XMR decreases transaction fees by 97 percent subsequent to hard fork

XMR decreases transaction fees by 97 percent subsequent to hard fork
Oct 22, 2018 by Rico Wise

According to the data provided by CoinMetrics, subsequent to the hard fork, which Monero successfully pulled off, on average, the transactions fees have dropped from 0.60 USD to a whopping amount of 0.02 USD.

The hard fork, commonly known as “Monero 0.13.0 Beryllium Bullet”, introduced a trustless, no-interaction, zero-knowledge structure dubbed “Bulletproofs” for the privacy token, which allowed the Monero currency to hide the data related to transactions from public blockchain validation.

Apart from the huge fee decrease, the average size of transactions for Monero has also dropped by more than 83%, accounting for as little as merely 3kb, as opposed to former 18.5 kb.

The fork took place on the block 1685555, whereas the software version and Bulletproofs were enforced on block 1686275.

It has been previously reported that Bulletproofs were implemented by the community of XMR currency as the response to the numerous issues, such as provision of improved privacy standards with inexpensive and swift transactions, including an improved resistance against ASIC cryptominers, which are treated as a risk of centralization by the dev community of Monero.

To reach this, Bulletproofs decreases the volume of cryptoproofs it utilizes, which causes a drastic decrease in the size of the transaction (more than 80 percent!). Thus, XMR currency needs a lot less disk storage space than before. Monero cryptominers have already claimed that cryptomining has become substantially easier subsequent to the hard fork, which underlines the concept that the developers believe in, which is to be open for cryptomining to all customers, as opposed to just ASIC cryptomining farms, which is how the world’s most dominant digital currency – Bitcoin – does it.