Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable.
The Monero privacy-centric crypto protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. update was a collaborative effort involving 71 developers.
- The Monero protocol update was successfully deployed last night.
- The bifurcation took place at block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. 2,688,888.
- 71 developers were involved in the process
- It is impossible to trace a transaction
Last April, the currency currency is a medium of exchange that defines value. Monero soared 20% after hard fork announcement . Today, four months later, the announcement is a reality that did not affect the price.
The hard fork (hard fork) non-controversial to update one of the most popular privacy protocols in the crypto ecosystem, Monero was successfully completed last night. The fork occurred at block 2,688,888 (18:47 UTC). and enhances the network with a host of new privacy-preserving features. It is worth counting the most important, as listed by the medium Coindesk:
- The number of signatories for a ring signature has increased from 11 to 16 per transaction. Ring signatures ( ring signatures ) are digital digital technologies are these electronic tools that have the ability to generate, store or even process data. signatures that can be produced by any member of a group. It should be computationally infeasible to determine which key (from that key group) was used to create the signature. Ring signatures make it impossible to trace the origin of a transaction back to its origin. Monero.
- The algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer.Bulletproofs above was updated to“Bulletproofs+”. Bulletproofs are zero-knowledge proofs that allow confidential transactions.Bulletproofs+ reduces transaction size and increases transaction speed. Overall performance is expected to improve by 5-7%.
- View tags (view tags) are a new way to speed up wallet synchronization by 30-40%. Wallets that support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. Monero incluyen Ledger a record of financial transactions that cannot be changed, only appended with new transactions. y Trezor two popular hardware wallets. Cake wallet a place where cryptocurrency users can store, send and receive digital assets. is a hot wallet that was originally exclusive to Monero but is now also compatible withBitcoin, Litecoin y Port (XHV).
Safer network a network refers to all nodes in the operation of a blockchain at any given moment in time.
The note also says that the changes to the rates will minimize rate volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. and improve the overall security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. of the network. It adds that multiple signature functionality was improved and critical security patches were added.
However, according to data from Cryptomarkets XMR price did not rise significantly after the fork. At 8:45 am New York time, 14 hours after the event, the price of XMR is USD $167.79, up $1.48 from yesterday at the same time.
On the other hand, it is important to remember that Monero has been criticized because many authorities they say that privacy is tantamount to giving a free pass to crime and money laundering.
In addition, the former developer of Monero. Ricardo Spagni, faces several fraud and forgery charges in South Africa However, they are not related to cryptocurrency.
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