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Monero Transaction Size To Be Lowered By 80 Percent

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Monero Transaction Size To Be Lowered By 80 Percent

Monero developers are reportedly working on lowering the transaction size of the cryptocurrency by 80 percent as part of their plan to adapt to changing factors in the market.

Like any other market, the cryptocurrency market has also become quite competitive as the digital currencies compete for popularity. Developers are thus tasked with finding new ways of making their cryptocurrency easier for people to work with and smoothening out the transaction process. Monero developers are thus planning to significantly reduce the transaction size on their network. They expect to implement the changes by September next year.

Part of Monero’s popularity comes from the fact that it focuses on maintaining privacy and anonymity on its network. However, this leads to higher transaction sizes which means it will be quite difficult to manage over the long-term. To put it in perspective, the size of an average bitcoin transaction is about 250 bytes while it is 6 kilobytes on its blockchain network while that of Monero is about 6 kilobytes. This means each Monero transaction is about 20 times bigger than that of Bitcoin.

Developers have already put in place various measures such as a dynamic block size to make sure that problems do not pop up anytime soon. However, they are also working on solutions that will make the situation better before manageability becomes trickier.

Monero is currently listed as the eighth biggest digital currency based on market cap. It made its debut in 2014 and currently boasts as the most decentralized and most private cryptocurrency that is currently available in the market. Monero Developers are also gearing up towards making sure that the digital currency will also be more popular in 2018. This is especially considering that the price of bitcoin has been quite volatile especially over the past two weeks. The developers and stakeholders are thus convinced that the digital currency will attract more adoption and to gain in value.

Developers are also currently testing the digital currency’s multisignature implementation which will also improve the cryptocurrency’s attractiveness in the market. Despite the ongoing tests, the guidelines for setting up the multisignature accounts for monero have already started surfacing. This is one of the reasons why the cryptocurrency is expected to become more popular in the coming year.

Bitcoin has no doubt dominated the world of cryptocurrency with its steeply surging prices but it has also been a good year for Monero considering that it also had a significant increase in value. The price went from $13.79 in January this year and has managed to go as high as $278.66. In fact, its performance this year is quite reminiscent of Bitcoin’s performance in 2014. There is thus a lot of positive expectations for the future of the cryptocurrency.

Monero has also rapidly become quite popular with the cryptocurrency mining community. This is especially because miners do not have to raise their fees in order to remain profitable contrary to the case for some other cryptocurrencies.

We will be updating our subscribers as soon as we know more. For the latest updates on Monero, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of BrookeLorren via Flickr

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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