Monero (XMR) could draw even more fire from regulators in many countries, following the recent update of the blockchain, which consolidates the confidentiality of transactions.
A bigger ring for Monero
It took almost 4 months, and more than 70 developers had to work on the task. But the hard fork finally took place and was successfully completed at block 2,688,888 on August 13. Monero is updating its network to add privacy and security features.
One of the major changes concerns the number of co-signers required, from 11 to 16, for a multi-signature transaction. This change should thus improve the privacy of a transfer, making it even more difficult to link an individual transaction to a single XMR wallet.
A more private and faster blockchain
The developers have also introduced updates, which improve other elements related to the operation of the network. As part of this, the Bulletproofs algorithm has undergone some changes to increase the speed of transactions, while reducing their size by about 5-7%.
The hard fork also saw the arrival of the “view tags” option, which is supposed to reduce the time it takes to synchronize wallets by 40%.
Is privacy a crime?
Monero is making its 15th update and strengthening the privacy of transactions made on the blockchain, while authorities are paying increased attention to industry projects that confer this type of anonymity on their users.
The U.S. Treasury Department recently went after the cryptocurrency blending protocol Tornado Cash, accused of helping criminals launder their money. For similar reasons, the Dutch Crime Agency even arrested a Tornado Cash developer in Amsterdam.
Monero continues for now to have the edge and a head start on organizations that want to end the anonymity of transactions on the blockchain. As early as 2020, CipherTrace declared war on blockchain and its desire to protect the privacy of its users, but beyond the announcement effects, this company supported by American organizations is far from having won a victory.