Coinmetrics.io, one of the Cryptoasset Analytics companies, tweeted about the average transaction rate of the Monero data protection corner, indicating that it had dropped by 2 cents. The last Monero Hardfork, which took place on October 18, is considered the reason for this depression.
Hardfork focused on the implementation of a technology called “Bulletproof” on Monero. Bulletproof technology is a short, non-interactive, zero-knowledge test, without a reliable installation. The need for such a solution has been made that the cryptocurrency transaction had to be hidden from public validation.
Bulletproof was introduced in early 2018 to allow confidential transactions of several cryptocurrencies such as Bitcoin and others. Confidentiality in the transaction is achieved by reducing the cryptocurreny tests.
According to the portal news, forklog.com, Monero’s hardfork took place in block 1685555 and version 9 of the software was running in block 1686275 with Bulletproofs.
The famous Monero, confidential technology of Ring Transactions [RingCT], says the Monero development team. Monero developers want to reduce anonymous network transactions by 80% with the new implementation, which in turn reduces transaction fees.
If we look at the 1-year transaction rate table of Coinmetrics.io, we can see that the value has reached its historical minimum. In December 2017, the Monero transaction fees increased considerably due to the fact that the cryptocurrency market was bullish. The Monero prize had also reached $ 460 at that time.
In addition, transaction fees, along with the slow evolution of the market, gradually decreased throughout the year. On October 17, the value was 60 cents and fell dramatically in just 2 days to 2 cents.
The XMR community seems to be very pleased with the update and the advocates have their views on Hardfork on various social networking platforms.