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Monero [XMR] transaction fees plummet to 2 cents post the ‘Bulletproof’ hardfork

Laira Rebecca

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Monero [XMR] transaction fees plummets to 2 cents post the 'Bulletproof' hardfork
Source: Pixabay

Coinmetrics.io, one of the Cryptoasset Analytics firms tweeted that the average transaction fees of the privacy coin, Monero [XMR] have dropped to 2 cents. The recent Monero hardfork which took place on 18th October is considered to be the reason behind this plummeted value.

The hardfork mainly concentrated on implementing a technology known as ‘Bulletproof’ on Monero. Bulletproof technology is a short non-interactive zero-knowledge proof without a trusted setup. The need for such a solution raised when the transaction details of the cryptocurrency had to be hidden from public validation.

Bulletproof was introduced earlier in 2018 in order to enable confidential transactions of various cryptocurrencies such as Bitcoin [BTC] and others. The confidentiality in the transaction is achieved by shrinking the size of the cryptographic proofs.

According to a Russian news portal, forklog.com, Monero hardfork took place on block 1685555 and the version 9 of the software was executed on block 1686275 with Bulletproofs.

The famous privacy feature of Monero, Ring Confidential Transactions [RingCT] has been replaced by Bulletproof technology, says the Monero development team. The Monero developers are aiming to reduce the size of the anonymous transactions in the network by 80% by the new implementation, which will, in turn, reduce the transaction fees.

XMR transaction fee chart: Source: Coinmetrics.io

XMR transaction fee 1-year chart: Source: Coinmetrics.io

A closer look at the 1-year chart of the transaction fees by Coinmetrics.io, we observe that the value has touched its all-time low. December 2017 saw the major surge in transaction fees of XMR when the cryptocurrency market was at the major bullish end. Monero [XMR] price had also touched $460 back then.

Further, the transaction fees gradually dipped over the year along with the slow-moving market trends. However, on 17th October the value was at 60 cents and dropped drastically to 2 cents in just 2 days.

XMR transaction fee 1-month chart: Source: Coinmetrics.io

XMR transaction fee 1-month chart: Source: Coinmetrics.io

The XMR community seems to be very delighted about the recent update and proponents have expressed their views on the hardfork on various social media platforms.

A Twitter user named Bad_Ape says:

“I’m literally buzzing of excitement. How cool isn’t that”

A Redditor named Mochi101_official says:

“Loving the new fees too! So much so that I was able to reduce the minimum bet to 0.005 on https://monero.win – devs did a great job and I can’t be happier! Thanks guys!”

A post by Redditor named traveliando:



XMR fees on Ledger | Source: Reddit

XMR fees on Ledger | Source: Reddit

Riccardo Spagni, the lead developer of Monero tweeted:

“Monero is now unfairly cheap”

He also confirmed that this is due to Bulletproofs which reduced transaction size by 80% in his Twitter thread.



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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

76497|Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

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Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

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76476|DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum

Akash Anand

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Source:Pixabay

The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.

Source: CoinMarketCap

At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.

Source: CoinMarketCap

The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.



DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:

“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”

Another DigiByte fan, Mark Brown replied on the same thread saying,

“Tell that to @barrysilbert , he’s the one to talk to brother 😏

@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.

I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”

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