The popular privacy coin Monero has just broke its record of all-time high transaction count according to the chart provided by BitInfocharts. On April 30, Monero reached 9,389 (meanwhile, MoneroBlocksInfo reported 9,249).
Monero’s record was back in 2017 when it reached 7,123, and it was shattered on 30 April. But that’s not all the great news about it – the average transaction fee is now $0.025, decreasing to an incredible low since the end of 2015.
The increase of transactions began on April 25, 2019 – and it went from 4,425 to 9,389, increasing with 112%.
Monero Research Lab’s 2019 Q2 Research Funding
According to a monthly report published by Monero Research Lab’s Dr. Sarang Noether, there is a new signature scheme that will significantly reduce the size of ring signature.
In his report called Sarang: research funding for 2019 Q2, Noether stated:
“For our present ring size of 11, a typical 2-input/2-output transaction uses 2.54 kB of space and takes (on my test machine) 13.0 ms to verify the MLSAG signature. Using CLSAG, the same transaction requires only 1.9 kB of space and takes 11.1 ms to verify the signature. This reduces the transaction size by 25% and the verification time by 15% too.”
Noether added that the implementation of the new signature scheme is not complete:
“It depends on the results of our security analysis, which is ongoing and not yet complete. The code itself is not terribly complex.”
His report also included the “Dandelion” update which is going to be reviewed, Noether also explaining that they haven’t finished testing it:
“No specific timeline for D++ yet. There are some design decisions that would need to be made before moving forward with the code and testing. Fortunately, this is not a consensus upgrade, and could be done with any wallet release.”