On August 13, the Monero team successfully implemented a hard fork to update the privacy-focused cryptocurrency’s protocol.

Congratulations on a successful network upgrade! 🎉 #monero ring size 16 is now more private and efficient with Bulletproofs+ and display tags!

Make sure your node/wallet is updated to continue using Monero.

Privacy and modifiability are important and it’s exciting to keep improving!

— Monero (XMR) (@monero) 13 August 2022

As part of the upgrade, the Bulletproofs algorithm has been upgraded to Bulletproofs+. As a result, transactions have shrunk in size and increased in speed. The increase in network performance is expected to be 5-7%.

The developers have implemented the “view tags” feature as a new way to speed up the synchronization of Ledger and Trezor wallets by 30-40%.

The number of participants in the ring signature has been increased from 11 to 16, making it even more difficult to track coin transactions.

Other changes include:

• changes in fees to minimize volatility and strengthen the overall security of the network;
• improved multi-signature functionality and critical security fixes.

In the middle of the update, the XMR price surged from $158 to over $168. At the time of writing, the coin is trading around $165.

Recall that in August, without giving an official reason, the largest mining pool Monero stopped working.

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