Monero (XMR) Transaction Fees Drop By 97% Following ‘Bulletproofs’ Upgrade
The transaction fees charged on the Monero network has dropped by 97 percent following the successful hardfork which took place on October 18.
XMR fees drop to 97% to $0.2 per transaction
Following the Bulletproofs upgrade on the Monero network, the transaction fees charged for using XMR has slipped drastically, from 60 cents to currently stand around 2 cents.
The upgrade, which was dubbed Monero 0.13.0 Beryllium Bullet, saw the implementation of Bulletproof, a trust-less, non-interactive, zero-knowledge design.
Bulletproof is a technology that reduces the size of confidential transactions by more than 80%. It does so by improving the efficiency of a technology called ring confidential transactions, which hides the amount sent in a transaction.
Following this latest development, CoinMetrics revealed that the network’s average transaction size has also dropped massively, from 18.5kb prior to the fork to roughly 3kb, which represents an 83 percent drop.
The hardfork on the Monero network occurred on block 1685555, with the version of the software and the bulletproof upgrade implemented on block 1686275.
Bulletproof had been earlier introduced to the Monero community as the answer to some problems plaguing the network as it has several benefits including providing the network with enhanced privacy and faster and cheaper transactions.
The upgrade would also make the network more resistant to ASIC miners, something that the Monero community has always been against.
Bulletproof hides the exact coins signed
Bulletproof compliments the function of Monero’s Ring Confidential Transactions (RingCT), which is the network’s main privacy feature.
To achieve the benefits listed above, each XMR transaction gets additional coins which serve as decoys.
This is to ensure that the details regarding the exact amount of coins being signed are concealed, thus making it almost impossible to identify the real coins being sent from the decoys.
With the aid of the privacy ring signature, RingCT makes it possible for users to now hide the amount exchanged during a transaction.
The reduction in transaction size by roughly 83 percent also led to the network requiring a lower disk storage space than it previously did.
Back in July, the Monero network finished the first audit for the Bulletproofs protocol. Some miners have already confirmed that mining difficulty on the network has dropped since the upgrade was completed, which is one of the goals of the developers.
Stanford’s Applied Cryptography Group (ACG) working with the University College London and Blockstream initially presented bulletproof upgrade as a solution to the scalability problem plaguing most blockchains.
XMR is now unfairly cheap
Monero core developer, moneromooo stated a few days ago that the typical fees on the network dropped by more than 95 percent. The developer added that depending on the type of transaction created by users, the transaction fees could even go lower.
Another Monero developer, Ricardo Spagni tweeted that Monero is now unfairly cheap. The Monero transactions fees have now dropped to an all-time low following this upgrade.
Despite losing roughly 70 percent of its value over the past few months, the tenth largest cryptocurrency still remains very popular with those interested in privacy.