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Monero hard fork improves security and privacy features

 


Monero is one of the most important privacy protocols in the ecosystem. On August 13th, a hard fork took place to improve several privacy and security features offered by the network.


The hard fork was successfully performed on block 2,688,888 thanks to a concerted effort of more than 70 developers, 4 months after its announcement.


The hard fork brought several fixes to the internal multi-signature mechanism to facilitate the exchange of information such as key phrases and data synchronization between wallets.


“Multisig means that a transaction requires multiple signatures before it can be submitted to the Monero network and executed. Instead of one Monero wallet creating, signing and transmitting transactions all by itself, you have a whole group of wallets and the collaboration between them to make transactions.”


It also increased the number of co-signers required to approve ring signatures from 11 to 16. Ring signatures ensure that the origin of transactions in the network cannot be traced. A feature that makes Monero the most popular cryptocurrency among privacy enthusiasts.


In terms of security, the Bulletproof algorithm has been switched to Bulletproof+. This is a zero-knowledge-proof algorithm implemented in 2018 to strengthen the privacy of the network. This hides the exact transaction amounts and only shows the origin and destination of the transaction.

Another improvement that comes with the hard fork is the display of tags. This is a new option that makes it possible to speed up wallet synchronization by 30% to 40%. This is key to increasing the overall performance of the entire Monero ecosystem.


The Monero hard fork represents a major departure from Bitcoin's security model, as it provides miners with a constant incentive to rely on "reasonable fees" to ensure network security and untraceability.


The hard fork is Monero's fifteenth update and will likely not be the last to bring further privacy and network security improvements.

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