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Monero, one of the world's most valuable privacy-focused networks, is facing significant selling pressure, with its native currency, XMR, down 11% from this week's highs, extending losses since June 2024.
Overall, XMR remains bullish, wiping out weakness from Q1 2024 when the coin fell for compliance reasons. Several exchanges, including Binance, chose to delist Monero and other privacy coins, citing the need to comply with laws enacted primarily in the United States.
FCMP++ Enhances Monero’s Privacy Features
Despite the recent sell-off, the Monero community remains optimistic. On August 20, a Monero developer said A pull request has been created to integrate Full-Chain Membership Proofs (FCMP++), a feature that would further enhance Monero’s privacy and make it more appealing to users who want to hide their on-chain transactions.
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Prior to this update, Monero relied on ring signatures To do this, Monero obfuscates each transaction to make it appear as if it came from a group of potential senders. Unlike Bitcoin, where senders can be easily identified through ring signatures, this This makes it difficult for a third party to identify the actual sender.
The integration of FCMP++ on the mainnet takes this to the next level, enhancing transaction privacy. According to technical data, the integration will make it even more difficult to prove the output spent in a transaction, and therefore the sender.
Developers claim that FCMP++ will increase the current anonymity set from 16 million to 100 million, making it harder for third parties, including analytics platforms like Chainalysis, to trace XMR transactions and providing an increased level of confidentiality for privacy-conscious users.
XMR Remains Resilient Despite Challenges
Nevertheless, the integration of FCMP++ is still in progress, and the relevant code is subject to rigorous review and further improvements via pull requests.
The goal is to ensure that the code is flawless, but if completed, the feature will set a new standard for privacy and further solidify Monero's position as an industry leader.
The exact timing of full on-chain integration remains unclear. But what is clear is that XMR bulls are resilient, despite the drop in liquidity following the delisting. The fact that Monero developers did not succumb to pressure from exchanges means the mission remains, so enthusiasts will continue to use the network.
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On August 23, the developer Published New user interface for Trezor wallet users. The latest version of “Fluorine Fermi” supports Trezor Safe 5.
Featured image from DALLE, chart from TradingView
