Monero (XMR) is a privacy-centric cryptocurrency.
In fact, as of this writing it’s the largest privacy cryptocurrency by market cap.
It recently introduced a new technology called Bulletproofs. Let’s see what it’s all about.
Monero was launched in 2014. And it’s based on the CryptoNight proof-of-work hashing algorithm.
It achieves privacy through Ring Confidential Transactions (RingCT) and stealth addresses.
With RingCT the ring signatures mix the spender’s input with a group of others. That makes it difficult to link transactions.
RingCT also provides confidential transactions, which hide the amounts in a transaction, yet enables them to be verified.
Finally, Monero also uses stealth addresses which make it impossible to find the destination address for anyone other than the sender and receiver.
While Monero has been a great privacy coin, it hasn’t been very scalable. That’s because its transaction sizes are multiples bigger than Bitcoin transactions.
But that has changed with Bulletproofs, which Monero launched on October 18.
Bulletproofs restructures how confidential transactions are verified, with the end result being they take up 80% less space than they used to.
And since it’s been activated fees have dropped dramatically.
A typical Monero transaction that use to cost $0.50 to $0.60 now costs just $0.02.
Monero remains my favorite privacy coin. Long XMR.
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