Monero (XMR), completed a hard fork on August 13 that enhanced its privacy and security features.
We are very proud of your network upgrade success!
#Monero is now private and more efficient thanks to ringsize 16, Bulletproofs+ and view tags
To continue using Monero, ensure that your node/wallet has been updated.
Privacy and fungibility are important, and it’s thrilling to continue improving!
— Monero (XMR) (@monero) August 13, 2022
Block 2,688,888 was the completion of the hard fork. It had been in progress for four months. The upgrade was completed by more than 70 developers.
Monero’s website states that the hard fork fixed Monero’s internal multi-signature mechanism. It also increased the number co-signers who approved ring signatures, from 11 to 16.
Privacy advocates love the ring signature protocol because it conceals the origin of transactions on a network.
The network also upgraded its bulletproof security algorithm from bulletproof+ to bulletproof+. This will increase privacy within the protocol.
Crypto privacy protocols are being targeted by regulators
Regulators are focusing on privacy protocols such as Tornado Cash, which is why the Monero upgrade was necessary.
Tornado Cash was sanctioned by the United States for its criminal use, and its developer was detained in the Netherlands.
This does not seem to be a problem for the Monero community. They have continued to work towards enhancing the protocol’s security and privacy features.
To make the blockchain network more secure and private, 15 updates have been made to it since its inception.
Justin Berman is a software developer who worked on the protocol. He said that he wouldn’t go “anonymous to do anything completely normal.”
@monero is my platform to make easy money.
It is a completely normal thing.
I am not going to be anonymous in order to do something completely normal.
Justin Berman (@justinberman95), August 15, 2022
The US Internal Revenue Service (IRS), however, has a $625,000 bounty for anyone who can crack the Monero Code.
Monero has two edges
The protocol has been well-received by privacy advocates and activists for human rights, but malicious actors have taken advantage of its features to their advantage.
Monero Outreach says that the protocol is most beneficial to people living under oppressive regimes and countries with weak economics.
Experts such as Johnie Cosmos believe that the token is the best candidate to create an electronic peer-to–peer electronic cash system due to its privacy features.
Its XMR token, however, is also a popular cryptocurrency among cryptojackers who take over computing resources from unsuspecting users in order to mine crypto.
It is also very popular with ransomware groups who demand crypto ransom payments.
After dropping more than 2% over the past 24 hours, XMR trades for $164.72 as of press time
Monero increases privacy and security with the new upgrade CryptoSlate