Privacy-focused altcoin Monero announced this week that it will undergo a network upgrade on August 13. Also, the largest cryptocurrency exchange Binance has announced that it will support the update for XMR.
Monero network upgrade will bring many new features
The update will consist of a hard fork occurring at blocks 2,688,888 on the Monero Blockchain network. After the network upgrade, all participants will need to update their software to continue using the Monero Blockchain. So, what features will come with the update? Below you can see a list of what’s new:
- Ring size is increased between 11-16. This will also be the largest ever absolute increase in the basic anonymity set of every transaction that takes place on the Monero network.
- Monero plans to upgrade its Bulletproof algorithm to Bulletproofs+. This will help reduce the typical transaction size by about 5-7 percent. It will also make transactions lighter and faster while improving typical verification performance by 5-7 percent.
- You will also be introduced to the much awaited View Tags. This will help reduce wallet sync times by an average of 30-40 percent. According to Monero, “This tag does not provide any information about the transaction to outside viewers, adds only 1 byte to transaction sizes, and still requires complex validations”.
- The Monero hard fork will introduce fee changes that improve overall network security and flexibility of the network. This will help prevent attacks from malicious entities.
- The Monero hard fork will bring important fixes to multi-signature features along with critical security patches.
Binance expands support for Monero Hardfork
Meanwhile, the world’s largest cryptocurrency exchange Binance has announced that they will support the Monero network upgrade and hardfork. The official announcement noted:
The Monero (XMR) network upgrade and hard fork will occur at a Monero block height of 2,688,888. This roughly corresponds to August 13, 2022. Deposits and withdrawals for XMR will be suspended on August 13, 2022. Binance will meet all relevant technical requirements for all users holding XMR in their Binance account. We will restart deposits and withdrawals for XMR once we consider the upgraded network stable. We will not notify users with another announcement.
Just a day before the Hardfork, there is another major event taking place in the Monero (XMR) ecosystem. As we have also reported as Kriptokoin.com, MINEXMR, Monero’s largest mining pool, will close on August 12. This was because the single pool controlled over 48 percent hashrate on the Monero (XMR) network. This brought the pool dangerously close to a 51 percent attack on the Monero (XMR) Blockchain.
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