On October 18, the Monero network is expected to carry out another hard fork known as the Beryllium Bullet. The protocol update will ensure less storage space for a transaction and will become cheaper than earlier. Furthermore, the Monero community has also released a new version of their wallet [v0.13.xx.xx], which makes it mandatory for Monero users to update their software.
Hardforks are not new for the Monero community and developers reportedly perform a hard fork twice in a year. The upgrade usually adds new features, including multi-signature wallet support, larger ring size, and performance improvements.
The report stated that the most important version of the Beryllium Bullet hard fork upgrade is the “Bulletproof” feature, which claims to be an optimization of the range proofs. This is used in Monero for Ring Confidential Transactions [RingCT], a privacy feature implemented to ensure that the transactional privacy of users are improved because the value of funds being transferred is obscured.
In addition, all transactions with Monero are private; the amount, sender and the receiver are disguised. RingCT’s are used to hide the actual transaction amount, whereas the Zero Knowledge Proofs, called Range Proofs, is used to ensure that a positive amount of Monero is actually spent.
Furthermore, the upgrade will help in matching the inputs with its outputs without revealing the actual amount of Monero used in a transaction. Additionally, the new mechanism would not allow attackers with special transactions to create new coins, which would lead to uncontrolled inflation.
Another advantage of the Bulletproof upgrade is its ability to shrink the storage space of transactions by 80%. Earlier, a normal Range Proof Monero transaction was approximately 13 kilobytes in size, which is almost 53 times larger than a normal Bitcoin transaction.
The new upgrade would allow Monero users to make transactions at lower fees with better scalability in the blockchain. Beryllium Bullet is also expected to reduce transaction costs with a low priority from 20 to 30 cents to a few cents per input.
The Monero hard fork upgrade will also change its Proof of Work mechanism, which is not a direct threat to ASICS. This is a clear communication to ASIC manufacturers that ASIC development for Monero is not an economic undertaking and the Monero project will change its Proof of Work with every hard fork.
An important addition to the Monero upgrade is its change to a static ring size, which is a ring signature that indicates the number of transmitters used for each transaction.
Since April 2018, the minimum size has been set at seven, whereas the Beryllium Bullet has statistically set the ring size to eleven. This will ensure that the ring signature participants can no longer differentiate between transactions, which will result in more privacy for Monero as the anonymity level increases.
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Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
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