Privacy coin Monero’s transaction fees have fallen sharply after they announced their system-wide update, last week.
After upgrading their system, the company said on their official Twitter handle stating, “The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet!”
The scheduled protocol upgraded went successfully and Monero compatible Bulletproofs are thus live on mainnet! ?
— Monero || #xmr (@monero) October 18, 2018
For the uninitiated, Monero compatible bulletproofs are a pretty huge deal as it can increase the privacy of digital currency transactions as well as decrease their sizes.
A blogpost by Lucas Nuzzi, who is the Director of Technology Research at Digital Asset Research explains the bulletproof concept, first in ZCash and Monero. Prior Monero’s upgrade, he said, “In fact, as I will describe in this post, Monero and Zcash are about to be become cousins once Bulletproofs activate on Monero’s mainnet on Thursday.” True to his word, he said while there may be competition between Monero and ZCash, he believed that both would “go far.”
Nuzzi added, “This is a significant increase in efficiency, as it reduces transaction size and lowers fees. Bitcoin can greatly benefit from Monero’s testing of Bulletproofs (& CT), and it’s great to see developers applying this technology to a network of Monero’s size.”
I don't remember being this excited about a hard fork in a long time. The article below gives you the full picture as to why, but I will try to summarize it in this thread.https://t.co/U5oGjdfOXu
— Lucas Nuzzi (@LucasNuzzi) October 19, 2018
According to a graph by BitInfo Charts, Monero’s transaction fees saw a great fall, soon after the upgrade. On Wednesday, it was $0.54, whereas post upgrade, it further went down to $0.02, which was nearly a 96% drop.
Earlier a Monero developer named ‘moneromooo’ had told news portal CoinDesk, “I think you can safely say a typical [transaction] fee goes down by more than 95 percent.” Moneromooo had added that fee reductions could go even lower after the upgrade.
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