News Monero Becomes The First Billion-Dollar Coin With Bulletproof Technology...

Monero Becomes The First Billion-Dollar Coin With Bulletproof Technology For Reduced Costs And 80% Smaller Transaction Size

-

- Advertisment -

Today should be the big day for Monero and the whole crypto community.

After months and months of back-end development, the highly talented team behind the Monero project have confirmed that the planned protocol upgrade for the privacy coin is on schedule.

“On approximately the 18th of October, there will be a scheduled network upgrade on the Monero network. To be sufficiently prepared, a user, service, merchant, pool operator, or exchange should run [upgrade their clients/interfaces],” the team announced.

Bulletproof technology makes blockchain privacy features more scalable

Cryptographers Benedict Bunz and Johathan Bootle invented the technology that promises to significantly decrease the weight of confidential transactions.

Today, Monero should be put to the test and everyone’s beyond excited to see how all of this works out.

What’s happening now is extremely important for the whole crypto community, not only for Monero enthusiasts.

Monero Becomes The First Billion-Dollar Coin With Bulletproof Technology For Reduced Costs And 80% Smaller Transaction Size

Monero is the pioneer in this whole process, the first coin that deploys this technology.

The crypto has been focused on how to implement bulletproofs for the past year in a massive effort to cut the size of its confidential transactions by at least 80%.

Monero is trying its best to deal with all the scaling setback that most blockchains are struggling with and it comes with additional privacy layers which are really heavy to compute and unruly to store.

The scalability of confidential transactions has been quite a significant struggle and a weight on the billion-dollar blockchain.

Eliminating high transaction fees

Users have been dealing with really high transaction fees and increasing costs for storage for running a full node.

Bulletproofs will replace the current zero-knowledge range proofs that the confidential transactions are relying on.

Monero activates the tech during its upgrade aka hard fork. This requires that all nodes adopt the new software.

Hard forks are sometimes seen as quite risky projects but this upgrade is part of Monero’s bi-annual cycle to introduce new features.

Monero Becomes The First Billion-Dollar Coin With Bulletproof Technology For Reduced Costs And 80% Smaller Transaction Size

Pseudonymous Monero cryptographer Sarang Noether told Coindesk, “We’re excited about it. Part of the reason we do the upgrades is so we can be safely on the cutting edge, and I think this is a really, really good move forward.”

We’ll be back with more details as soon as they’re out, so stay tuned.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...
- Advertisement -Monero Becomes The First Billion-Dollar Coin With Bulletproof Technology For Reduced Costs And 80% Smaller Transaction Size

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -Monero Becomes The First Billion-Dollar Coin With Bulletproof Technology For Reduced Costs And 80% Smaller Transaction SizeMonero Becomes The First Billion-Dollar Coin With Bulletproof Technology For Reduced Costs And 80% Smaller Transaction Size

You might also likeRELATED
Recommended to you