- Monero users see a 96% reduction in transaction costs
- Cost reduction has been tied to the implementation of Monero’s new upgrade, called Bulletproofs
- Monero’s new achievement makes the cryptocurrency a worthy candidate for the future of micropayments
The transaction fee of the privacy-oriented cryptocurrency has taken a fall of 96 percent after the system upgrade done last Thursday. This was achieved through the activation of a form of cryptography known as bulletproofs.
An Insight Into Moneros’ Bulletproofs
Last week Monero (XMR) performed its biannual system upgrade through the introduction of a new type of cryptography on the network. The innovation is aimed at making the privacy feature of the Monero network more scalable by restructuring how its confidential transactions are verified.
The newly introduced feature of the Monero network has caused a fall in the cost of its transaction fee. This was noted in the data published by Bitinfocharts indicating the fall of the average cost of transaction fee of Monero from about $0.54 on Thursday to about $0.021 on Saturday; a 96 percent drop.
The sudden fall in the cost of Monero’s transaction had earlier been predicted by a Monero developer, Moneromoo, who said;
“I think you can safely say a typical [transaction] fee goes down by more than 95 percent.”
Also, he noted that the fee could go even lower depending on the kind of transaction that a user creates.
Notably, in addition to the bulletproof, the hard fork also contains an improved privacy feature as well as new code to deter manufacturers from building specialized mining hardware for Monero.
Sarang Noether, a cryptographer at the Monero Research Lab that was instrumental in the implementation of the bulletproof project stated that the innovation would be great sighting the growth experienced with blockchain technology.
Also, the drastic fall in the fee of the Monero transaction could cause an increase in the use of the cryptocurrency as well as more additional use. A core developer known as hyc lent his voice to this saying that the upgrade will surely make the notion of micropayment more palatable.
Monero Could Be It
Monero is an open-source cryptocurrency launched in April 2014 and its designed for fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, this enables anybody to broadcast or send transactions, but no outside observer can tell the source, amount or destination.
Meanwhile, Ethereum has also been working on introducing a new hard fork to its system, known as Constantinople. The launch of the hardfork has been officially postponed to 2019 due to the discovery of several severe bugs on the testnet.