After the fruitful implementation of Monero’s hard fork on October 18, average transaction fees for XMR users have dropped a significant 97 percent from 60 percent to an average of a mere 2 cents according to information from CoinMetrics.
Called “Monero 0.13.0 Beryllium Bullet,” the recent hard fork executed a trustless, non-interactive, zero-knowledge framework known as “Bulletproofs” for the privacy coin, which allowed XRM transaction information to be hidden from public blockchain validation.
CoinMetrics writing on Twitter revealed the significant slump in Monero transaction fees, going on to state that average transaction size has dropped more than 83 percent from 18.5kb pre-fork to just 3kb.
It was earlier reported that the Monero hard fork impacted block 1685555, with a version of the software and Bulletproofs implemented on block 1686275. The report went on to add that Bulletproofs was launched to the Monero community as the solution to several extant issues such as providing improved privacy with faster and cheaper transactions and greater resistance to ASIC miners, which the Monero development community regard as a centralization risk.
To make this possible, Bulletproofs reduces the size of cryptographic proofs it uses, which then results to more than 80 percent drop in transaction size. Hence, Monero now needs considerably less disk storage space than it previously used.
XMR miners have already reported that mining difficulty has declined remarkably since the hard fork, which is in line with the vision of its developers to be open for mining to all users and not just corporate ASIC mining farms as is the case with bitcoin.