Monero Developers release new Hard fork update to Reduce Transaction Size

News / 18.10.2020
Monero developers have launched a new hard fork update on the blockchain network that would improve transaction size. Work had begun on the hard fork update earlier in September before its deployment on October 17.

New features added to Monero blockchain

Monero blockchain will benefit immensely with the new, improved features added to the hard fork. It features a new version of its node software named ‘’Oxygen Orion. The major highlight of the update is the compact linkable spontaneous anonymous group (CLSAG).
 
CLSAG will transform the Monero network by reducing transaction size by 10%. It would also maintain the privacy features of the blockchain. This is achieved by reducing the transaction sizes by 25%, enabling faster confirmation of blocks on the blockchain network.
 
Also, the developers have added a new feature that improves security on the network. This feature focuses on improving the Dandelion ++ protocol that handles users’ IP address’s masking on the network. Since it is a hard fork, network users would have to ensure that their software is of the latest version.
 
Monero holders that store Monero (XMR) on hardware wallets also need to upgrade to the latest firmware. 30 contributors within the Monero space put together this latest hard fork.

Monero facing uncertain times

The latest updates are a welcome relief as the Monero blockchain has come under pressure in recent months. Monero is regarded as the blockchain protocol with the best privacy features. This is because transactions are completely anonymous on its network.
 
This feature has made the cryptocurrency a target for regulators globally. There is a belief that criminals use Monero for money laundering and cybercrime. The U.S tax body IRS offered a $625,000 bounty in September to anyone that can crack Monero’s privacy.
 
Also, several centralized exchanges have delisted Monero in recent months due to regulations. Despite these problems, the Monero community continues to make developments to its network. Earlier in the week, a project seeking to develop Monero Atomic swaps raised $293,000 in 48 hours. This shows that the sentiments within the Monero ecosystem are positive.
 
Monero is currently ranked 15th on the coin rankings and valued at $121 per unit.
Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.