Monero (XMR) Gets Enhanced Privacy And Security On The Network

Monero XMR cryptocurrency. (Unsplash)

JAKARTA – One of the protocols that prioritizes privacy and security, Monero (XMR), has recently received an increase in a number of privacy features in its network. This upgrade is claimed to strengthen the Monero protocol.

In addition, the developer also successfully implemented a hard fork on block 2,688,888, thanks to the collective efforts of more than 70 developers, after almost 4 months since it was announced.

The hard fork brings several improvements to the internal signing or multisig mechanism to facilitate the exchange of information such as keys and data synchronization between wallets, as described on the website.

“Multisig means that a transaction requires multiple signatures before it can be sent to the Monero network and executed. Instead of a single Monero wallet creating, signing, and sending transactions all on its own, you will have a whole group of wallets and collaborations between them to transact,” wrote Monero, quoted from CryptoPotato.

These improvements have made Monero one of the most popular cryptocurrencies among the crypto community that emphasizes privacy in transactions. In addition, the developer also managed to improve the bulletproof algorithm to bulletproof+. This algorithm has been implemented since 2018, aimed at strengthening network privacy, hiding the transaction amount and only showing the origin and destination of the transaction.

It doesn't stop there, the developer provides a new update "view tag". This is a new option that allows accelerated wallet synchronization by 30%-40%. This is the main key in improving ecosystem performance on the Monero network.

CryptoPotato recently reported that the hard fork will mark a “major departure from the Bitcoin security model” by providing ongoing incentives to miners who rely on “reasonable fees” to ensure network security and untraceability.

This is Monero's fifteenth update and probably won't be the last. That way, there will be more improvements in terms of network privacy and security. At the same time, other privacy-oriented protocols and developers are being pursued by the government such as Tornado Cash.