Monero planned a hard fork in July while XMR surged on the announcement so let’s read more today in our latest Monero news.
The hard fork will see version 15 of Monero launched with a few upgrades for improved security. The privacy protocol Monero planned a hard fork in July which will see the improved network security and the fee changes as the developers confirmed. No separate coin will be issued on the mainnet hard fork at a block height of 2,668,888 which is expected to be in July with the hard fork referring to a chance to a blockchain protocol whcih renders the older version invalid.
Monero is a privacy-centric protocol whcih masked the wallet addresses of the users making it hard for others to trace and track transactions. This is unlike BTC or other cryptocurrencies where the wallet addresses and transactional behavior will be analyzed to determine the identity of the users. The hard fork in July will be Monero’s 15th software version and the previous two versions went live already in 2020 while introducing marginal upgrades.
#Monero has a network upgrade (hardfork) on July 16th 2022 at block 2668888.
Privacy and performance will be improved! 🎉
The update includes:
🔥Ring sizes will increase from 11 to 16 🔥View tags to speedup wallet/node sync
🔥Multisig fixes
🔥Bulletproof+
🔥 +more!#xmr $xmr pic.twitter.com/jZ5ouk1uqo— John Foss (@johnfoss69) April 17, 2022
V15 will see an increase in Monero’s ring size from 11 to 16 alongside the fixes to the multiple signature mechansim and the utilizing refers to a transaction that needs a few signatures before it can be submitted to the Monero Network and executed while the ring size refers to the total number of signers in the ring signature. The ring signature is a type of digital signature where a group of signers is merged to produce one single signature that can authorize the transaction. The V15 upgrade will introduce a bulletproof upgrade that was initially deployed in 2018 which ensures that the information stored on the confidential transaction doesn’t contain false information.
XMR as the native token of Monero surged 11% in the past 24 hours as developers confirmed the hard fork. The prices surged to $277 and broke over the major resistance levels at $240 but prices crashed to the $257 levels at the time of writing. The reports pegged a new catalyst driving demand for the tokens that coordinated the efforts from the Monero community members on Reddit:
“April 18th. We’re withdrawing XMR from exchanges. Any exchange that hasn’t disabled withdraws (which many of them have already), we’re pulling our funds.”
Other exchanges like HitBTC, Bitfinex, and Binance didn’t comment on the Monerun allegations while these three attract some of the highest XMR volumes among other exchanges.
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