Major privacy coin Monero (XMR) may now have the lowest transaction fee of 2 cents, according to a tweet by Coinmetrics.io, one of the major Crypto asset Analytics firms.
Developers of the cryptocurrency have confirmed the reduced transaction fee is due to “bulletproofs”, a hardfork of Monero that was launched on 18 October.
Bulletproof is a short, trustless and non-interactive technology with zero-knowledge proof that was introduced due to the need to keep XMR transaction “hidden from public validation” despite the fact that the cryptocurrency is one of those with the highest transaction privacy.
According to the dev team, Bulletproof will be replacing Monero’s Ring Confidential Transactions [RingCT], the technology behind the cryptocurrency’s transaction privacy.
This is expected to give transactions more privacy by reducing the size of the cryptographic proof. Monero developers are looking to reduce the size of anonymous transactions by 80% through the implementation Bulletproof.
Coinmetrics report shows Monero’s transaction fees is at the lowest level in the last year after its highest peak in December 2017 when XMR was in very high demand.
The implementation of Bulletproof has brought joy to many in the cryptocurrency community especially fans of XMR as fees will not be a hindrance to transactions anymore.
Meanwhile prior to its implementation, Monero had involved three third party companies to audit the implementation process for Bulletproof to make improvements where needed and ensure no detail was left unattended.
According to a post on the company’s news and announcement website concerning the audition,
“For this purposes (improvements), it was decided to invite third-party specialists and companies for an independent audit. The Monero Community have chosen three contractors: Benedikt Bünz, QuarksLab, and Kudelski Security. The complete audit from all three companies will cost about 130 XMR and around $50,000.”
After a massive welcome of a crowdfunding idea by the community, a crowdfunding campaign was started which led to the successful audition and final implementation of Bulletproof.
Privacy of transactions is becoming a problem and Bulletproof was introduced as a solution to it both for Bitcoin and other cryptocurrencies.
The implementation of the technology by Monero may soon increase demand for the crypto asset and increase transaction volume as fees become a problem in the future especially for transactions of mined cryptocurrencies.
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