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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The famous privacy feature of Monero, Ring Confidential Transactions [RingCT] has been replaced by Bulletproof technology, says the Monero development team.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.

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Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report

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Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
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Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.





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