On August 13, the Monero team successfully implemented a hard fork to update the privacy-focused cryptocurrency’s protocol.
Congratulations on a successful network upgrade! 🎉 #Monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!
Make sure your node/wallet is updated to continue using Monero.
Privacy and fungibility matter, and it’s exciting to keep improving!
— Monero (XMR) (@monero) August 13, 2022
During the upgrade, the Bulletproofs algorithm was updated to Bulletproofs+. As a result, transaction sizes decreased and their speed increased. It is expected that network performance will improve by 5-7%.
The developers implemented the ‘view tags’ feature as a new way to speed up Ledger and Trezor wallet synchronization by 30-40%.
The number of participants in the ring signature has increased from 11 to 16, making it even harder to trace the coin’s transactions.
Also added:
- changes to fees to minimise volatility and strengthen overall network security;
- improvement of multisignature functionality and critical security fixes.
Against the backdrop of the upgrade, the XMR price rose from around $158 to above $168. At the time of writing, the coin was trading around $165.
Earlier in August, without an official explanation, ceased operations the largest Monero mining pool.
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