According to sources, Monero’s platform has received a hard fork update. Despite current examination of privacy tools, the goal is to promote privacy and security.
After months of anticipation, the platform released the update on August 13th. The upgrade on block 2,688,888 was achieved thanks to the efforts of more than 70 developers.
Monero’s Update Includes Protocol Improvements
However, the platform received various fixes as a result of the upgrade. One of the features is the inner multi-signature system, which governs information transfers such as data synchronization and key sets between wallets.
“Multisig refers to the requirement of numerous signatures before sending and carrying out an operation on the Monero network.” “Users will have more wallets and interact with transactions,” according to the announcement.
In addition, the ring signature approval now requires 16 cosigners rather than the prior threshold of 11. Ring signatures make it difficult to determine the origin of network transactions.
In addition, the protocol’s indestructible algorithm was improved to bulletproof+. This is a zk proof algorithm used by Monero in 2018.
The goal was to improve network privacy by concealing the number of transactions. It just displays the transactions’ destinations and origins.
The “View tags” feature is another significant enhancement to the system. This new functionality reduces wallet synchronization time by 30% to 40%. This is critical for improving the overall effectiveness of the Monero network.
Monero is more focused on safety and privacy.
According to CryptoPotato, the hard fork is a significant deviation from BTC’s security architecture. It will also offer benefits to cryptocurrency miners who rely on low fees to preserve the network’s untraceability and security.
Furthermore, this is the fifteenth Monero protocol upgrade. As a result, Monero may deploy future updates to protect network security and privacy.
The developer of Tornado Cash was detained last week by Dutch authorities for designing a tool that fraudsters have exploited to wash millions of dollars. Tornado Cash aids in the mixing and concealing of user transactions.
The use of privacy technologies is now widespread in the bitcoin sector. It has advantages, but it also has disadvantages.
One of them is that criminals use these technologies to hide money, making it difficult for police departments to track them down. However, most cryptocurrency users prefer to maintain their privacy when doing crypto payments.
However, current governmental actions may jeopardize crypto users’ confidentiality.