Monero’s Hard Fork Decreases its Transaction Fees by 97%

Monero’s Hard Fork Decreases its Transaction Fees by 97%

Monero’s transaction fees have significantly fallen down after the coin’s hard forл was executed last week. Particularly, the fee has decreased by 97% from $0.60 to just $0.02. The hard fork, according to reports, exercised a special zero-knowledge model, which helped to hide XRM transaction inside information from public ledger approval.

Monero’s Become More Accessible

Monero, the tenth most valuable cyber-coin in the world, has become more accessible to its users. As per Coinmarketcap, the coin is traded at $107, when its transaction fee is only 2 cents. Just around a week ago the fee made up 60 cents. Such a drastic decrease has been fueled by Monero’s hard fork, which set off a trustless and non-interactive framework called «Monero 0.13.0 Beryllium Bullet». 

It was CoinMetrics which informed about the fall in fees via Twitter. The source also singled out the average transaction size has also dropped by 83%. If earlier it was 18.5kb pre-fork, now it is only 3kb. 

As it is known, Monero saw a hard fork on block 1685555 on October 18. At the same time, on block 1686275 version of the software and Bulletproofs protocol was exercised. Bulletproofs appears to be a solution to Monero difficulties. It is believed it can increase privacy, make the transaction more inexpensive and quicker, and resist ASIC miners. 

What Does Bulletproofs Do?

The solution contracts the size of cryptographic proofs. As a result, the transaction size reduces by 80%. For now, Monero demands less disk storage room compared to what it used before. But it is already clear that mining difficulty has also plunged, XMR miners informed, according to CCN. In fact, Monero developers want to make it possible for all users to mine XMR coins, not like it is with bitcoin, which only ASIC miners can produce. 

Image Source: Flickr