Monero (XMR), the largest privacy coin in the crypto market, has completed the upgrade designed to enhance the privacy of the network.
The new development was announced on August 13th via the official Twitter handle of the blockchain project. According to the report, the success of the network upgrade implies that Monero (XMR) is now more private and efficient.
To make the privacy enhancement possible, the update says a number of new features were introduced, such as ringsize 16, Bulletproofs+, and view tags.
The team also urged users to update their nodes or wallets in order to remain on the network.
Monero tweeted, “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!”
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
What the New Features Bring to Monero Network
In a blog post in April 2022, the Monero team explained that the new “Bulletproofs+” algorithm is capable of reducing normal transaction size and boosting verification performance by 5% to 7%. While View tags are meant to reduce wallet sync times by 30% to 40%.
Unlike Bitcoin and other non-privacy blockchains, privacy coins are cryptocurrencies that power private and anonymous transactions on blockchain by obscuring their origin and destination.
Privacy protocols, such as Monero, normally hide a user’s real wallet balance and address and mix different transactions with each other to evade normal chain analysis.
As earlier mentioned, among these privacy protocols, Monero (XMR) is the largest in terms of market capitalization. It currently occupies the 28th position in the crypto market.
At the time of filing this report, XMR is trading at $165.78, with a relatively 1% price downtrend in the last 24 hours, according to CoinMarketCap.