The average transaction fee in the main network Monero (BITFINEX: XMR / USD.BITFINEX) decreased by more than 90% - from $0.60 to $0.02. This was made possible through the implementation of the Bulletproofs protocol. The result even exceeded the initial expectations of the developers.
Average fee has plummeted from 60 cents to 2 cents https://t.co/V6Nwejuo6L pic.twitter.com/d6d8qYB8WU
— CoinMetrics.io (@coinmetrics) October 20, 2018
“Monero gets bulletproofed with a new non-interactive zero-knowledge proof protocol. Fees will be reduced by ~80%, the blockchain growth will be smaller and the network faster,” representatives of the company wrote originally. The Bulletproofs technology reduces the size of anonymous transactions that bloated the Monero blockchain, demanding greater performance due to the complexity of the calculations.
It should also be noted that the average transaction size fell by more than 80% - from 18.5 KB to 3 KB.
Bulletproofs update: Monero average transaction is now 3kb versus a pre-fork average of 18.5kbhttps://t.co/V6Nwejuo6L pic.twitter.com/lvGOlQcidZ
— CoinMetrics.io (@coinmetrics) October 20, 2018
By the way, Litecoin also plans to reduce its commissions 10 times after a soft fork. Litecoin Core client developers stated that such a result will be possible after the release of version 0.17.
WHY IS IT IMPORTANT?
- Recall that earlier hard fork took place in the Monero network. Monero became the first cryptocurrency with a capitalization of over $1 billion, which implemented the Bulletproofs protocol.
- The previous Monero hard fork took place in April. Back then its goal was not to introduce the improvements but to protect the network from the influence of ASIC miners.
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