Monero (XMR) Schedules A Network Upgrade On October 18
If the blockchain market is basically a whole ecosystem, you can basically say that privacy coins have their sub-ecosystem and, in this one, the king is not Bitcoin, but Monero. Monero is currently the 10th largest cryptocurrency in the entire crypto market cap and the biggest privacy coin with a $1.8 billion USD market cap. Now, the token will be updated on October 18.
This new Monero upgrade will bring a new hard fork to the token, which will be made to improve its efficiency and to tweak the proof of work algorithm of the token to make it resistant against ASIC mining.
The Bulletproofs Protocol
Bulletproofs is the name of the new protocol created by the Monero team. It will reduce the transaction sized and also the fees that you have to pay to make the transactions.
According to its developers, the range proof of work concept, which is used in this new technology, will help to verify the amount within a specified range in a commitment without revealing details about the value and will scale in a linear fashion on 64 bits, which inflates the transaction site. This is done to protect the anonymity of the network but has size as a collateral effect.
The new Bulletproofs upgrade will make the transaction size increase logarithmically, which will make the token more competitive among other blockchains and still retain its security and privacy. It is believed that the transaction size can be reduced up to until 80% by using this upgrade.
Other Relevant Changes In Monero
There will be two hard forks. One of them is set to be made on October 18 and the other on the following day, October 19. During this period of one day, the transactions in the transaction pool will still use the Borromean range protocol.
Monero is also set to launch an improved version of the proof of work algorithm that will be designed to be resistant to current ASIC mining equipment, as the community believes that, by removing the pools out of the equation, it will be more decentralized again.
The community strongly defends the idea of decentralization and they do not want any group or person to acquire too much power inside the network alone, therefore, the decision to block ASIC miners was taken.
The new network will also increase the minimum ring size to 11 instead of 10 to protect the privacy of the network and will reject pool operators without ring sizes outside of this new standard.
With the new updates coming, Monero is looking to attract even more people to its privacy-focused community. This means that the token could surge um value after the upgrade, which could also increase the adoption of the token in the long term.