Monero reacts with a new update to pressure from competition and the US tax office

A new Monero update brings improved performance, speed and security, while government agencies and competition are increasing the pressure.

After it was first announced in September that the Monero crypto currency, which specializes in anonymity and data protection, is to receive an upgrade, this has now been published

The new version of the node software under the name „Oxygen Orion“ promises significant improvements in several areas.

The highlight of the new update is a feature called “Compact Linkable Spontaneous Anonymous Group” (CLSAG). As the company’s own Crypto Method blog explains, CLSAG can reduce transaction size by 25% and at the same time reduce transaction duration by 10% without having to compromise on data protection.

To this end, the developers write:

„CLSAG enables smaller and faster transactions with solid security.“

From a technical point of view, the Monero updates are hard forks, which means that all network participants have to update their software to the new version as quickly as possible in order to continue to participate. Crypto users who keep their XMR funds in a hardware wallet must accordingly carry out a firmware update for the respective device.

The update comes at a piquant time, because the data protection crypto currency recently had headwinds from several directions

So the American tax authorities (IRS) had a tender for up to 625,000 US dollars in September published which aims to break the anonymity of Monero. The American homeland security agency claims that it has software that can make Monero transactions traceable, but this is doubted by some experts .

At the same time, the pressure of competition is also growing, because the rival data protection crypto currency Zcash is due to be halved in November, which is expected to drive its price significantly higher in the next few months.

Despite all this resistance, XMR has gained almost 4% in popularity on social networks in the last week, as reported by TheTIE’s crypto market researchers.