Monero Implements Bulletproofs Protocol To Reduce Transaction Fees
Developers of Monero, a crypto network, tweeted that the protocol of their cryptocurrency was successfully changed.
The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet!— Monero || #xmr (@monero) October 18, 2018
Earlier, the Monero experts planned to conduct a hard fork on their platform, therefore, they warned about changing software versions on the network blocks.
On October 18, the hard fork was completed on the block 1685555. Then, on the next block, the protocol will be upgraded to version 9. According to the company's official website, the hard fork will be held on the block 1686275 over the following 24 hours.
As a result of the hard fork, Monero separated from the Bytecoin cryptocurrency on April 18, 2014. Using the CryptoNote protocol, the crypto system seeks to maximize the anonymity of conducting transactions on its platform.
Thus, the Bulletproofs method is currently applied in the network of the cryptocurrency, it allows to decrease the amount of data stored on blockchain, thereby increasing the network's productivity and confidentiality.
The Monero team hopes that Bulletproofs will reduce the size of anonymous transactions on blockchain by almost 80%, which will significantly increase the efficiency of the network. Also this method dramatically reduces service fees in Monero.
At present, the fee per transaction is about $0.005. For this amount, Monero provides complete anonymity for customers, using ring signatures, providing a client's secret key with 11 other public keys to confirm the transaction.
What you get for 0.005 Cent— MoneroGermany (@MoneroGermany) October 18, 2018
- Stealth Adress: make it impossible to discover the actual destination address of a transaction
- Ring CT: hides the transferred amount
- Ring Signatures: mix the spender's input with a group of 11 other Outputs
So much privacy for a cheap price!
As previously reported, the planned hard fork on the Ethereum platform was postponed to 2019.