By It just last week that we reported on the fact that the billion dollar crypto company known as Monero was to introduce a new technology known as “bulletproofs” to their platform.
Just a week later we’re happy to report that as a result of this new cryptography which was implemented on Thursday, Monero’s transaction fees have seen a drastic fall.
According to new data published by BitInfoCharts, the average fee for Monero fell from around $0.54 to $0.021 cents as of a Saturday which is whopping 96% drop!
Of course, this dramatic drop was in fact predicted by Monero devs:
“I think you can safely say a typical [transaction] fee goes down by more than 95 percent,” Monero core developer “moneromooo” claimed last week.
Moneromooo went on to claim that these fee reductions could be even lowered all depending on the type of transactions that users create.
As reported last week by CoinBeat, this system-side upgrade did not only implement bulletproofs but also garnered other features including privacy improvement as well as a code to deter manufacturers from building specialized mining rigs in order to mine Monero.
Last week developers celebrate this groundbreaking upgrade with Sarang Noether a key cryptographer at the Monero Research Lab who led the charge with the work being done on the implementation of bulletproofs stating: “it’s gonna be great seeing the blockchain growth charts.”
In addition to Noether’s predictions, XMR (the cryptocurrency that powers Monero’s blockchain) core developer “hyc” said this that the upgrade was “definitely making the notion of micropayments more palatable again.”
Have you given any thought to investing in Monero before? Could the introduction of bulletproofs and the subsequent fee drop attract more investors? Let us know your thoughts.
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