The Monero [XMR] transaction fee reduction comes within the wake of the activation of a highly-anticipated form of cryptography named “bulletproofs” on the privacy-centric cryptocurrency on Thursday.
As reported earlier, the new technology seeks to create the Monero [XMR] network’s privacy feature a lot more scalable by restructuring how its confidential transactions are verified.
According to report revealed by BitInfoCharts, average XMR fees fell from concerning $0.54 cents on Thursday to roughly $0.021 cents as from Sat. which is more than 95% drop.
Such a dramatic shift was antecedently expected by Monero [XMR] developers in a recent interview stating:
“I predict you’ll be able to safely say a typical [transaction] fee goes down by more 90%,” monero core developer “moneromooo” remarked last week.
Moneromooo conjointly aforesaid that fee reductions might even be lower, looking on the kind of transaction that users produce.
Alongside bulletproofs, the hard fork contained alternative features supposed to boost privacy on the platform, likewise as new code to deter manufacturers from building specialised mining hardware for XMR.
Speaking on IRC last week, developers celebrated the upgrade, with Sarang Noether, a decoder at the Monero lab that led the work on the bulletproofs implementation, writing that “it’s gonna be nice seeing the blockchain growth charts.”
There were conjointly predictions that the drop on fees would possibly open the door to employ uses for Monero [XMR]. Core developer “hyc” aforesaid that the upgrade was “definitely creating the notion of micro payments a lot more palatable once more.”