Moneroone of the most important privacy protocols in the ecosystem, rolled out a protocol update on August 13 to improve several privacy and security features of the network.
The hard fork was successfully performed on Block 2,688,888thanks to the collective efforts of more than 70 developers, after almost 4 months since the announcement.
Monero is strengthened with extensive protocol improvements
The hard fork brought several fixes to the internal multi-signature mechanism to facilitate the exchange of information such as key phrases and data synchronization between wallets, as on theirs site.
“Multisig means that a transaction requires multiple signatures before it can be submitted to the Monero network and executed. Instead of a MoneroWalletthat creates, signs and submits transactions on its own, you will have a whole set of wallets and collaboration between them to make transactions.”
Additionally, the number of co-signers required to approve ring signatures has been increased from 11 to 16. Ring signatures ensure that it is impossible to trace the origin of transactions on the network. A feature that makes Monero the most popular cryptocurrency among privacy enthusiasts.
With security in mind, the Bulletproof algorithm has evolved into Bulletproof+, a zero-knowledge proof algorithm. implemented in 2018 to strengthen the privacy of the network by hiding the exact amounts of the transactions and showing only the origin and destination of the transactions.
Another significant improvement brought by the new update is the new “View tags” option, which allows to speed up the synchronization of wallets by 30-40%. This is key to increasing the overall performance of the entire ecosystem around Monero (XMR).
Monero’s focus remains on privacy and security
Like CryptoPotato recently reportedbecomes the Hard fork a “major departure from Bitcoin-Security Model” by providing a permanent incentive for miners who rely on “reasonable fees” to guarantee network security and traceability.
This is Monero’s fifteenth update and likely won’t be the last, so further improvements in privacy and network security can be expected at a time when other privacy-focused protocols and developers are in the making. being pursued by governments.
Just last week, a Tornado Cash developer was arrested arrested in Amsterdam for helping develop a tool used by criminals to launder money. Tornado Cash is a smart contract that shuffles transactions from users who send their coins to it. It is a decentralized project, although it has complied with US regulators and banned some of the OFAC-sanctioned wallets.
Tornado Cash used @chainalysis Oracle contract to block OFAC sanctions addresses from accessing the app.
Maintaining financial privacy is essential to preserving our freedom, but it shouldn’t come at the expense of non-compliance.https://t.co/tzZe7bVjZt
In the crypto space, privacy tools have become a double-edged sword for users. Lots of criminals abuse these protocols to launder money and evade the authorities; however, most users are only want to take advantage of anonymity to protect their right to move their money privately.
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Source: Crypto News Deutsch