Monero executed a hard fork to be more secure and private, despite the governments’ attack on anonymity tools.
Monero, one of the most important privacy protocols in the ecosystem, executed a protocol update on August 13 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 collective effort of more than 70 developers, after almost 4 months since it was announced.
Monero Comes Stronger With Extensive Protocol Enhancements
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 their website.
“Multisig means that a transaction needs multiple signatures before it can be submitted to the Monero network and executed. Instead of one Monero wallet creating, signing, and submitting transactions all on its own, you will have a whole group of wallets and collaboration between them to transact.”
In addition, the number of cosigners required to approve ring signatures was increased from 11 to 16. Ring signatures ensure that it is impossible to trace the origin of transactions on the network. One feature that has made Monero the most popular cryptocurrency among privacy enthusiasts.
In terms of security, the bulletproof algorithm was upgraded to bulletproof+, a zero-knowledge proof algorithm implemented in 2018 to reinforce the network’s privacy, hiding the exact amounts of transactions and only showing the origin and destination of the transactions.
n the crypto space, privacy tools have become a double-edged sword for users. Many criminals abuse these protocols to launder money and the reach of the authorities; however, most users only want to take advantage of anonymity to preserve their right to privately move their money.