Home
News
- The upgradation to offer a large size between 11 to 16.
Monero, the decentralized privacy-focused cryptocurrency project, has undergone a hard fork event scheduled for Saturday, introducing new features to enhance its privacy and security.
It is believed that the upgrade was likely taking place on July 13, but because of some technical and security glitches and to fix these glitches in hardware wallet incompatibility issues.
Completed at block 2,688k, the hard fork will now offer a large size between 11 to 16. an improved ‘Bulletproofs’ algorithm for speedy transactions, a revamped multisig mechanism, and performance upgrades that decrease wallet sync times by 30-40%.
This upgrade is a hard fork based on 0.18 ‘Fluorine Fermi,so the new version is not backward compatible with the old versions. Therefore, those who want to continue using Monero must update their software (monerod, monero-wallet-cli, monero-wallet-gui).
The user using hardware wallets will need Updated firmware from the device merchandiser to continue using them.
It is considered that Monera has the best security and privacy features in comparison to other cryptocurrencies because it has a “ring signature” transaction obfuscation mechanism.
When a transaction needs signing, the user executing it has their signature combined with those of other users to create anonymity in blockchain analysis and make trace-back practically challenging.
The older version of Monera supports a specified number of 11 co-signers with all IP addresses hidden behind a special protocol coined ‘Dandelion++,’ all built into the network.
Monera transaction co-signer ring structure Source:- Wikipedia
Monera’s upgraded security feature will expand the ring’s size of the ring upto 16, which is known as the largest increase in the ring size in the history of monera. The feature is known for significant improvement in the anonymity feature.
Monero is the most famous security token in space, and financial backers have rushed to it because of the secrecy it gives. Its people group is boundless with a lot of diggers. However, one mining pool has previously overwhelmed the protection coin’s hash rate.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
