Monero [XMR] shines in the market because of all recent developments

Monero [XMR], the tenth biggest cryptocurrency in the market, has been making its rounds with all the recent development announcements, aimed at improving the network.

The coin made its first sparks after a long duration because of a bug, which was detected in the wallet by its developers. The bug could have given attackers the power to burn funds of an organization which is on Monero’s ecosystem.

Moreover, this could have been carried out by the attackers without making additional payments apart from the transaction fees. Nonetheless, the attacker would have benefited from the attack indirectly and not made any profits otherwise. Prior to this incident, the wallet went offline from several exchanges including Bittrex and Poloniex.

Monero entered the brighter side of the market with the announcement related to its hard fork, Beryllium Bullet. This had stirred up the whole community because of the claims that this hard fork would result in increased anonymity and also lower the transaction fees. Moreover, in the same timeframe, Monero had released a new version of their wallet, v0.13.xx.xx and it was mandatory for the users to upgrade to the new version.

This was followed by the hard fork taking place on October 18, 2018. The hard fork lived up to its promise, reducing the transaction fees to 2 cents. The hard fork also implemented Bulletproof technology, which enables confidential transactions, in the Monero network. The hard fork occurred on block 1685555 and version 9 with Bulletproof was executed on block 1686275.

Furthermore, Monero also gained support from Charlie Lee, the creator of the seventh biggest cryptocurrency, Litecoin [LTC]. Charlie Lee had stated that he was interested in the cryptocurrency has it has attributes such as privacy and fungibility. In addition to this, the creator stated these attributes were missing in Bitcoin [BTC] and Litecoin [LTC] and were required.

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