Monero (XMR), the most widely used and popular anonymous cryptocurrency, has completed one of its biannual hard forks. New developments include features that reduce the cost of transaction fees by more than 90%.
This fork of Monero, called Beryllium Bullet, will use BulletProofs - a discussed advanced zero-knowledge proof protocol that will significantly reduce the size of XMR transactions. This will increase scalability and expand the list of existing coin capabilities. With the Beryllium update, the developers also added a new Proof-of-Work algorithm called Cryptonight variant 2. This version of the algorithm is more resistant to ASIC mining. Monero developers have previously introduced several revolutionary technologies like Ring Signatures and Confidential Transactions.
Ring Signatures (ring signature) is one of the fundamental mechanisms of Monero, in which it is known that the transaction was sent by one of the members of a group of people, but it is not known by whom exactly. The technology adds randomly selected completed transactions to the transaction to hide the identity of the sender.
The Confidential Transactions technology, in turn, adds several fictitious ones to the real transaction in order to completely hide the real amount of the transfer. Together with Ring Signatures, these two technologies have combined into a feature called Ring CT, which not only hides the sender's identity, but also the transaction amount.
Hard fork Monero looks set to be a big success. According to available data, the cost of transaction fees on the blockchain continues to decline, with the average fee per transaction falling from $0.6 to $0.2.
Monero is often discussed - and often vilified - in the mainstream press due to its ability to hide transaction information. The Wall Street Journal recently published an investigative article pointing out the involvement of cryptocurrencies and crypto exchanges in money laundering. The main focus of this investigation was on private cryptocurrency. Despite this, many experts branded this “research” as amateurish.
According to cryptoglobe.com
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