Monero did a hard fork to be more secure and private, despite the government’s attack on anonymity tools.
Monero, one of the most important security protocols in the ecosystem, made a protocol update on August 13 to improve some of the privacy and security features offered by the network.
The hard fork has been successfully implemented on block 2,688,888, thanks to the collective efforts of more than 70 developers, almost 4 months after it was announced.
Monero becomes more powerful with extensive protocol improvements
The hard fork brought several fixes to the internal multi-signature mechanism to facilitate the exchange of information such as key sets and data synchronization between wallets, as explained on the website. their.
“Multisig means that a transaction needs multiple signatures before it can be sent to the Monero network and executed. Instead of a Monero wallet that creates, signs, and sends all the transactions yourself, you get a whole pool of wallets and a collaboration between them for transactions.”
In addition, the number of cosigners required to approve ring signatures has increased from 11 to 16. Ring signatures ensure that the origin of transactions on the network cannot be traced. A feature that has made Monero the most popular cryptocurrency among privacy benefits.
On the security front, the bulletproof algorithm has been upgraded to bulletproof +, a zero-knowledge proof algorithm implemented in 2018 to strengthen the privacy of the network, hiding the main number of transactions. accurate and shows only the origin and destination of the transactions.
Another significant improvement brought about by the new update is the “Watch Card”, a new option that allows to increase the wallet sync speed from 30% to 40%. This is key to increasing the overall performance of the entire ecosystem built around Monero (XMR).
Monero’s focus remains on Privacy and Security
As CryptoPotato recently reported, the hard fork will mark a “major departure from Bitcoin’s security model” by providing a perpetual incentive for miners to rely on “reasonable fees” to secure security and traceability of the network.
This is Monero’s fifteenth update and probably won’t be the last, so more improvements in privacy and network security can be expected by the time developers and protocol Other privacy-oriented pursuits are being pursued by governments.
Just last week, a Tornado Cash developer was arrested in Amsterdam for his part in creating a tool used by criminals to launder money. Tornado Cash is a smart contract that incorporates the transactions of users who deposit their funds into it. It is a decentralized project even though it is compliant with US regulators and has banned several OFAC sanctioned wallets at the same time.
Tornado Cash uses the @chainalysis oracle contract to block OFAC-sanctioned addresses from accessing the dapp.
Maintaining financial privacy is essential to maintaining our freedom, however, it does not come at the expense of non-compliance. https://t.co/tzZe7bVjZt
- 🌪️ Tornado.cash 🌪️ (@TornadoCash) April 15, 2022
In the crypto space, security tools have become a double-edged sword for users. Many criminals abuse these protocols to launder money and reach the authorities; however, most users just want to take advantage of anonymity to protect their right to transfer money privately.