Project Monero, which is one of the most important privacy protocols in the crypto ecosystem, launched an update on August 13 to improve many of the privacy and security features offered by the network.

It was completed to implement Successful update on block 2,688,888, thanks to the collective effort of more than 70 developers, after nearly 4 months of development.

Upgrade carrying extensive improvements:

The upgrade brought several fixes to the internal multi-signature mechanism to facilitate the exchange of information such as key combinations and data synchronization between wallets, as described on the Project Monero website.

Among the improvements brought by the new upgrade, according to the Monero website:

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Multisig means that a transaction needs multiple signatures before it is sent to the Monero network and executed.

Instead of creating a Monero wallet for transactions, signing them and sending them on their own, there will be a whole group of wallets working together to conduct transactions.

Additionally, the number of signature tools required to approve episode signatures has been increased from 11 to 16.

The ring signatures ensure that it is impossible to trace the origin of transactions on the network.

It is one of the features that has made Monero the most popular cryptocurrency among privacy enthusiasts.

Another important improvement carried by the new update is the display of tags, a new option that allows to speed up wallet sync by 30% to 40%.

Monero’s focus is on privacy and security:

The recent upgrade of Project Monero is arguably a major departure from the Bitcoin security paradigm, by providing a permanent incentive for miners who rely on reasonable fees to ensure the network is secure and untraceable.

This is Monero’s 15th update and probably won’t be the last, so more improvements in privacy and network security can be expected at a time when governments are following protocols and other privacy-conscious developers.

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We reported on Bitcoin Arab last week that the developer of Tornado Cash was arrested in Amsterdam for co-creating a tool used by criminals to launder money.

In the crypto arena, privacy tools have become a double-edged sword for users.

Many criminals abuse these protocols by laundering money and evading authorities, while most users just want to take advantage of their anonymity to preserve their right to transfer their money privately.

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