Monero Successfully Hardforks to Increase Privacy and Anonymity

Monero, the fifth largest digital currency with a market cap of nearly $200 million, has successfully hardforked yesterday to add higher levels of privacy and anonymity by implementing an adapted version of Confidential Transactions.

The networks’ near 650 visible full nodes have made the transition without any noticeable problem so far, with the market responding positively as indicated by an increase in Monero’s price of more than 4.5% at the time of publishing.

Monero’s Price Following a Hardfork to Implement Confidential Transactions. Chat Courtesy of Poloniex

The network hardforked to implement Ring Confidential Transactions (RCT), an adapted version of Confidential Transactions described by Gregory Maxwell, a Bitcoin Core developer and Blockstream’s CTO as a “a cryptographic tool to improve… privacy and security.” Monero develops on Maxwell’s implementation by adapting Confidential Transactions to work with the currency’s already implemented ring signatures, an inbuilt mechanism which bundles sending and receiving public keys with a number of older actual transactions, thus operating

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