Monero’s Transaction Count For XMR Is Currently At Its All-Time High Right Now
Breaking: Monero’s Transaction Count Is Currently At Its All-Time High Right Now
Privacy coin Monero [XMR] — that is designed to not only provide users with a high level of security but also comes laden with a structural framework that allows it to scale-up as and when required — has just recorded its all-time high tx count a couple of days back.
To be a bit more specific, we can see that as per data available on BitInfocharts, the total no. of on-chain transactions that took place on the Monero blockchain increased to around 9,390 a couple of days back (April 30th to be exact). However, information available on MoneroBlocksInfo shows that Monero’s transaction count has reached a tx count of 9,249 (with 13.87 transactions per block).
Monero tx Chart from 2014-2019 (Chart Courtesy of BitInfoCharts.com)
More On The Matter
A quick look at Monero’s historical throughput data shows us that the token’s previous ATH transaction count lay at 7,123 (back in 2017). However, all that changed earlier this week when the project saw not only its tx count rise to record highs but also saw its native processing fee rates drop to a 4-year low.
- The average tx fee currently stands somewhere around the $0.025 mark.
- Since 2017, the total number of transactions on the Monero blockchain have increased by a whopping 112% [4,425 to 9,389].
In regards to the issue, a researcher at Monero Labs called Dr. Sarang Noether stated that by implementing a “new signature scheme” that will reduce the size of XMRs existing ring signature the adoption of XMR can be further increased all over the world.
Additionally, in a report released by Noether recently, he was quoted as saying:
“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”
He then went on to add that the deployment of the new signature scheme would depend on the results of a complex security analysis that might still take some time to complete.
In closing out this piece, it should be mentioned that Monero’s upcoming Dandelion update is currently being vetted by the project’s core dev team. Additionally, no specific timeline has been provided as to when the upgrade will go live.
“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”