The announced upgrade of the Monero (XMR) network, called Bulletproofs, managed to reduce network fees by 97% after successfully implementing its hard fork on October 18th. The average transaction size was minimized by 83%, going from 18.5 kb to 3 kb, which caused the average transaction fee to go from 60 cents to 0.1 cents.
The purpose of the update was to cover these two aspects without sacrificing the privacy that characterizes the Monero (XMR). During the last six months, the commissions revolved between 0.52 cents and $2.3, with a peak of almost $4 in May of this year.
As for the recent Monero (XMR) hard fork, Bulletproofs replaced Borromean to achieve these reductions in transaction size and network fees. However, the update also included adjustments to the Monero (XMR) PoW to deal with ASIC crypto mining equipment and maintain its current resilience.
Monero (XMR) update reduced the network fees by 97%
“Bulletproof will replace the current mathematical method of hiding the transactions amounts. The method currently used is the reason why the Monero (XMR) blockchain is huge, as a normal transaction occupies 13 kB. With Bulletproof, a transaction size is reduced by about 80%, by lowering the network fees, making the blockchain grow slower, and I think it will make it have higher network speed,” said Flenst, a Reddit user.
Once the update completed, Monero (XMR) news portals reported that it occurred in block 1685555 and software version 9 was executed in block 1686275 with Bulletproofs. One of the cornerstones of this project is to maintain the privacy of those involved in Monero (XMR) network transactions, from start to finish.
In this regard, Monero (XMR) supporters praise the coin for being the best privacy coin in the market, while others suggest that this type of cryptocurrency paves the way to illegal operations. At the time of writing, Monero (XMR), trades at $108.11, surging by about 4% in the last 24 hours, according to CoinMarketCap.