Monero, one of the most important privacy protocols in the ecosystem, performed a protocol update on August 13 to improve several privacy and security features offered by the network.
The hard fork was successfully executed at block 2,688,888, thanks to the collective efforts of more than 70 developers, after almost 4 months since it was announced.
Monero comes stronger 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 sets and data synchronization between wallets, as explained on their website.
“Multisig means that a transaction needs multiple signatures before it can be sent to the Monero network and executed. Instead of one Monero wallet creating, signing and sending transactions on its own, you’ll have a whole group of wallets and collaboration between them to to carry out transactions.”
In addition, the number of co-signers required to approve ring signatures was increased from 11 to 16. Ring signatures ensure that it is impossible to trace the origin of transactions on the network. A feature that has made Monero the most popular cryptocurrency among privacy enthusiasts.
In terms of security, the bulletproof algorithm was upgraded to bulletproof+, a zero-knowledge proof algorithm implemented in 2018 to reinforce the network’s privacy, hide the exact amounts of transactions and only show the origin and destination of the transactions.
Another significant improvement brought by the new update was “View tags”, a new option that makes it possible to increase the synchronization of the wallet by 30% to 40%. This is the key to increasing the overall performance of the entire ecosystem built around Monero (XMR).
Monero’s focus remains on privacy and security
As CryptoPotato recently reported, the hard fork will mark a “major departure from Bitcoin’s security model” by providing a perpetual incentive to miners who rely on “reasonable fees” to guarantee the network’s security and untraceability.
This is Monero’s fifteenth update and likely won’t be the last, so more privacy and network security improvements can be expected at a time when other privacy-oriented protocols and developers are being pursued by authorities.
Just last week, a Tornado Cash developer was arrested in Amsterdam for his involvement in the creation of a tool used by criminals to launder money. Tornado Cash is a smart contract that mixes transactions from users who send their coins to it. It is a decentralized project even though it complied with US regulators and banned some of the wallets sanctioned by OFAC at one time.
Tornado Cash user @kjedeanalyse oracle contract to block OFAC sanctioned addresses from accessing dapp.
Maintaining financial privacy is essential to preserving our freedom, but it should not come at the cost of non-compliance. https://t.co/tzZe7bVjZt
— 🌪️ Tornado.cash 🌪️ (@TornadoCash) 15 April 2022
In the crypto space, privacy tools have become a double-edged sword for users. Many criminals abuse these protocols to launder money and government reach; However, most users only want to take advantage of the anonymity to preserve the right to move their money privately.
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