22 Oct 2018 Josphat Kariuki
Monero’s Fees Drop Drastically Following ‘BulletProofs’ Upgrade
The reduction follows the activation of the eagerly awaited technique of cryptography, known as “Bulletproofs,” on the privacy-centric cryptocurrency Thursday.
As per earlier reports, the new technology will make sure that the monero’s privacy features become more scalable. The technology is expected to increase scalability by restructuring the method of verifying confidential transactions.
According to data published at BitInfoCharts, Monero’s transaction fees fell from about 0.55 cents earlier on Thursday, to around $0.021 cents by Saturday. That’s essentially a 96% drop in a matter of a few days. Monero core developer, Moneromooo, has predicted such a drastic shift. The developer was speaking to the press earlier last week.
According to Moneromoo, the fee reduction could be even bigger, depending on the type of transactions that the users create. Besides bulletproofs, the technology comes with several other features intended to boost the privacy on Monero’s network. Furthermore, the new technology comes with a new code to prevent manufacturers from developing specialized hardware for mining Monero.
While speaking on IRC earlier last week, Monero developers celebrated the upgrade, with Cryptographer Sarang Noether, who led the task force on the implementation of bulletproofs at Monero research Lab, writing that it’ll be great to see the growth charts of blockchain.
Some also predicted that the drop on transaction fees would open various opportunities for the use of XMR. According to core developer “hyc”, micropayments are to become more palatable after the upgrade.Monero