Monero (XMR) Transaction Fees Slashed Massively By 97% on ‘Bulletproof’ Upgrade
The transaction fees on Monero (XMR) platform has decreased drastically following the successful upgrade of the popular blockchain to v0.13.0.0., known as “Beryllium Bullet.
Users of Monero now have a reason to celebrate as transaction fees for XMR users have fallen a massive 97 percent from 60 cents to an average of just 2 cents.
While there were many technical changes that the upgrade fixed, there were two fundamental changes to the privacy-centric ecosystem that stood out to consumers.
The “bulletproofs” technology has been activated and in return, the privacy-oriented coin has been lightened greatly. The new technology is designed to help Monero scale to greater heights by changing the way the anonymous transactions are processed and verified.
After upgrading their system, the company said on their official Twitter handle stating, “The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet!”
The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet! 🎉
— Monero || #xmr (@monero) 18 October 2018
A blog post by Lucas Nuzzi, who is the Director of Technology Research at Digital Asset Research explains the bulletproof concept, first in ZCash and Monero. Adding that: “This is a significant increase in efficiency, as it reduces transaction size and lowers fees. Bitcoin can greatly benefit from Monero’s testing of Bulletproofs (& CT), and it’s great to see developers applying this technology to a network of Monero’s size.”
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