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Monero’s Beryllium Bullet Hard Fork Brings the Transaction Fees to Almost Nil

The tenth-largest cryptocurrency by market cap – Monero – has a great news for its investors! After the successful execution of Moner’s hard fork last week on October 18, transaction fees for XMR users has dropped considerably by 96% from 60 cents to just 2 cents, according to data provided by CoinMetrics. The latest hard fork on Monero is named “Monero 0.13.0 Beryllium Bullet” which implements a non-interactive, trustless, zero-knowledge framework called “Bulletproofs” for the XMR cryptocurrency. This allows XMR transaction details to hide from the public blockchain validation. Bulletproofs Bring this Massive Drop In the Transaction Fees CoinMetrice confirmed this massive drop in Monero’s transaction fee on its official Twitter handle. It also noted that the average transaction size has also dropped from over 83 percent from 18.5kb pre-fork to just 3kb. Bulletproofs update: Monero average transaction is now 3kb versus a pre-fork average of 18.5kbhttps://t.co/V6Nwejuo6L pic.twitter.com/lvGOlQcidZ — CoinMetrics.io (@coinmetrics) October 20, 2018 This drastic shift was early predicted by Moero core developer nicknamed “moneromooo” while speaking to CoinDesk. In a word with the publication, “moneromooo” said: “I think you can safely say a typical [transaction] fee goes down by more than 95 percent”. Moneromoo further noted that fees reduction can be even lower depending on the type of transactions which users create. Last week on October 18, Russian new publication Forklog reported that the Monero hard fork took on block number 1685555, while the Bulletproofs and version of the software were implemented at 1686275. A major reason behind introducing Bulletproofs was to overcome a number of existing issues and at the same time providing enhanced privacy features with cheaper and faster transactions. Bulletproofs also provides a greater resistance to ASICs while preventing risks pertaining to centralization. In order to achieve this, Bulletproofs also reduces the size of cryptographic proofs it uses that further leads to over 80% decrease in the transaction size. Hence, Monero now requires a substantially less disk storage space then it earlier used to. Ever since the successful implementation of the hard fork, mining difficulties have dropped significantly said the XMR miners. Monero lead developer Ricardo Spagni replied to CoinMetrics tweet saying “Monero is now unfairly cheap.” Monero is now unfairly cheap https://t.co/iVjsYNaV78 — Riccardo Spagni (@fluffypony) October 20, 2018 According to the data on CoinmarketCap, Monero’s market cap stands to a 3-day high at $1.735 billion and daily trading volume going over $14 million. Although Monero too remains the victim of the overall price-drop of the crypto market this year, it still remains as one of the most popular cryptocurrencies among investors. Currently, at the press time, Monero (XMR) is trading for $105.15. The post Monero’s Beryllium Bullet Hard Fork Brings the Transaction Fees to Almost Nil appeared first on CoinSpeaker.
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Monero [XMR] Beryllium Bullet hard fork to ensure anonymity level, lower transaction costs

On October 18, the Monero network is expected to carry out another hard fork known as the Beryllium Bullet. The protocol update will ensure less storage space for a transaction and will become cheaper than earlier. Furthermore, the Monero community has also released a new version of their wallet [v0.13.xx.xx], which makes it mandatory for Monero users to update their software. Hardforks are not new for the Monero community and developers reportedly perform a hard fork twice in a year. The upgrade usually adds new features, including multi-signature wallet support, larger ring size, and performance improvements. The report stated that the most important version of the Beryllium Bullet hard fork upgrade is the “Bulletproof” feature, which claims to be an optimization of the range proofs. This is used in Monero for Ring Confidential Transactions [RingCT], a privacy feature implemented to ensure that the transactional privacy of users are improved because the value of funds being transferred is obscured. In addition, all transactions with Monero are private; the amount, sender and the receiver are disguised. RingCT’s are used to hide the actual transaction amount, whereas the Zero Knowledge Proofs, called Range Proofs, is used to ensure that a positive amount of Monero is actually spent. Furthermore, the upgrade will help in matching the inputs with its outputs without revealing the actual amount of Monero used in a transaction. Additionally, the new mechanism would not allow attackers with special transactions to create new coins, which would lead to uncontrolled inflation. Another advantage of the Bulletproof upgrade is its ability to shrink the storage space of transactions by 80%. Earlier, a normal Range Proof Monero transaction was approximately 13 kilobytes in size, which is almost 53 times larger than a normal Bitcoin transaction. The new upgrade would allow Monero users to make transactions at lower fees with better scalability in the blockchain. Beryllium Bullet is also expected to reduce transaction costs with a low priority from 20 to 30 cents to a few cents per input. The Monero hard fork upgrade will also change its Proof of  Work mechanism, which is not a direct threat to ASICS. This is a clear communication to ASIC manufacturers that ASIC development for Monero is not an economic undertaking and the Monero project will change its Proof of Work with every hard fork. An important addition to the Monero upgrade is its change to a static ring size, which is a ring signature that indicates the number of transmitters used for each transaction. Since April 2018, the minimum size has been set at seven, whereas the Beryllium Bullet has statistically set the ring size to eleven. This will ensure that the ring signature participants can no longer differentiate between transactions, which will result in more privacy for Monero as the anonymity level increases. The post Monero [XMR] Beryllium Bullet hard fork to ensure anonymity level, lower transaction costs appeared first on AMBCrypto.
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Scheduled Hard Fork for Monero: Beryllium Bullet now available, transaction size reduced by 80%

On October 18, 2018, the Monero network will carry out another hard fork: Beryllium Bullet. With the protocol update, transactions should use less storage space and become cheaper. Meanwhile, the Monero project has released the new wallet versions (v0.13.xx.xx). Those who hold Monero now have to update their software. An overview: Hard forks are an old story for Monero. Twice a year, the Monero developers around Ricardo “fluffypony” Spagni perform a hard fork. The protocol gets new functions, such as a larger ring size, multi-signature wallet support, performance improvements and much more. Beryllium Bullet with Bulletproofs The most important innovation in this version of Monero, from which the name “Beryllium Bullet” derives, is called “Bulletproofs”. Bulletproofs are an optimization of the range proofs used in Monero for Ring Confidential Transactions. We will recall that in Monero all transactions are private, i.e. the sender, recipient and amount are disguised. Ring Confidential Transacations (or RingCT for short) hide the amount of a transaction. However, to ensure that a positive amount is actually spent, Monero uses a form of Zero Knowledge Proofs, namely Range Proofs. These prove, without revealing the actual transaction amount, that the inputs match the outputs. Without this mechanism, an attacker with special transactions could create new coins and thus lead to uncontrolled inflation. The trouble with the story so far has been that these zero knowledge range proofs have taken up a lot of storage space. A normal Range Proof Monero transaction is about 13 kilobytes in size – about 53 times larger than a normal Bitcoin transaction. With bulletproofs, the same transaction shrinks by 80 percent from 13 kilobytes to about 2.3 kilobytes. Monero transactions are therefore still significantly larger than Bitcoin transactions, but only by a factor of ten (instead of 53). For monero users, this means lower transaction fees and better scaling of the block chain. The transaction costs with a low priority are expected to drop from 20 to 30 cents to a few cents per input due to Beryllium Bullet. Fight the ASICs During the last Monero Hard Fork there was already the wish to defend against possible ASIC miners. Since summer 2017 the Hashrate had climbed up to one Giga Hash per second. The Monero community speculated that mining giant Bitmain had developed an ASIC for the supposedly ASIC-resistant mining algorithm in Monero. The developers then decided to change the proof of work and shake off the ASICs. After the hard fork in April 2018, the Hashrate crashed by about 80 percent – proof of the existence of ASICs. In this hard fork (v0.13.xx.xx) Monero will change the proof of work again. Although there is no acute danger that ASICs could be available again (the Hashrate is kept at about 500 Mega Hashes per second), the Monero project agreed after the last incident to change the Proof of Work with every Hard Fork. This clearly communicates to ASIC manufacturers that ASIC development for Monero is not an economic undertaking. Static ring size for a better anonymity The third important change is the change to a static ring size. The ring size is part of the ring signature and indicates how many transmitters can be used for each transaction. Since April 2018, the minimum size has been set at seven (previously it was 5). However, users could also optionally use more decoys in their ring signature. In the Monero Blockchain Explorer you could occasionally see transactions with 41 possible transmitters – this is noticeable. With Beryllium Bullet, the ring size is statically set to eleven. Thus, the Monero project continues to pursue a moving ring size and creates more unity in the transactions. Now the transactions can no longer be differentiated by ring signature participants. A plus for privacy in Monero, because the anonymity level increases. By the way: Unlike Bitcoin, the block size in Monero is not static, but dynamic. Don’t miss it: Update Monero Wallets A hard fork is an “opt-in” update. In other words, to enjoy the new Bulletproofs, you have to actively update your Monero Wallet. You can find the different distributions on the official website. It is recommended to check the hashes of the binary code before installing the new wallet. You can delete the old version. Ideally, the seed phrase will also be available during the update in order to be able to restore the wallet if necessary. However, the update usually also works without any problems. Also mobile wallets like Cake Wallet and Monerujo have to be updated. The new versions are available from the Apple App Store and Google Play Store. To make sure that you are using the correct version, you can view the wallet version under “Info” under Settings. Of course, this hard fork brings many more minor changes with it. Here you can find an overview. On October 18th it’s time for another Hard Fork: The Monero network goes down. From block numbero 1685555 the new rules come into force. Whoever uses an old wallet after this block is no longer part of the Monero network.     The post Scheduled Hard Fork for Monero: Beryllium Bullet now available, transaction size reduced by 80% appeared first on DecentralPost.
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Monero fees plummet to a couple of cents, as the privacy-centric cryptocurrency releases Beryllium Bullet, a highly anticipated system-wide software upgrade. The core change in Monero 0.13.0 includes the introduction of bulletproofs, a breakthrough cryptographic technology that restructures the verification of Confidential Transactions, the technique that helps Monero obfuscate transacted amounts

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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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