Monero (XMR) completed a hard fork on August 13th with enhanced security and privacy features.
Congratulations on your successful network upgrade. 🎉 #Monero 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 are important, and it’s exciting to keep improving!
— Monero (XMR) (@monero) August 13, 2022
The hard fork, which has been in the works for four months, is now complete. block 2,688,888Over 70 developers worked on the upgrade.
upgrade
According to Monero website, a hard fork fixed the protocol’s internal multi-signing mechanism. We have also increased the number of cosignatories to approve ring signatures from 11 to 16.
Ring signatures hide the origin of transactions on the network, making the protocol a popular choice among privacy advocates.
In addition, the network has upgraded its bulletproof security algorithm to Bulletproof+. This improvement further enhances the privacy of the protocol.
Regulators Targeting Cryptographic Privacy Protocols
The Monero upgrade comes at a time when privacy protocols like Tornado Cash are under attack from regulators.
The United States has imposed sanctions on the use of Tornado cache by criminals, and its developer has been arrested in the Netherlands.
However, this does not appear to upset the Monero community, which continues to focus on enhancing the protocol’s privacy and security features.
The blockchain network has undergone 15 updates since its inception to make it more secure and private.
Justin Berman, a software developer working on the protocol, said it wouldn’t be “anonymous to do something completely normal.”
i am working @monero It helps you make easy-to-use money without exposing your entire net worth + salary + spending history to the world when you use it.
Totally normal.
I’m not going to be anonymous to do something completely normal.
— Justin Berman (@justinberman95) August 15, 2022
on the other hand, $625,000 bounty Anyone who can crack the Monero code is subject to the United States Internal Revenue Service (IRS).
Monero is a double-edged sword
While the protocol is highly regarded by privacy enthusiasts and human rights activists, malicious players are also using its features to their advantage.
according to Monero Outreachthe protocol primarily benefits people under repressive regimes and those in countries with weak economies.
Experts like Johnny Cosmos Identified Tokens may be the best candidates for electronic peer-to-peer electronic cash systems due to their privacy features.
However, its XMR token is also one of the most popular cryptocurrencies among cryptojackers who hijack the computing resources of unsuspecting users to mine cryptocurrencies.
It is also popular among ransomware groups that demand encrypted ransom payments.
At the time of writing, XMR is trading at $164.72 after dropping more than 2% over the past 24 hours.
