Altcoins

Monero’s hard fork results in Binance and Bittrex reducing withdrawal fees to 0.0001 XMR

from Amb Crypto 5 years ago 0 0 714

Monero recently upgraded to Beryllium Bullet in order to ensure anonymity level and lower transaction costs. The hard fork ensured lesser storage space for a transaction along with additional features including multi-signature wallet support, larger ring size, and performance improvement.

By reducing the transaction size from 18 Kb [Kilobytes] to 3 Kb, the platform has successfully reduced the transaction costs by 96%. Bittrex and Binance, two of the leading cryptocurrency exchanges in the world have recently announced that they have reduced Monero’s withdrawal fees to 0.0001 XMR which is equal to $0.01056.

The “Bulletproof” feature of Monero’s Beryllium Bullet hard fork upgrade is an optimization of the range proofs. A range proof enables the network to cryptographically validate that the value of a transaction is greater than zero, and less than an arbitrary number.

The new cryptographic algorithm makes Monero more scalable and also verifies confidential information in a different method. The algorithm also reduces the size of a transaction from 18 Kb to 3.5 Kb, which, in turn, results in cheaper transaction fees.

The Beryllium Bullet hard fork upgrade also improved Monero’s ASIC resistance and instantly boosted Monero’s price by almost 4% on the day of the upgrade.

Coinmetrics.io, a cryptoasset analytics firm recently revealed that the transaction fees of Monero had dropped to two cents. Their data further reported that the 1-year chart of the transaction fees had touched its all-time low.

Furthermore, in December 2017, Monero witnessed a major surge in its transaction fees when the cryptocurrency market was at the bullish end. The transaction fees had gradually gone down over the past months and on 17th October the transaction costs was 60 cents, succedding which, in just 2 days, it dropped to 2 cents.

Germinarch a cryptocurrency enthusiast stated: