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Monero [XMR] transaction fees plummet to 2 cents post the ‘Bulletproof’ hardfork



Coinmetrics.io, one of the Cryptoasset Analytics firms tweeted about the average transaction fees of the privacy coin, Monero [XMR] and stated that it has dropped to 2 cents. The recent Monero hardfork which took place on 18th October is considered to be the reason behind this plummeted value.

The hardfork mainly concentrated on implementing a technology known as ‘Bulletproof’ on Monero. Bulletproof technology is a short non-interactive zero-knowledge proof without a trusted setup. The need for such a solution raised when the transaction details of the cryptocurrency had to be hidden from public validation.

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Bulletproof was introduced earlier in 2018 in order to enable confidential transactions of various cryptocurrencies such as Bitcoin [BTC] and others. The confidentiality in the transaction is achieved by shrinking the size of the cryptographic proofs.

According to a Russian news portal, forklog.com, Monero hardfork took place on block 1685555 and the version 9 of the software was executed on block 1686275 with Bulletproofs.

The famous privacy feature of Monero, Ring Confidential Transactions [RingCT] has been replaced by Bulletproof technology, says the Monero development team. The Monero developers are aiming to reduce the size of the anonymous transactions in the network by 80% by the new implementation, which will, in turn, reduce the transaction fees.

XMR transaction fee chart: Source: Coinmetrics.io

XMR transaction fee 1-year chart: Source: Coinmetrics.io

A closer look at the 1-year chart of the transaction fees by Coinmetrics.io, we observe that the value has touched its all-time low. December 2017 saw the major surge in transaction fees of XMR when the cryptocurrency market was at the major bullish end. Monero [XMR] price had also touched $460 back then.

Further, the transaction fees gradually dipped over the year along with the slow-moving market trends. However, on 17th October the value was at 60 cents and dropped drastically to 2 cents in just 2 days.

XMR transaction fee 1-month chart: Source: Coinmetrics.io

XMR transaction fee 1-month chart: Source: Coinmetrics.io

The XMR community seems to be very delighted about the recent update and proponents have expressed their views on the hardfork on various social media platforms.

A Twitter user named Bad_Ape says:

“I’m literally buzzing of excitement. How cool isn’t that”

A Redditor named Mochi101_official says:

“Loving the new fees too! So much so that I was able to reduce the minimum bet to 0.005 on https://monero.win – devs did a great job and I can’t be happier! Thanks guys!”

A post by Redditor named traveliando:

XMR fees on Ledger | Source: Reddit

XMR fees on Ledger | Source: Reddit

Riccardo Spagni, the lead developer of Monero tweeted:

“Monero is now unfairly cheap”

He also confirmed that this is due to Bulletproofs which reduced transaction size by 80% in his Twitter thread.


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