confidential due to the fact that they change the amount of the transaction, so that its real value becomes impossible to know. Thus, it is impossible not only to find out who sent and received the transaction, but also how much XMR was carried.
BulletProofs will add more “fake” to each transaction, while the number of the latter will be determined logarithmically. This will reduce both the size of the transaction and the topics of growth in the size of each subsequent transaction.
The new Monero hard fork was truly successful, as the average transaction fee fell from $ 0.6 to $ 0.02.
Because of its hidden nature, Monero has become the favorite cryptocurrency of criminals. First of all, the hidden miners of crypto-jackers mine it. In addition, criminals manage to launder millions of dollars through unregulated exchanges.