Every Shebang! About the Monero [XMR] Latest Hard Fork

Posted on by Dennis Gatheca
Monero
Estimated read time 3 min read
  • Monero XRM, Launched in April 2014, experienced a successful Hard fork on block 2,688,888 this 14th.
  • The blockchain’s main focus was on increasing the levels of privacy and security among other key factors.

Monero (XRM), which is best known for its high levels of anonymity of its holders and transaction, underwent a successful hard fork this 13th. Some of the key targets were to increase the levels of privacy and security which was successfully carried out by 70 joint men and almost 4 months of effort. The upgrade which was initially set up to take place earlier in July got postponed.

Due to delays related to important multi-sig security and bug fixes, combined with hardware-wallet-related delays the upgrade was delayed till the 13Th of August.

The team announced the good news to the crypto world on the 13th through a tweet.

Changes And Upgrades In the Monero Blockchain

Monero Brought in several fixes to the upgrade including the internal multi-signature mechanism to aid in the sharing of information, Synchronization of key sets and data between wallets as explained by the team.

“Multisig means that a transaction needs multiple signatures before it can be submitted to the Monero network and executed. Instead of one Monero wallet creating, signing, and submitting transactions all on its own, you will have a whole group of wallets and collaboration between them to transact.”

So as to improve the transaction speed and the transaction size, The team made an improvement in its  ‘Bulletproofs’ algorithm as well as its multisig mechanism. The reduction of the transaction sizes is estimated to be 5-7%.

The multi-signature mechanism brought about the increment of consigners who are supposed to approve ring signatures to 16 from 11. Ring signatures make it impossible to trace the origin of a transaction within the network.

Security was well handled as the team upgraded the bulletproof algorithm to bulletproof+. The bulletproof algorithm ensured that the exact amount transacted was not seen, the only thing that could be viewed as the origin and the destination.

A new option was added to the upgrade “View tags”. This option s the key factor in increasing the network’s overall performance because it fastens wallet synchronization which has happened by  30% to 40%.

Binance To support Monero (XRM)

In an announcement made in an official communication, the crypto exchange led by CZ Chang Peng Zhao announced the endorsement of the cryptocurrency if the upgrade in the blockchain once it showed signs of stability

“Binance will take care of all technical requirements for all users who have XMR on their Binance accounts. We will reopen deposits and withdrawals for XMR once we deem the upgraded network to be stable, and will not notify users in a further announcement.”

The opacity of the network fails to reach the measures put up by regulators leading to contradictions in  KYC or know-your-customer mandates and anti-money laundering (AML) laws. This explains why most exchanges have not taken the chance to list them.

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Dennis Gatheca

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