Monero’s Hardfork named as “Monero 0.13.0 Beryllium Bullet” was successfully completed on 18th October at block height 1685555 and a very important feature Bulletproof was implemented at block height of 1686275.
Monero’s Blockchain size faced the problem of big transaction size due to its security features which caused every transaction size around 18 KB, this size was exceptionally big and also caused considerable high transaction fee appx. 0.60 USD.
While Monero’s security features make it a unique cryptocurrency. It also has issues in terms of transaction size and fee and in long-term would have made Monero confined only to a narrow field which it currently fields.
Monero in its current form while is admirable but due to Transaction size issue, it is hurdled by limiting factors as Blockchain size issue and related userbase. Monero currently do not have as many transactions as other Big Coins like BTC, ETH else its Blockchain size will swell up considerably limiting its use further.
What this Update changes
To solve these issues this update implements zero-knowledge framework called “Bulletproofs” . which allows better privacy features allowing XMR transaction details to hide from the public blockchain with lesser transaction size which ultimately leads to low transaction Fees. This update is also designed to prevent custom ASIC mining and to keep monero beyond centralization and to keep its individual/browser mining feasible to the userbase.
After implementing this update Transaction size has considerably been clipped from 18+ KB to just 3 KB with better privacy features, removing transaction size hurdle in a big way which makes monero now a better mainstream usable cryptocurrency. Transaction fees have also fallen to low of 0.04USD.
This update also sets the ringsize globally to 11 for uniformity of transactions, updated the PoW algorithm to CNv2, and finally sets the max transaction size at half of the penalty-free block size.
Future of Monero
While this update has introduced major improvements monero’s price trading around $ 105 has not seen sharp rises. In current prospect, monero is considerably cheap major cryptocurrency but regulator’s negative view of privacy based cryptocurrency is causing investors to stay back, for now, that’s why sharp price rise is still unseen in monero despite the good development. Monero has hard-forked for good but with uncertain future.