Monero (XMR) is Getting Ready for Big Moves With Network Update on Oct 18
The largest Privacy focused Cryptocurrency Monero is scheduled to go through a Network update to introduce major changes to improve efficiencies and resist ASIC miners.
Monero is the 10th largest Cryptocurrency by market cap and by far the largest privacy-focused Cryptocurrency. Because of its high fungibility and cash-like features, it has gained popularity among people who care more about privacy.
Three major changes to be introduced:
- A new form of range proofs called Bullet Proofs – The new Bulletproof will replace the Borromean range proof reducing transaction size by approximately 80% and thus reducing fees. (Read more about Bullet Proof here)
- A Tweak in Proof of Work – To curb the potential threat of ASIC miners, the upgrade requires the miners to update their mining software which will reduce the need for mining pools, it will make the network more decentralized and reduce the attack surface.
- Increase in min ring size – The new network will have a minimum ring size of 11 (mixin 10) and will be static/fixed. The pool operators will have to operate with the new ring size else they will be rejected, this will increase the privacy of the network.
“Approximately the 18th of October there will be a scheduled network upgrade on the Monero network. To be sufficiently prepared, a user, service, merchant, pool operator, or exchange should run CLI v0.13.0.0 or GUI v0.13.0.0.”
The community urges all the nodes (especially exchanges and wallets) to be prepared for the network upgrade and run v0.13.0.0. The upgrade will happen with two hard forks scheduled on 18th and 19th October.
“This provides a grace period on the network where transactions in the transaction pool that still use the old Borromean range proof are allowed to be included in a block by miners. Fortunately, running v0.13.0.0 ensures that one is sufficiently prepared for both hard forks.”
Monero is currently priced at $114 with a market cap of $1.88 Billion. Back in the January bull market it had reached as high as $474.
Image Source: Coinmarketcap
With improved security and privacy features, Monero will be the go-to Cryptocurrency for people who care about privacy. The $1.8 Billion network is favorite altcoin for many of the Bitcoin maximalists as they see the clear utility in the network which Bitcoin cannot offer currently.
With the network upgrade, Monero might see increased user adoption and might lead to a surge in price leading up to the upgrade on Oct 18th. With strong network effects and community around it Monero is definitely a Cryptocurrency one should watch out for.
For more details follow this Reddit thread.
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