On Saturday, the Privacy Focused Cryptographic Network Monero hosted a planned update called "Oxygen Orion". It was announced in August and was prepared by 30 developers.
It is expected that Oxygen Orion will bring significant improvements in various aspects of Monero functioning. The main feature of the update is the implementation of Compact Linked Free Anonymous Groups (CLSAG). CLSAG is an improved version of MLSAG, the Monero ring signature scheme. According to the notification in the blog, CLSAG will allow reducing the size of transactions by 25% and the confirmation time by 10% while maintaining privacy.
Monero updates are performed with the help of hard forks, so it is important for users to have an actual version of the software. The same applies to those who store cryptovite in the hardware wallet. They need to install the latest firmware, the developers note.
Shortly before that they announced the collection of sufficient funding for the implementation of atomic swaps in the Monero Blockchain, which in the future will facilitate the movement of assets between different chains, including bitcoin.
Michael Gronager, CEO of Chainalysis's cryptoanalysis company, meanwhile, says Monero and similar private cryptoanalysts have a "limited future" ahead of them. Chainalysis had previously contracted with the U.S. IRS to develop tools for tracking Monero transactions.
"Private coins are a very interesting technology. If we look at their applications, which include the interests of criminal syndicates, liquidity and distribution, we need users. This is true for bitcoin, because it has liquidity. Monero and Zcash have a niche focus and cannot be used for large-scale criminal activity. That's not an issue to worry about in the long run," he said.
Since early September, the XMR price has risen from $80 to a recent local high above $130 and has fallen slightly since the upgrade.
Earlier, the U.S. Justice Department said the use of Monero, along with other private cryptographic currencies, could be a sign of illegal activity.