Average transaction fees of Monero [XMR] drops to 2 cents after ‘Bulletproof’ hardfork
The average transaction fees of the price coin, Monero [XMR], reportedly dropped to 2 cents, according to Coinmetrics.io, one of the Cryptoasset Analytics. The reason behind the plummeted value is considered to be the recent Monero hardfork which took place on Thursday.
The hardfork concentrates on implementing a technology – ‘Bulletproof’— on Monero. It stores the blockchain “efficiently and allows for faster transactions”. Bulletproofs is a concept developed by Bunz et al, which is according to a report is: “a new non-interactive zero-knowledge proof protocol with very short proofs and without a trusted setup; the proof size is only logarithmic in the witness size. Bulletproofs are especially well suited for efficient range proofs on committed values.”
According to a Russian news portal, forklog.com, Monero hardfork took place on block 1685555 and the software’s version 9 was executed on block 1686275 with Bulletproofs. Reportedly the privacy feature of the coin, Ring Confidential Transactions [RingCT] has been replaced by Bulletproof technology, according to the Monero development team.
According to the Monero blog, “The size of a bulletproof increases only logarithmically with both the size of the range and the number of outputs. This gives us two related types of bulletproofs: single-output and multiple-output. A transaction with multiple outputs can either include several single-output proofs or one multiple-output proof (which is smaller than the separate proofs).”
According to the tweet by Coinmetrics.io, “Bulletproofs update: Monero average transaction is now 3kb versus a pre-fork average of 18.5kb.” Also added,” Average fee has plummeted from 60 cents to 2 cents.” The success of the Bulletproofs on Monero network, might inspire, Charlie Lee, the founder of the Litecoin Project, to implement privacy technology onto the Litecoin blockchain in future as Lee has hinted about it in the past.
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