RoboticsOnline (reviewed here) has recently added an article about the privacy upgrade at the Monero protocol after the hard fork. I think there are some of you who had at least once used this privacy blockchain, so this kind of news will be rather actual.
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Here’s the news:
Monero privacy upgrade goes live to boost transaction anonymity
Monero has released a protocol update that went live on August 13. The protocol update will improve the privacy and security features of the Monero network. The upgrade was implemented on block 2,688,888 following a collective effort of 70 developers around four months since the hard fork was announced.Monero’s privacy upgrade goes live
The Monero hard fork has provided several fixes to the multi-signature mechanism that will facilitate information exchange on issues, including critical sets and data synchronization between crypto wallets.
The Monero website explained the vital elements of this upgrade. One of the features is multisig, where transactions will require multiple signatures before being submitted to the Monero network for execution. Moreover, the number of co signers needed to endorse ring signatures has risen from 11 to 16.
Ring signatures guarantee that it will be impossible to trace transaction origin on the network. A popular feature of Monero is that it provides an extra layer of anonymity, which privacy enthusiasts prefer.
The upgrade also includes extra security features enabled by the zero-knowledge proof algorithm adopted in 2018. The algorithm hides the number of transactions and only displays the transaction’s origin and destination.
The upgrade also comes with a new update known as “View Tags.” This new option boosts wallet synchronization. The objective is to boost the overall performance of the entire system created around the Monero blockchain.
Monero’s focus on privacy
The Monero hard fork will provide an incentive by which miners can depend upon “reasonable fees” to boost network security and privacy. It is the fifteenth update by Monero, and it will most likely not be the last.
The issue of privacy in the crypto sector has been contentious. Last week, the developer of Tornado Cash was arrested in Amsterdam for participating in creating a tool used to launder crypto assets. Tornado Cash has been sanctioned by US regulators, despite banning some wallets that OFAC had previously flagged.
Privacy tools have been a controversial topic in the crypto space. These tools are used by criminals that want to hide their money laundering deals. Crypto assets stolen from DeFi protocols are usually laundered through Tornado Cash. On the other hand, some users want to take advantage of transaction anonymity to preserve the right of users to move their money privately.
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