The protocol update hard fork was successfully completed on August 13 by the team Monero. The purpose of the update is to increase the level of cryptocurrency privacy.
Congratulations on a successful network upgrade! 🎉 #monero is now more private and efficient with ringsize 16, Bulletproofs+, and view tags!
Make sure your node/wallet is updated to continue using Monero.
Privacy and fungibility matter, and it’s exciting to keep improving!
— Monero (XMR) (@monero) August 13, 2022
The Bulletproofs algorithm was updated to Bulletproofs+. As a result, the size of transactions has decreased and their speed has increased. It is expected that the increase in network performance will be 5-7%.
The developers also implemented the “view tags” feature as a new way to speed up the synchronization of Ledger and Trezor wallets by 30-40%.
The number of participants in the ring signature has been increased from 11 to 16, making it even more difficult to track the transactions of the coin.
Other innovations include:
- changes in fees to minimize volatility and strengthen the overall security of the network;
- improved multi-signature functionality and critical security fixes.
This news caused the value of XMR to rise from $158 to $168. At the time of writing, the coin is trading around $165.2.