- Monero exchange trading volume continues to sink in spite of the software upgrade news.
- ‘Bulletproofs’ tech to help Monero cut anonymous transaction weight by 80%.
Monero is leading the gain trimming exercise on Tuesday following the upward movement on Monday. The crypto market is currently painted red with assets consolidating the gains accrued earlier in the week. Monero is down 2.4% on the while trading at $106. It opened the trading on Wednesday at $109.4, recoiled to intraday highs of $110.65. The crypto has a market cap of $1.7 billion and a 24-hour trading volume of $19 million. Last week the volume surged to $164 before engaging a reverse gear on entering this week ignoring the news of the new ‘bulletproofs’ tech.
The privacy focused coin, Monero (XMR) has recently launched a new technology referred to as ‘bulletproofs’. The new tech has been tailor-made to add more privacy features to the digital asset that is renowned for spearheading anonymity of transactions on the blockchain.
The tech was developed by a couple of cryptographers; Benedict Bunz and Jonathan Bootle. The tech is designed to significantly reduce the weight associated with anonymous transactions. The ‘bulletproofs’ tech will enter the initial test phase with Monero (XMR) starting on Thursday 18.
Monero becomes the first cryptocurrency project to incorporate this technology. Besides, the team has for the past one year concentrated on introducing bulletproofs. The development team at Monero hopes to bring down the size of the confidential transaction by a whopping 80%. The new tech is being prepared to replace the commonly used “zero-knowledge proofs” in anonymous coins. The entire Monero system will be upgraded in a form of a hard fork that calls for all nodes to adopt the software. Sarang, a pseudonymous cryptographer with the network said while speaking to CoinDesk:
“We’re excited about it,” Sarang reckoned. “Part of the reason we do the upgrades is so we can be safely on the cutting edge, and I think this is a really, really good move forward.”