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On August 13, 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.
According to their website, the hard fork introduced a number of modifications to the internal multi-signature process to facilitate the flow of data, such as key sets and data synchronization between wallets.
Successful hard fork by Monero
Almost four months after Monero announced it, the hard fork was successfully carried out on block 2,688,888, thanks to the combined efforts of more than 70 developers. In addition, from 11 to 16, cosigners are now necessary to approve ring signatures. Ring signatures make it impossible to track the source of network transactions.
In order to strengthen the network’s privacy, 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 improvement brought about by the latest update. This is essential to improving the efficiency of the entire Monero ecosystem (XMR).
Since this is Monero’s 16th version and most likely won’t be the last, greater advancements in terms of network security and privacy can be expected at a time when governments are pursuing other privacy-oriented protocols and developers.
Privacy technologies are now a double-edged sword for consumers in the crypto sector. However, the majority of users just wish to employ anonymity to protect their right to secretly move their money. Many criminals make use of these protocols to launder money and escape from the reach of the law.
Notably, a Tornado Cash developer was recently arrested by Dutch authorities for his involvement in the development of a tool used by criminals to launder money, as TheCoinRise reported.
The post Monero launches Hard Fork, aims to boost security and privacy features appeared first on Blockchain, Crypto and Stock News.
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