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Monero developers make a major upgrade amidst IRS reward and competitor progress

A new Monero upgrade brings improvements in performance, speed and safety amid increased scrutiny from law enforcement and the advances of competitors.

 

As first announced in September, the developers of Monero have today launched a network update with a new version of their node software, called “Oxygen Orion”. The update, the product of 30 partners, promises a significant improvement in almost every aspect of privacy-focused cryptomoney performance.

The highlight of the new update is the compact, linkable and anonymous group (CLSAG) feature. According to Monero’s blog, CLSAG will reduce the size of transactions by 25% and improve transaction times by 10% while maintaining transaction privacy.

Open Sesame: Will “Decoding” Monero Reveal a Treasure or Fool’s Gold?
The developers wrote that:

“CLSAG allows smaller and faster transactions with rigorous security”.
In addition to CLSAG, the new update brings improvements in network security, especially regarding Dandelion ++, which is responsible for hiding users’ IP addresses.

Technically speaking, Monero updates are hard forks, so it is imperative that network participants ensure that their software is up to date. Users who store their XMRs in a hardware wallet will need to keep up to date with the latest firmware, the blog noted.

Chainalysis and Texas Firm Win $1 Million Contract with IRS to Decode Monero
This latest update comes amidst an uncertain Crypto Crash landscape of cryptomonics, due to pressures on multiple fronts.

In September, the U.S. Internal Revenue Service (IRS) offered a reward of up to $625,000 to anyone who can decipher Monero’s privacy. In addition, the Department of Homeland Security claimed to have purchased software that can track Monero’s transactions, although some investigators question the veracity of those claims.

Gemini now offers protected withdrawals from Zcash
Meanwhile, Zcash, the competitor’s privacy currency, is about to have a halving event sometime this November, which some analysts believe will lead to a rise in the price of the asset in question.

Despite these headwinds, positive social media sentiment towards XMR has risen by approximately 4% in the last week, according to analysis provided by TheTIE.

A new Monero upgrade brings improvements in performance, speed and safety amid increased scrutiny from law enforcement and the advances of competitors.

 

As first announced in September, the developers of Monero have today launched a network update with a new version of their node software, called “Oxygen Orion”. The update, the product of 30 partners, promises a significant improvement in almost every aspect of privacy-focused cryptomoney performance.

The highlight of the new update is the compact, linkable and anonymous group (CLSAG) feature. According to Monero’s blog, CLSAG will reduce the size of transactions by 25% and improve transaction times by 10% while maintaining transaction privacy.

Open Sesame: Will “Decoding” Monero Reveal a Treasure or Fool’s Gold?
The developers wrote that:

“CLSAG allows smaller and faster transactions with rigorous security”.
In addition to CLSAG, the new update brings improvements in network security, especially regarding Dandelion ++, which is responsible for hiding users’ IP addresses.

Technically speaking, Monero updates are hard forks, so it is imperative that network participants ensure that their software is up to date. Users who store their XMRs in a hardware wallet will need to keep up to date with the latest firmware, the blog noted.

Chainalysis and Texas Firm Win $1 Million Contract with IRS to Decode Monero
This latest update comes amidst an uncertain landscape of cryptomonics, due to pressures on multiple fronts.

In September, the U.S. Internal Revenue Service (IRS) offered a reward of up to $625,000 to anyone who can decipher Monero’s privacy. In addition, the Department of Homeland Security claimed to have purchased software that can track Monero’s transactions, although some investigators question the veracity of those claims.

Gemini now offers protected withdrawals from Zcash
Meanwhile, Zcash, the competitor’s privacy currency, is about to have a halving event sometime this November, which some analysts believe will lead to a rise in the price of the asset in question.

Despite these headwinds, positive social media sentiment towards XMR has risen by approximately 4% in the last week, according to analysis provided by TheTIE.