Monero (XMR) is one of the most widely used cryptocurrencies. She can boast that in a year she can successfully make at least two forks.
The fork in question introduced features that reduced transaction fees by over 90%.
This version of Monero isberyllium bullet” is running BulletProofs, a much-anticipated cryptocurrency that significantly reduces the size of XMR transactions. This ultimately creates room for expanding an already considerable range of possibilities.
Bulletproof update: Monero average transaction is now 3 kb compared to 18.5 kb on average before fork https://t.co/V6Nwejuo6L pic.twitter.com/lvGOlQcidZ
— CoinMetrics.io (@coinmetrics) status/1053650856980242432?ref_src=twsrc%5Etfw”>October 20, 2018
Ring signatures are one of Monero's basic methods of appending randomly selected past transactions to current transactions, making it difficult to discover the identities of transaction participants.
Confidential transactions are based on the functionality created by Ring Signature, and the set of functionality put together by Ring Signature is called RingCT. Confidential transactions essentially add a fake transaction amount to the actual transaction, so the value transferred is lost. Therefore, with RingCT, not only your identity is masked, but also the amount transferred.
A completely new encryption method significantly improves RingCT's efficiency. Bulletproof's new execution method significantly speeds up blockchain workflows. This means that the transaction file size grows very slowly.
Therefore, the amount is 'mixin” space, which can significantly increase space and further increase security potential. This update already uses new space, changing the previous minimum of 7 mixins to a fixed 11, a decision that was discussed in the community. Therefore, this update is quite a breakthrough for Monero.
The fork seems to be quite successful. Based on the available data, it appears that the cryptocurrency blockchain is becoming bloated as the fees currently charged for transactions are negligible. It averaged out to about $0.02, up from $0.6 previously.
