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Transaction fees on monero, the tenth largest cryptocurrency network, declined dramatically after last Thursday's system software update.
The reduction comes on the wake of the platform's activation of a new form of highly anticipated cryptography, called "bulletproofs", a new technology that seeks to make the privacy features of the monero network more scalable, restructuring the way in which confidential transactions are verified.
According to data published by BitInfoCharts, the average forged commissions dropped from around $ 0.54 cents on Thursday to around $ 0.021 cents from Saturday, a decline of 96%.
Such a dramatic change had previously been predicted by the monero developers who were talking to CoinDesk. "I think we can safely say a typical one [transaction] the commission falls more than 95 percent, "moneromotion monopromotor" commented last week.
Moneromooo also said that tariff reductions could even be lower, depending on the type of transaction that users create.
Next to the bulletproof, the update, performed through a mechanism called hard fork, contained other features designed to improve privacy on the platform, as well as a new code to dissuade manufacturers from the construction of specialized mining hardware for monero.
Speaking on IRC last week, developers have celebrated the update, with Sarang Noether, a cryptographer from the Monero Research Lab who led the work on the implementation of projectiles, writing that "it will be nice to see the charts of growth blockchain ".
There were also forecasts that the drop in taxes could open the door to additional uses for XMR, the cryptocurrency that feeds the blockchain. The main developer "hyc" said that the update was "definitely making the notion of micropayments even more appealing".
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