New Technology Allows XMR Tx Cost to Drop Exceedingly Far
Leading privacy crypto coin XMR could now offer the lowest ever Tx fee which currently stands at 2 cents, as stated by an analysis firm for crypto funds called Coinmetrics. Monero’s developers verified the drop in XMR Tx fees and stated it was because of Bulletproof, an XMR hard fork that was released on October 18.
Brand New Tech
Bulletproof is not yet a trusted technology. Nor is it an interactive technology with no proof of knowledge, which was created for the sole purpose of keeping Monero transactions away from the public, when in fact the digital currency is among those with very high Tx privacy.
The development team explained how Bulletproof should eventually take over instead of XMR’s RingCT, Monero’s Tx privacy technology. They expect this move to provide increased privacy through a reduced capacity of cryptographic proof. They are aiming at decreasing transactions that are anonymous by almost 80% through the implementation of Bulletproof.
Last December there was great demand for XMR and transaction fees hit an all-time high during this time. Now, as per Coinmetrics, it has hit its lowest level during this past year.
The addition of the Bulletproof technology to the platform has made avid users on XMR very happy within the crypto community since fees will no longer be an obstacle for their transactions.
A Detailed Inspection
Before the project was launched, Monero collaborated with 3 third-party firms to audit the process of implementation of Bulletproof. It will be done to make sure no detail was overlooked and to improve anything that needs adjustment. This independent audit will be done by Kudelski Security, Benedikt Bünz, and also QuarksLab, as selected by the Monero team. The entire audit from all three contractors will cost Monero 130 tokens, valued at $50,000.
A new campaign was launched for crowdfunding, opening a great welcome to the idea, which will lead to a positive audition of the project and a final step to make the Bulletproof project completely functional.
Tx privacy is a major issue, as safety and security is crucial to the crypto industry. Bulletproof has been introduced into the market exactly for this purpose and it should work for BTC and other cryptos as well.
Successful application of the brand new tech from Monero could create high demand for their cryptocurrency and improve Tx volume as fees later increase, particularly for mined crypto Txs.