Monero Upgrades Privacy And Security Features In New HardFork

The Monero protocol, a famous protocol that creates private and untraceable coins, recently introduced a new hard fork. The protocol reportedly fortified the latest upgrade with new privacy and security measures.

Monero Launches New Hard Fork With Fortified Privacy System

According to the reports, Monero developers initially announced that they would release the upgrade by July 2022. However, due to technical delays, they moved the launch date to August 13, 2022.

Furthermore, they revealed that the new Monero version has a bigger ring; initially, it was 11, and now it’s 16. The bigger ring size implied that users would enjoy more private transactions. 

In addition, Monero also modified its algorithms to accommodate faster and smaller transactions and enhance its multisig system. The upgrade also improved the view tags portion of the network; wallet synchronization is now 40% faster. 

Furthermore, the new version has an enhanced security system and low transaction charges. Monero channeled all the improved components toward improving the privacy and security of its customers.

However, the introduction of the new upgrade did not have much impact on the price action of the network’s token. Monero’s price dropped by 1.6% in the last 24hrs as it trades at around $166 at the time of publication.

Monero Suffers Multiple Disturbance From Regulators

Monero network seemed to have released its newly modified version with enhanced privacy measures at a time the crypto market battles regulations. Recently, Tornado Cash, a privacy protocol network, received sanctions from the United State Treasury department. 

The government agency accused the crypto network of laundering customers’ funds. Following the incident, a law enforcement agency in the Netherlands arrested an individual suspected of being a Tornado Cash developer. 

The adverse development around the network caused investors to desert it massively all around the globe. On the other hand, Monero has been inviting the attention of the regulators with its activities for a while. 

For instance, CipherTrace, a blockchain-based security firm, built a device to trace Monero’s transactions to its sources. The firm developed the device on the order of a government agency in the United States in 2020. 

Shortly after the successful launch of the device, the IRS promised to give anyone that could crack Monero a sum of $625K. A year after, an individual went missing in Norway, and the law enforcement agents attempted to crack Monero to check the person’s previous transactions during an investigation.

Consequently, many crypto exchanges have hesitated to list Monero on their platforms. Brian Armstong, Coinbase CEO, confirmed that the association of all exchanges does not think Monero is worth listing because of its numerous regulatory issues.

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