The privacy token Monero ($XMR) has executed a hard fork to increase privacy and security across its network.
This follows increasing regulations from the United States on cryptocurrency, especially the Treasury Office of Foreign Assests Control’s sanction on Tornado Cash.
The upgrade, which involved 71 developers, has the following effects:
- Ring Signature signers for transactions 11 –> 16
- Overall Performance improved by 5-7%
- Wallet Syncing Improved
Ring signatures are the method Monero uses to verify transactions.
Monero uses an innovative Proof-of-Work algorithm called RandomX, optimized for CPU mining. This encourages decentralization, and helps shield transactions.
With a Tornado Cash developer being arrested recently, the options for privacy on the blockchain have become dire.
As one of the original methods for private transactions, Monero has not yet commented on the situation.
In fact, their founder, Riccardo Spagni, was recently released from U.S. court for non crypto related crimes.
At the time of writing, $XMR is trading at $167.60, up 21% on the month.
Also Read: Move Aside Tornado Cash – How Aztec Connect Helps Shield Your Ethereum Transactions
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
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