Reports indicate that a hard fork upgrade has been deployed to the Monero network. While privacy technologies have come under attack as of late, the goal remains the same: to improve security and privacy.
After months of anticipation, the platform finally implemented the upgrade on August 13th. Over 70 engineers’ efforts ensured the success of the update to block 2,688,888.
Changes to the Monero protocol are included in the update.
As for the platform, it received a number of improvements thanks to the update. Information transfers between wallets, such as data synchronization and key sets, are governed by an internal multi-signature system, which is one of the m.
Multiple signatories are needed before a Monero transaction can be sent to the network and processed. The statement pointed out, “Users will have additional wallets, and there will be interaction between transactions.
In addition, the number of required cosigners for the ring signature approval has increased from 11 to 16. The use of ring signatures makes tracing the origin of network transactions challenging.
The protocol also features a new and improved bulletproof+ algorithm. Monero used this 2018 zk proof algorithm.
The goal was to increase network anonymity to protect its users’ financial data. All that is revealed is where the money is going and where it came from.
One of the most notable new features of the platform is “View tags.” This new update significantly quickens the wallet synchronization process by 30–40%. Enhancing the overall Monero network’s efficiency depends on this happening.
With Monero, your privacy and data are prioritized.
According to CryptoPotato, this hard fork represents a major change to Bitcoin’s security architecture. Additionally, it will incentivize crypto miners who use low transaction fees to keep the network secure and untraceable.
In addition, this is the fifteenth revision of the Monero protocol. Accordingly, Monero may roll out updates in the future to further strengthen security and privacy in the network.
Tornado Cash’s creator was arrested in the Netherlands last week for making a tool that fraudsters have used to launder millions. Tornado Cash allows its users to conceal their financial activities by mixing their transactions.
There has been a recent uptick in the prevalence of the use of privacy-enhancing technologies in the cryptocurrency sector. There are advantages to this method, but it also has some drawbacks.
One of the problems is that criminals can use these tools to launder money with little risk of being caught. In the meantime, the vast majority of crypto investors wish to remain anonymous when making cryptocurrency trades.
However, new regulations may make crypto users’ anonymity a thing of the past.