Monero executed a hard fork on August 13 to improve the security and privacy features.
Monero, a decentralized cryptocurrency, uses a public distributed ledger with privacy-enhancing technologies that obfuscate transactions to achieve anonymity and fungibility.
Recently, the privacy protocol successfully performed a hard fork on block 2,688,888 which involved a team of more than 70 developers.
Hard Fork brings protocol enhancements
Hard Fork is a significant modification to a blockchain network’s protocols.
Simply put, a hard fork separates a single cryptocurrency into two and causes previously invalid blocks and transactions to be validated or vice-versa.
The latest update has brought several fixes to the internal multi-signature mechanism. Monero has explained it in the following manner on its website:
“Multisig means that a transaction needs multiple signatures before it can be submitted to the Monero network and executed. Instead of one Monero wallet creating, signing, and submitting transactions on its own, you will have a whole group of wallets and collaboration between them to transact.”
Additionally, Monero also increased the number of co-signers from 11 to 16. The Privacy feature like ring signature makes it the most popular cryptocurrency.
With Ring Signatures, network transactions cannot be traced back to their starting point. Another notable improvement brought about by the most recent version was the inclusion of the “View tags” option, a new function that speeds up wallet syncing by 30% to 40%.
To increase the effectiveness of the entire Monero ecosystem, this is necessary.
More Monero Upgardes
Cryptocurrency traders can conceal the provenance of transactions and the senders’ and recipients’ identities, thanks to privacy protocols like Monero, which create privacy coins.
Monero looks forward to more updates after the current 15th upgrade. Users can expect more improvements in terms of privacy and network security.