Monero (XMR), a privacy-focused cryptocurrency introduced in 2014, announced that it successfully completed a protocol upgrade on March 9, 2019.
Hard Fork aims to improve the main features of Monero
Monero (XMR) strives to differentiate itself from other crypto currencies by focusing on privacy and security. To improve these features, the Monero team has completed a network upgrade that includes about one million updates.
The planned protocol upgrade has been successful!
– Monero || #xmr (@monero) March 9, 2019
More specifically, in 1788000 Monero severely compromised his privacy, security, and ASIC resistance by introducing four major changes to the network. Monero specified these changes as follows:
- First, some changes to the dynamic block size algorithm to fix the big-bang attack.
- Second, a third PoW tweak (CryptoNight-R) to throttle the existing ASICs in the network and maintain ASIC resistance. As a result, miners must also update their miners (ie, mine software).
- Third, a dummy encrypted payment ID is added to each transaction to improve the homogeneity of the transaction.
- Fourth, the development team simplified the quantity commitments by reducing the size of the amount codings and using deterministic masks. These changes were considered safe by the Monero ResearchLab. In addition, the changes essentially result in the transaction format being updated to a v2 format. "
After completion of the hard fork Monero informed Users should expect longer block times for the next 24 to 48 hours.
Monero Focus Protecting the privacy of users
The sending and receiving of addresses as well as the amounts made are concealed by default. Transactions in the Monero Blockchain can not be linked to a specific user or real identity.
For example, cannabis buyers may prefer to pay in Monero, as cannabis is legal in Canada but illegal in most jurisdictions outside Canada. Many see Monero as the most suitable currency for buying cannabis in Canada.
How will the implementation of Hard Fork affect the acceptance rate of Monero? Do not hesitate to let us know in the comments below!
Images courtesy of Twitter / @ Monero, Shutterstock.
The post where Monero successfully updated his log first appeared on Bitcoinist.com.
TheBitcoinNews.com is there for you around the clock to keep you informed about Krypto. How do we do? Tap Satoshi with the exciting new Lightning Network Tippin.me tool!
Post source: Monero updates the protocol successfully
More Bitcoin news and cryptocurrency news on TheBitcoinNews.com