May 18, 2024

Monero developers held another hard fork of the network

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Monero developers held another hard fork of the network

The creators of the anonymous cryptocurrency Monero carried out another hard fork of the network, as a result of which the size of blocks was reduced, and the speed and confidentiality of transactions increased.

The hard fork took place on August 13 at 21:00:47 Moscow time on block 2 688 888. The update added many new functions to the network that ensure the confidentiality of transactions. The previous Bulletproofs algorithm, which is a zero-knowledge proof, has been updated to Bulletproofs+.

As a result, the number of signatories forring signatures have been increased from 11 to 16 for each transaction. It will now become more difficult to determine which key was used to create the signature. This will further reduce the traceability of the transaction on the Monero network.

In addition, the update reduced the block sizeand increased the speed of transactions. It is expected that after the hard fork, the overall performance of the blockchain will increase by 5-7%. The update also improved the multi-signature functionality and added critical fixes to the Monero security system.

Additionally, view tags have been added forspeed up the synchronization of wallets that support Monero by 30-40%. These include hardware wallets Ledger and Trezor, as well as the hot wallet Cake, which was originally created for Monero (XMR) but now supports BTC, LTC and XHV. 

Let us remind you that the development team planned the 15th hard fork of the network back in April. It was then reported that the update would take place on July 16th.