On October 18th, Monero network had undergone a serious update. The update introduced “bulletproof”, a cryptographic solution which increases the privacy and also decreases the transaction size. The reduced transaction size has decreased the transaction fee by almost 96%.
Previously the size of an individual transaction was 18.5 KB, but with the Bulletproof upgrade, the size of the transaction has reduced to 3Kb. The above chart shows that.
The markets have reacted positively to the new the “Bulletproof” upgrade. Monero rose by almost 5% following the announcement and was trading at $110. It has since then subsided and trading close st $107.
No more ASICs
Monero developers have been vocal about the introduction of Cryptonight’s ASIC developed which is developed by Bitmain. The new ASIC could potentially beat Monero’s ASIC resistance. Ever since the ASIC was announced in March 2018, Monero developers have constantly pushed out updates to thwart the ASIC influence. The new upgrade finally put an end to the ASIC miner, by further improving the ASIC resistance.
According to developers, ASIC centralizes the currency and makes it miner controlled. To protect Monero from such a fate, Monero developers plan to make Monero ASIC proof.
Did you like the news you just read? Please leave a feedback to help us serve you better