Monero brings major update amid IRS bounty. Today, Monero developers went live with a network update featuring a new version of its node software, codenamed’ Oxygen Orion.’ The update, the result of 30 contributors, promises major improvements in almost all facets of the performance of the privacy-focused cryptocurrency.
A compact linkable spontaneous anonymous group (CLSAG) function is the highlight of the latest update. According to the Monero blog, CLSAG will reduce transaction sizes by 25% and improve transaction times by 10% while maintaining transactional privacy.
The developers wrote “CLSAG enables smaller and faster transactions with rigorous security.” In addition to CLSAG, the new update brings security improvements to the network, especially with respect to Dandelion++, which is responsible for hiding IP addresses from users. This latest update comes amidst an uncertain outlook for the cryptocurrency due to pressures on multiple fronts.
The U.S. Internal Revenue Service (IRS) is giving someone who can break Monero’s privacy a bounty of up to $625,000 in September. In addition, the Homeland Security Department reported that it had acquired tools capable of monitoring Monero transactions, although some researchers doubt the veracity of those statements.