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Monero, the famed privacy coin, saw improved scalability with its privacy feature, as evidenced by Monero recording an all-time high transaction count.
According to BitInfocharts, the number of on-chain transactions for Monero reached 9,389 on April 30, 2019. However, as per MoneroBlocksInfo, the transaction count reached 9,249, with 13.87 transactions per block.
Source: BitInfoCharts
The transaction count for Monero during the crypto-frenzy of 2017 was 7,123. However, that record was shattered on April 30. The transaction fee also simultaneously decreased to a low unseen since December 2015. The average transaction fee came down to $0.025. The number of transactions started to skyrocket from 4,425 to 9,389 on April 25, 2019, which was an increase of 112% [almost double].
Dr. Sarang Noether, full-time researcher at Monero Research Lab and the individual responsible for the organization of audits of the bulletproof implementation, proposed a new signature scheme that reduces the size of ring signature substantially in a report. The report stated,
“For our present ring size of 11, a typical 2-input/2-output transaction uses 2.54 kB of space and takes (on my test machine) 13.0 ms to verify the MLSAG signature. Using CLSAG, the same transaction requires only 1.9 kB of space and takes 11.1 ms to verify the signature. This reduces the transaction size by 25% and the verification time by 15% too”
The implementation of this new signature scheme was also addressed by Noether, stating,
“It depends on the results of our security analysis, which is ongoing and not yet complete. The code itself is not terribly complex.”
The report also outlined the proposal and review of the “Dandelion” update. However, the timeline for the same was not announced yet. Noether commented,
“No specific timeline for D++ yet. There are some design decisions that would need to be made before moving forward with the code and testing. Fortunately, this is not a consensus upgrade, and could be done with any wallet release”