Monero, one of the world’s most valuable privacy-focused networks, is under massive selling pressure. XMR, its native currency, is down 11% from this week’s highs, extending losses dating back to June 2024.
Overall, XMR remains in a bullish pattern, shaking off weakness from Q1 2024 when the coin fell due to compliance. Several exchanges, including Binance, have decided to delist Monero and other privacy coins, citing the need to comply with established laws, primarily in the United States.
Enhancing Monero Privacy Features with FCMP++
Despite the recent sell-off, the Monero community remains bullish. On August 20, Monero creators he said A pull request was filed to integrate Full-Chain Membership Proofs (FCMP++). This feature further enhances Monero’s privacy, making it attractive to users who want to hide their transactions on-chain.
Before this update, Monero was based on ring signatures to hide the identity of the sender. To do this, Monero obfuscates each transaction so that it appears to have been sent from a group of potential senders. Unlike Bitcoin, where the sender can be easily identified using Ring signatures, this makes it hard for third parties to determine the actual sender.
The integration of FCMP++ on the mainnet takes this to the next level, increasing transaction privacy. The technical data shows that with this integration, proving the transaction result, and therefore the sender, will be even more hard.
If anything, the creators claim that FCMP++ increases the current anonymity set from 16 million to 100 million. Therefore, third parties, including analytics platforms like Chainalysis, would have a harder time tracking XMR transactions, which translates to a higher level of confidentiality for users who value privacy.
XMR remains resilient despite challenges
Nevertheless, FCMP++ integration is a work in progress. With a pull request, the corresponding code must undergo strict review and further refinement.
The goal is to ensure there are no flaws in the code. However, once finalized, this feature will set a up-to-date standard for privacy, further solidifying Monero’s position as a leader in the scene.
The exact timeline for a complete on-chain merger remains unknown. However, it is clear that XMR bulls are resilient despite the drop in liquidity following the delisting. That Monero’s creators have not bowed to pressure from exchanges to comply means that the mission remains relevant. As such, enthusiasts will continue to exploit the network.
August 23 developers exposed up-to-date user interface for Trezor wallet users. The latest version, “Fluorine Fermi”, supports Trezor Safe and sound 5.
Featured image from DALLE, chart from TradingView
