As stated on the official Twitter handle of Monero, the largest privacy coin in the crypto market, Monero, has concluded the upgrade created to aid the privacy of its network.
It is good to know that this Monero’s network upgrade implies that its privacy has now increased more than before as stated in the update tweeted on the 13th of August.
According to Monero, the upgrade came with some special features which were meant for the network to be more private than before and these features include ringsize 16, Bulletproofs+, and view tags.
Monero tweeted:
Congratulations on a successful network upgrade! Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags! Make sure your node/wallet is updated to continue using Monero. Privacy and fungibility matter, and it’s exciting to keep improving!
As for the users to remain on this network, they are employed by the Monero team to update their nodes or wallets.
Monero as one of the privacy coins allows private and anonymous transactions on the blockchain by hiding their origin and destination unlike Bitcoin and a few other non-privacy blockchains.
It is good to know that a privacy protocol like Monero does hide a user’s details (wallet and address), and also interlock different transactions together to evade normal chain analysis.
As reported in April 2022 on its official website, Monero stated that the new “Bulletproofs+” algorithm is capable of reducing normal transaction size and boosting verification performance by 5% to 7%. More also, the View tags are meant to reduce wallet sync times by 30% to 40%.
At the Writer’s time, the Monero (XMR) is 1% down in the last 24 hours by trading at $165.78 as stated by CMC. It is good to know that the coin is occupying the 28th position in the crypto market.
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