The Monero [XMR] transaction fee reduction comeswithin thewake 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 seeksto createthe Monero [XMR] network’s privacyfeaturea lot more scalableby restructuringhowits confidential transactionsareverified.
According to reportrevealedby BitInfoCharts, average XMR fees fell fromconcerning$0.54 cents onThursdayto roughly $0.021 cents as fromSat.which is more than 95% drop.
Such a dramatic shift wasantecedentlyexpectedby Monero [XMR] developersin a recent interview stating:
“Ipredict you’ll be able tosafely say a typical [transaction] fee goes down bymore 90%,” monero core developer “moneromooo” remarked last week.
Moneromoooconjointlyaforesaidthat fee reductionsmighteven be lower,looking onthe kind oftransactionthat usersproduce.
Alongside bulletproofs, thehardfork containedalternativefeatures supposedto boostprivacy on the platform,likewiseas new code to deter manufacturers from buildingspecialisedmining hardware for XMR.
Speaking on IRC last week, developers celebrated the upgrade, with SarangNoether, adecoderat the Monero labthatledthe work on the bulletproofs implementation, writing that “it’s gonna beniceseeing the blockchain growth charts.”
There wereconjointlypredictions that the drop on feeswould possiblyopen the door toemployuses for Monero [XMR]. Core developer “hyc”aforesaidthat the upgrade was “definitelycreatingthe notion of micro paymentsa lot more palatableonce more.”