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Monera Implements a Hard Fork, Additional Privacy Implemented

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Widely used privacy coin Monero finished a hard fork on 13th august. The hard fork included additional privacy and security features.

Developers originally revealed the uncontroversial hard fork in April of this year, which was completed at block 2,688,888. It was initially slated for July but was then moved to August 13.

One of the fork’s most significant modifications is a jump in Monero’s ring size from 11 to 16. Monero creates a new signature authorizing the transaction by fusing the digital signature of the person signing a transfer with 11 (now 16) additional non-signers to protect user privacy.

Additionally, the network upgrades improved the multisig mechanism and modified the “Bulletproofs” algorithm to speed up transactions and lower transaction sizes by around 5-7%. Along with security fixes and price adjustments, other efficiency improvements include “view tags,” which promise to reduce wallet sync times by up to 40%.

The price of Monero, which is currently down about 1.6% on the day and trading at about $166, doesn’t seem to have changed in response to news of the completed network upgrade.

The Privacy Initiatives and Monero

The expansion of Monero’s privacy features follows a rise in regulatory interest in privacy-related technologies. The Netherlands Crime Agency detained an accused Tornado Cash developer last week, while the US Treasury Department sanctioned the cryptocurrency privacy tool Tornado Cash for money laundering. The actions sparked outrage among the crypto community.

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Regulators and law enforcement have long been interested in Monero. In 2020, the crypto intelligence company CipherTrace disclosed that it had created tools for tracking Monero transactions at the instructions of the US Department of Homeland Security.

Despite this apparent breakthrough, the IRS then announced a reward for cracking Monero worth up to $625,000. The Norwegian police were seeking to decipher the privacy coin the year after to track transactions connected to a case involving missing persons.

Due to this regulatory scrutiny, crypto exchanges like Coinbase have hesitated to offer Monero. CEO Brian Armstrong stated in 2020 that officials had hinted in “behind-the-scenes conversations” that “We very much don’t think you should do this.”

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  • Source: https://chaintimes.com/monera-implements-a-hard-fork-additional-privacy-implemented/

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