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.

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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.

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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.

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The post Monero (XMR) Completes Network Upgrade to Improve Privacy appeared first on Times Tabloid.

It can be recalled that in May 2021, a BTC-XMR atomic swap went live on the mainnet.

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Back then, the announcement read as follows:

“XMR <-> BTC atomic swaps are live on mainnet! We’re delighted to see Seth and others working to make them easily accessible such that anyone can swap trustlessly and privately!”

According to a tweet, a Menoro user has become one of the first providers on the Monero network. This implies that all Monero (XMR) users are now liable to perform swaps with the help of a command-line interface (CLI).

Going by the tweet shared by Seth By Privacy, the exchange is provided with a 20% fee that is fondly used in Bitcoin ATMs. With the availability of more swap providers on the network, the community is looking forward to reducing the fee.

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Seth By Privacy noted:

“Just completed my first mainnet atomic swap (as the broker/XMR-seller) with an unnamed Bitcoiner. The process took 34min, was done entirely over Tor, required no interaction by me, and was peer-to-peer with *no* middle-man or custodian. I think I just witnessed the future.

“Second swap completed, 37min to complete and no issues at all. I don’t think I’ve been this excited for a tool in a *long* time. Docs on how to get swapping are almost completed, will share once they’re done and once I decide on a spread %.”

Second swap completed, 37min to complete and no issues at all.

I don't think I've been this excited for a tool in a *long* time.

Docs on how to get swapping are almost completed, will share once they're done and once I decide on a spread %.

— Seth For Privacy (@sethforprivacy) August 17, 2021

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Monero (XMR) and Atomic Swaps

Atomic swap is a decentralized way of swapping or exchanging coins without third parties’ inference.

Due to the fact that Monero (XMR) is a privacy coin, atomic swaps were highly anticipated by the community. As aforementioned, users will still be using CLI to swap until when graphic interfaces are ready.

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The post First Atomic Swap Providers Surface for Bitcoin-Monero Atomic Bomb on Monero Network appeared first on Times Tabloid.