Hard-Fork-Scheduled-for-Today-by-Monero-XMR-Bringing-Four-Big-Changes

The Monero token, XMR, is known for its place as the 13th largest crypto asset by market cap, and there’s a major hard fork that is only hours away from happening. This hard fork is the first of the year for the token, and it is scheduled to be implemented on block #1788000. According to a crypto media website, the block was at #1787800 about two hours ago.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights

I will never give away, trade or sell your email address. You can unsubscribe at any time.

There is already a Reddit thread on this change, which states that there are four main changes that are going to come with the hard fork. The dynamic block size algorithm will be altered to fix both the big bang attack and the spam-bloating attack. It will also improve the scalability in the near and far future.

In the image below from GitHub, the company explains a big bang attack.

Big bang attack | Source: Github

By scaling for short term, Monero explains that this term means “allowing a short term in demand due for example to seasonal issues.” This had recently occurred during the holidays, which results in a rise of 20x within a few days or weeks, dropping sharply right after the holiday commences. The dynamic block size algorithm will allow for up to a 50x jump in the transaction rates, and that will be increased by twice over if the limit is “maxed out,” according to GitHub.

Since it can also scale for long term, this terminology simply means that it will help with the overall growth of Monero over time. There will be a 1.4x increase after 5000, which can easily handle the Monero network’s growth. Though some people have suggested a “simpler dual median,” this change would only meet the short-term needs, leading Monero to take on other changes as well.

The second change includes the mining algorithm on the Monero network, which appears to reduce mining performed by ASICs. The statement from the team shows that it will “preserve ASIC resistance,” which means that miners will end up needing to either update or completely change their mining software. The current algorithm in place has had multiple updates already, and the repeated changes have made it increasingly difficult to prevent losses. Considering the way that Coinhive mines, the company blames the Monero hard for as the reason for their own shutdown, along with the recent crypto winter.

In the third update, the hard fork will essentially create a “dummy encrypted payment ID,” and it will be added to every transaction to increase consistency. The fourth of the changes will be reducing the size of “amount encodings and using deterministic masks,” simplify amount commits.

Monero added, in the Reddit post, that the hard fork will happen in two events – one around March 9th, and one around March 10th. With this division, there is a small period that will allow the use of the v1 transaction format that miners still use.

To prepare for the hard forks, Monero has recommended that anyone who uses their network to upgrade to CLI v0.14.0.0 Boron Butterfly or GUI v0.14.0.0 Boron Butterfly. These upgrades will smoothly implement the hard fork when it comes for users, services, pool operators, merchants, and exchanges.

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

<< LIVE COIN MARKET CAP CRYPTOCURRENCY PRICES CHANGE + VOLUME >>

Coin Market Cap Price Change 24 Hour Volume
BTC $91.02B $5,152.2244 -5.04% $4.65B
ETH $16.14B $152.5566 -6.93% $2.21B
XRP $12.12B $0.2884 -3.78% $403.61M
BCH $4.74B $266.8546 -2.49% $237.3M
LTC $4.37B $71.0636 -1.47% $889.73M
EOS $4.35B $4.6119 -2.84% $954.91M
BNB $3.06B $21.7072 -2.84% $150.38M
USDT $2.83B $0.9896 -1.23% $4.08B
XLM $1.86B $0.0977 -3.22% $43.64M
ADA $1.78B $0.0687 -2.54% $69.9M

<< TODAY’S TOP BITCOIN, BLOCKCHAIN AND CRYPTO NEWS HEADLINES >>

09:28 PM How Bullish Is JP Morgan's Blockchain Exploration as a Means o...
08:36 PM New Scam Alert, Bitcoiner Be Aware: Schemer Disguises As “BPD ...
08:23 PM Moscow And Regions From Russia To Trial Crypto And Blockchain ...
08:17 PM Hackers Target Atlanta Hawks Online NBA Basketball Store Using...
07:58 PM Chainalysis Report Says All But 5% Of Cryptocurrency-Related C...
07:42 PM Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For T...
07:35 PM Binance, OKEx And Huobi Global Witness 30% Increase In Trading...
07:21 PM ErisX Exchange Could Open New Spot Trading Services As TDAmeri...
06:50 PM Nike Shoe Company Submits Patent And Trademark Document For ‘C...
06:46 PM Genesis Global Capital Issues $425 Million Worth Of Cryptocurr...
06:46 PM United States SEC And CFTC Jointly Warn Investors About Fraudu...
06:22 PM BITCOIN SV Price Prediction Today: Daily (BSV) Value Forecast ...
06:14 PM Ripple Has Sold $890 Million Worth Of XRP Tokens, Nearly One T...
05:46 PM Monex Plans Coincheck Exchange Trading Services Reopen In July...
05:37 PM Backpage Classified Ads Website's Use Of Bitcoin Might Be The ...
05:21 PM Samsung-Backed Blockchain Firm Blocko Partners With Hyundai Au...
05:01 PM South Korea's Gil Medical Center, Longenesis To Create Blockch...
04:54 PM XRP Price Stuck at $0.30 But Still Up Over 388% Since Ripple C...
05:04 PM Binance Makes Its Singapore Crypto Exchange Launch Official, O...
04:40 PM ErisX Crypto Exchange is Gearing Up for Official Trading Platf...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

twelve − 7 =