Monero Bulletproof upgrade has drastically reduced the fees of the network by adding to the scalability of Monero’s main privacy feature Ring Confidential Transactions. In response, Bitfinex, Bittrex, and Binance have reduced the withdrawal fee from 0.04 XMR to 0.0001 XMR.
Bulletproof Upgrade Reduces Monero Fee Drastically
In the wake of the Bulletproof upgrade, three of the cryptocurrency exchanges have already lowered the withdrawal fees of the 10th largest cryptocurrency Monero (XMR). From 0.04 XMR, the fee has come down to 0.0001 XMR which is just about $0.01.
First Bittrex announced the news:
Update: With the Monero upgrade to Bulletproof transactions, @BittrexExchange has reduced the $XMR withdrawal fee to 0.0001 XMR. pic.twitter.com/9ea1wYR1is
— Bittrex (@BittrexExchange) October 25, 2018
Then, Binance and Bitfinex as well:
With the recent activation of Bulletproofs on #Monero, #Binance has lowered #XMR withdrawal fees to 0.0001 $XMR.
Thank you to the community for your feedback. pic.twitter.com/szVzaGiuE0
— Binance (@binance) October 26, 2018
We have reduced Monero $XMR withdrawal fees from 0.04 to 0.0001 XMR thanks to the amazing work done on Bulletproof.
Huge congratulations to the Monero community from the Bitfinex team.
— Bitfinex (@bitfinex) October 26, 2018
The fee reduction has been due to the Bulletproof protocol that will basically work as a zero-knowledge proof (ZK-Snarks) improvement tool. This caused Monero average transaction to be 3kb now versus a pre-fork average of 18.5kb. Moreover, the average fee has plummeted from 60 cents to 2 cents.
First proposed by researchers at Stanford in December last year, “Monero 0.13.0 Beryllium Bullet” has been aimed to make the 10th largest cryptocurrency more stable and faster.
Bulletproofs adds to the scaling component of Monero’s Ring Confidential Transactions. It is the primary privacy feature of Monero that uses a combination of ring signatures and confidential transactions. Ring signatures protect the privacy of a user by making it impossible to determine the actual signer. Confidential transactions further strengthen the privacy provided by ring signatures as it let users hide the amount being exchanged in a transaction.
However, RingCT format also makes the system less scalable. Now, with Bulletproof the size of the cryptography proof can be reduced by cutting the transaction size to a large extent. This upgrade will also ensure that the network will need less storage space for transactions.
Recently, the security research company, QuarksLab audited the Bulletproof protocol revealing eight critical issues among two medium and twenty small vulnerabilities that have been already patched by the developers of the network.
This new update has drastically reduced the fees that is expected to further bring forth additional use cases of XMR such as micropayments that is another point of attraction and excitement for the Monero community.
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