On October 22nd. Monero’s bulletproof upgrade went live. The new upgrade instantly reduced the transaction fee by 96%. The upgrade achieved the reduction by reducing the transaction size from 18Kb to 3Kb.
Due to the reduction in transaction size both Bittrex and Binance have announced the reduction in withdrawal fee. Bittrex was the first one to announce it on Twitter yesterday followed by Binance today. Both the exchanges have reduced Monero withdrawal fee to 0.0001 XMR which is equivalent to $0.01.
— Bittrex (@BittrexExchange) October 25, 2018
— Binance (@binance) October 26, 2018
What is “Bulletproof” upgrade?
Bulletproof upgrade introuces a new form of cryptography called “bulletproof”. The new cryptography algorithm makes Monero more scalable and also changes how confidential information is verified. The new algorithm reduces the size transaction size from 18 Kb to 3.5 Kb, which results in cheaper transaction rates.
Apart from cryptographic changes, the new upgrade also further improves Monero’s ASIC resistance. The update instantly boosted Monero’s price by almost 4% on the day of release.
Monero has also captured the fascination of Litecoin’s founder, Charlie Lee, who finds the project interesting.
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