Following the successful execution of Monero’s hard fork on October 18, average transaction fees for XMR users have fallen a massive 97 percent from 60 cents to an average of just 2 cents.
Known as “Monero 0.13.0 Beryllium Bullet”, the recent hard fork implemented a trustless, non-interactive, zero-knowledge framework called “Bulletproofs” for the privacy coin, which enabled XMR transaction details to be hidden from public blockchain validation.
To achieve this, Bulletproofs shrinks the size of cryptographic proofs it uses, which in turns leads to an over 80% decrease in transaction size. As a result of this, Monero now requires substantially less disk storage space than it used to. Already XMR miners have reported that mining difficulty has dropped significantly since the hard fork, which is in the line 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.
Monero is now unfairly cheap https://t.co/iVjsYNaV78
— Riccardo Spagni (@fluffypony) October 20, 2018
Speaking on Twitter after Coinmetrics released its data, Monero lead developer Ricardo Spagni said:
Monero’s transaction fees have dropped to an all-time low, which is a significant achievement at a time when the coin’s total market cap stands at a 3-day high of $1,730,663,942 with a 24-hour trading volume of $12,937,507 according to CoinMarketCap. Despite dropping more than 70 percent from an all-time high of about $460 in December 2017 to about $105, Monero remains popular with privacy advocates, amidst whispers of it being the coin of preference for cybercriminals carrying out illegal activities like crypto jacking.