On August 13, Monero, one of the most important privacy protocols in the ecosystem, implemented a protocol update to improve the network's privacy and security features.

After nearly four months of preparation, the hard fork was successfully implemented on block 2,688,888, thanks to the efforts of more than 70 developers.

Extensive protocol enhancements

As explained on their website, the hard fork managed to bring several fixes to the internal multi-signature mechanism to facilitate the exchange of information such as key sets and data synchronization between wallets.

"Multisig implies that a transaction requires multiple signatures before it can be submitted to and executed on the network." Instead of a single Monero wallet creating, signing, and submitting transactions on its own, there will be a network of wallets working together to transact."

Furthermore, the number of co signers needed to approve ring signatures has increased from 11 to 16. Ring signatures make it impossible to trace the origin of network transactions. One feature that has helped it become the most popular cryptocurrency among privacy advocates.

Regarding security, the bulletproof algorithm was enhanced to bulletproof, a zero-knowledge proof algorithm executed in 2018 to strengthen network privacy by concealing transaction amounts and only displaying the origin and destination of transactions.

Another major improvement brought about by the new update was the addition of "View tags," a new option that allows you to speed up wallet synchronization by 30% to 40%. This is critical to improving the overall performance of the Monero ecosystem (XMR).

Monero's Priorities Remain Privacy and Security

The hard fork will be a "significant departure from Bitcoin's security model," as it will provide miners with a perpetual incentive to rely on "reasonable fees" to ensure the network's security and untraceability.

The fifteenth update is likely not the last, so more improvements in privacy and network security can be expected when governments are pursuing other privacy-oriented protocols and developers.

Recently, a Tornado Cash developer was arrested in Amsterdam for his involvement in the development of a tool used by criminals to launder money. Tornado Cash is a smart contract that combines transactions sent to it by users. Although it complied with US regulators and banned some of the wallets sanctioned by the OFAC at one point, it is a decentralized project.

Privacy tools have become a double-edged sword for users in the crypto space. Many criminals are using these protocols to siphon money and avoid the reach of the authorities; however, most users only want to utilize anonymity to protect their right to move money privately.

Aug 15, 2022
Crypto News

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