On August 13th, Monero XMR completed a hard fork that improved its security and privacy features.
The hard fork, which has been in the works for four months, was completed on block 2,688, 888. Over 70 developers worked on the upgrade.
According to Monero's website, the hard fork has fixed the internal multi-signature mechanism on the protocol. The number of co-signers approving ring signatures increased from 11 to 16.
A ring signature makes the protocol a popular choice among privacy advocates because it hides the origin of transactions on the network.
The bulletproof security algorithm was upgraded to bulletproof The improvement will reinforce privacy in the protocol.
The United States sanctioned Tornado Cash over its use by criminals, and its developer was arrested in the Netherlands.
The community of Monero has remained focused on enhancing the protocol's privacy and security features despite the fact that this doesn't seem to faze.
Since its launch, the network has had 15 updates to make it more secure and private.
Justin Berman, a software developer who is working on the protocol, said he would not go anonymous to do something completely normal. There is a $625,000 bounty from the United States Internal Revenue Service IRS for anyone who can crack the Monero code.
While the protocol has enjoyed much acclaim from privacy enthusiasts and human rights activists, malicious players have taken advantage of its features for their benefit.
Monero outreach said the protocol benefits people under oppressive regimes or countries with weak economies.
Experts like Johnie Cosmos have identified that the token could be the best candidate for an electronic peer-to- peer electronic cash system because of its privacy features.
Its XMR token is one of the most popular cryptocurrencies among cryptjackers who hijack the computing resources of unusual users to mine criptocurrencies.
It is popular among ransomware groups that demand ransom payments.
XMR is trading hands for $164.72 after dropping by over 2% in the last 24 hours.