Monero Community Passes Consensus for Hard Fork Upgrade in July

Monero Community Passes Consensus for Hard Fork Upgrade in July

With a view to strengthening the core channel of its popular privacy-centric interface, the Monero (XMR) community has successfully passed a consensus for the upcoming July hard fork. The popular virtual currency cluster is looking forward to a significant improvement in its operational capacity with the scheduled upgrade of its powerful decentralized ecosystem. The development team of the privacy-focused token is gearing up to offer seamless access to a more robust, economical, and scalable channel for payments and trading purposes.

According to the Monero developers, the coin’s community settled on a consensus to initiate a mainnet hard fork at the block height of 2,668,888 on July 16, 2022. The forthcoming event will help the Monero network to introduce several improvements and developments for an enhanced crypto experience for its users. The hard fork is expected to increase the chainring size from 11 to 16, offering access to bulletproofs, and including view tags to outputs for reducing the time span involved in wallet scan. The development will also pave way for some significant alterations in the free charge structure of the virtual coin.

The surge in the number of ring signatures will strengthen the privacy standards of the Monero cluster thereby furthering its core competency in supporting anonymity. The bigger the number of chainrings, the harder it is to track down the source of a particular transaction executed on the network. One of the developers emphasized that with view tags the team is planning to shrink the scanning times by up to 40% in accessing the public key for the execution of anonymous transactions. The team has given its nod for Monero’s maximum block size to grow at 14x every year and not by 32x which severely affects its fee structure. Monero will use Bulletproofs, a zero-knowledge proving feature, post the upgrade for range proofs within the cluster. The facility will speed up encryption and verification over the decentralized channel.

The recent report from Cointelegraph hinted at the growing popularity of privacy coins in the market space. Individual traders and family funds are holding a sufficient amount of Monero’s XRP tokens as a hedge amid the constant price fluctuations across the global crypto domain. However, privacy coins have always been a controversial investment for investors as well as financial watchdogs. While some support XRP’s inherent capacity to facilitate anonymous transactions, others find it a major catalyst for executing illicit transactions like money laundering. In 2021, the Kraken exchange removed support for XMR for its customers from the U.K citing the growing pressure of regulatory controls.  

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