Monero (XMR) released the Beryllium Bullet into its network and all has seemingly gone well. The new bulletproof protocol increases privacy and lowers transaction fees along with speeding up transactions.
“With our current range proofs, the transaction is around 13.2 kB in size. If I used single-output bulletproofs, the transaction reduces in size to only around 2.5 kB! This is, approximately, an 80% reduction in transaction size, which then translates to an 80% reduction in fees as well.
The post continued: “The space savings are even better with multiple-output proofs. This represents a significant decrease in transaction sizes. Further, our initial testing shows that the time to verify a bulletproof is lower than for the existing range proofs, meaning speedier blockchain validation.”
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Miners for XMR are also tweeting that mining is a lot quicker since the fork. This is good news as Monero has declared all-out war on ASIC miners in hopes to keep small-scale, users to mine the coin and stay profitable with CPU and GPUs.
“ASICs may be an inevitable development for any Proof of Work,” said the post, which was attributed to dEBRYUNE, dnaleor, and the Monero project, “but we feel that any transition to an ASIC-dominated network needs to be as egalitarian as possible in order to foster decentralization. At this point in time, we suspect that any newly developed Cryptonight ASIC will not be egalitarian and will not foster a decentralized network.”
As stated in a previous article, XMR is one of the few cryptocurrencies that are legitimately anonymous. BTC and other coins in the top 25 are more pseudonymous rather than actually anonymous. This is one of the strongest selling points of Monero and creates notable traction around the altcoin. In an environment when many cryptocurrencies are being explored by institutional investors and courted by big investors, XMR is one of the coins holding to the original vision.