The most confidential cryptocurrency network has updated its security protocol

on August 13, the Monero team successfully implemented a hard fork for greater security and privacy in working with customers. As part of the upgrade, the Bulletproofs algorithm was updated to Bulletproofs. As a result, the size of transactions has decreased, while their speed has increased. The developers expect the increase in network performance to be 5−7%.

What changes have taken place:

• The developers have implemented the «watch tags» feature. This is a new way to speed up the synchronization of Ledger and Trezor wallets, which will increase by 30−40%.
• The number of ring signature participants has increased from 11 to 16, which has made it even more difficult to track transactions.
• There were changes in fees to minimize volatility and strengthen the overall security of the network;
• There were improvements to the multi-signature functionality and critical security bug fixes.

On the back of the update, the price of XMR rose from $ 158 to $ 168. The coin is currently trading around $ 165.

This is the fifteenth update of Monero, and probably not the last, so we can expect additional improvements in terms of privacy and network security.

In August, the largest Monero mining pool stopped working without giving an official reason. And in early June, the value of the XMR virtual asset increased by 55%.