The upgrade fixed a lot of tech issues, but the fundamental changes that have a high impact on regular users are regarding storage space and costs.
The update brings an improved protocol
Leaving the technical details aside because we’ve already covered those, ahead of the update, the bottom line is that this last improvement protocol allows for a massive reduction in fees for Monero users.
There have already been reports claiming that transaction fees could fall by 80% for the simplest form of bulletproof-enabled transaction.
Bulletproofs went live on Monero’s mainnet on October 18th just as it was scheduled for a while.
Transaction fees drop
Ethereum World News reports that this Saturday, the crypto-centric data aggregator CoinMetrics.io tweeted that the introduction of Bulletproofs can be definitely classified as a huge success.
“For one, the average XMR transaction has fallen to 3.7kb in size, which is an 80% reduction to the pre-fork average of 18.5kb. Seeing that the unique nature of Monero’s privacy system has resulted in a rapidly growing blockchain, this move to reduce the size of transactional data should be a welcome change for many XMR miners,” Ethereum World News writes.
But, more than this, Bulletproofs did not only drastically reduce the transaction sizes, but also the fees incurred by them as well.
CoinMetrics reports that the average Monero transaction fee dropped to $0.02 from $0.6 pre-fork, and this could trigger the adoption of XMR in commerce and daily use.