Coins dedicated to protecting privacy form their own subcategory in the crypto industry. What Bitcoin is for the blockchain and the crypto currencies is Monero (XMR) for the privacy coins. This seems to pay off, as Monero has now reached a market capitalization of a respectable $ 1.88 billion. This puts the cryptocurrency in tenth place on the list of the largest cryptocurrencies by market capitalization.
Monero has announced an upgrade of its network for October 18th. The upgrade on this day should bring the Ledger a new Hard Fork. This could help to increase network efficiency. At the same time, you want to improve with the Hard Fork Moneros proof-of-work algorithm.
The update will integrate the so-called “Bulletproofs” into the network. Bulletproofs are range proofs and are meant to replace the old Borromean Range proofs. The new range proofs help reduce transaction sizes. In the case of Monero, the transaction sizes should fall by about 80 percent. This also results in lower transaction fees. With the upgrade Monero wants to increase its competitiveness against other blockchains, while at the same time it offers more security and a better protection of privacy. Bulletproofs could therefore help accelerate the adoption of Monero. That, in turn, is likely to benefit the crypto currency.
Overall, the Monero network is facing two hard forks. The first will be carried out as part of the update on 18 October, the second on 19 October. Due to the difference of one day, transactions in the transaction pool will be executed by October 19 using the old Borromean Range proof.
The planned improvement of the proof-of-work algorithm is designed to better protect the Monero network from ASICs (specialized mining chips). By excluding mining pools, one can ensure that the network remains fully decentralized. Neither a single person, nor a group, nor a mining pool can gain control of the blockchain.
In addition, the minimum ring size in the new network should be increased to 11. This helps to protect privacy in the network. The network will then reject pool operators with ring sizes outside the standard.
With these new features, Monero could become the preferred network for anyone looking for secure transactions. At the same time, it is conceivable that the price of the coin will increase, especially in the days before the upgrade. Also, the upgrade could lead to growing user numbers. That would increase the long-term value of Blockchain and could bring Monero even further in the top 10 cryptocurrencies.
At the time of going to press, a mono-coin had a value of $ 113. Monero had its all-time high, like many cryptocurrencies, at the beginning of January this year, when a Monero cost $ 494.
Sources: Cryptocurrency courses, Reddit, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/monero-xmr-kuendigt-netzwerk-upgrade-for-the-18-october-an/
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