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Cryptocurrency

Monero (XMR) Gets a Successful Protocol Upgrade

The digital currency focussed on privacy, Monero or XMR, has recently declared that on 9th March 2019, it has undergone a successful protocol update. For the cryptocurrency which had its launch in the year 2014, it seems that the latest upgrade is all set to enhance its present primary features.

In order to distinguish itself among the sea of digital assets, Monero primarily concentrates on two things which are security and privacy. The Monero development team had set out with the goal of further improving both these features, and the good news is that they have finished the network upgrade which involves updates around a million.

Let’s make things more clear. It was learned through reports that Monero has gone through the hard fork for enhancing its security, privacy as well as resistance to ASIC, at 1788000 blocks. To achieve the goals, the cryptocurrency has introduced four primary changes to its network. These changes are highlighted as the following pointers:

  • Some alterations are suggested to the algorithm of constantly changing block size for resolving the threat called the big
  • 3rd tweak of CryptoNight-R or PoW to get rid of the ASICs that are present currently on its network as well as further maintain the resistance to ASIC. As a consequence, the miners will need to upgrade their mining software too.
  • A dummy payment identity with encryption is added to all the transactions for improving transaction uniformity.
  • The number of contracts are made simple by the team as they have reduced the amount encoding size and used deterministic masks.

Monero ResearchLab has marked all the changes as safe. Moreover, these changes will demand the format of the transaction to be updated to the v2 format. After the Monero team completed this hard fork, they informed the users that they could assume more moderate block times for the immediate, at least, 24 to 48 hours.

With Monero’s inherent privacy features, users who wish to perform anonymous payments can do so hassle-freely. The Monero team also asserts that each of its transaction is untraceable. Monero’s website also seconds the same stating,

“Sending and receiving addresses as well as transacted amounts are obfuscated by default. Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.”

How the users receive this upgrade remains to be seen.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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