Monero (XMR) is dedicated to ensure that cryptocurrency users enjoy the privacy they deserve when transacting on the blockchain. The cryptocurrency is a privacy coin that was launched in April of 2014 and has since put its focus on fungibility as well as decentralization. The team has employed a technology referred to as obfuscated public ledger. With this, all users in the network are able to send as well as receive transactions. However, anybody outside of the network has no way of determining where the transaction came from (source of origin).
The team has recently announced a protocol update that has been scheduled for October 18, 2018. The users are required to upgrade to v0.13.0.0 as soon as the binaries are made available, besides there will be a tag that will be released to that effect. The announcement was first released 10 days ago but the team has been reminding the community via social channels such as Twitter, Reddit and Telegram. The links to the binaries can be found on the official Monero Reddit channel.
Impending Upgrade General Information
The scheduled network upraged will take place a couple of days from the time of writing (Tuesday, October 16, 2018 4:00 a.m. GMT) on October 18. In readiness for the upgrade, all users, service providers, merchants, pool operators and cryptocurrency exchanges have been requested to execute either CLI v0.13.0.2 or GUI v0.13.0.0. The team says that the new upgrade is bringing to the table various major changes:
“First and foremost, a new form of range proofs called Bulletproofs, which will replace the old Borromean range proofs and thereby significantly (i.e. by approximately 80%) reduce the transaction size (and thus fees). Second, a PoW tweak to curb any potential threat of ASICs and further preserve ASIC resistance. As a result, miners will have to update their miners (i.e. mining software) as well. Third, the minimum ring size is bumped to 11 (mixin 10) and will be static / fixed,” Monero wrote in the Reddit announcement.
All the pool operators have been asked to run the upgrade in time and set the payout to a size of 11 (mixin 10), failure to which they are bound to be rejected by the network. The upgrade also includes the frameworks that are being taken to ensure that Monero is ASIC resistant. The upgrade will be in form of a hardfork.
“Version 8 starts from block 1685555, which is on or around the 18th of October, 2018. Fork time finalised on 2018-09-02.”
There is going to be two different hard forks on the network. One has been scheduled for the October 18 and the next one on October 19. The reason for having two forks is to ensure that transactions that run on the old Borromean range proof are given a chance to be part of the block (this will be executed by the miners). The good news is that, if the network users run the v0.13.0.0, they will be holistically prepared for the two hard forks.
Monero (XMR) Price Overview
Monero price is currently trading at $110.42 after correcting higher by 8.16%. The majority of the assets in the market have turned slightly bearish as they consolidate the gains accrued on Monday. However, Monero is among the few coins that are still trading in the green. At press, time, XMR/USD has a total 24-hour volume of $35 million while the market capitalization is $1.8 billion according to the data on Blockmodo and is currently ranked as the 10th largest crypto.