Monero Network developers have announced that a community consensus has reached on the privacy-focused blockchain protocol. At block height 2,668,888, a mainnet hard fork will implement.
Increasing the Ring Size
The ring size of Monero’s mainnet will increase as part of the update. It ranges from 11 to 16. It will also include view tags for outputs, resulting in a significant reduction in wallet scanning time.
The protocol’s bulletproofs will also fully implement after the hard fork. To put it another way, these are non-interactive zero-knowledge proofs that don’t require any kind of trustworthy setup. Changes to the network’s fee structure also include.
Monero ($XMR) has a rapidly growing user base as the crypto and blockchain sector expands in comparison. Crypto protocol privacy and security has been a prominent topic. This has been the case since the rise of hacking, particularly in the decentralized finance industry. However, others have criticized Monero’s architecture due to concerns about the network’s role as a “safe haven” for criminals.
The Hard Fork Aim
The hard fork, according to Monero network engineers, focuses at upgrading the base protocol. However, the fork will not result in the creation of a new coin. It’s a big point of disagreement among blockchain protocols that had to split due to hard forks. Bitcoin and Bitcoin Cash/BSV are examples of these protocols.
The decision by the Monero blockchain community to increase the amount of ring signatures will result in larger and more effective transaction anonymity sets. Additionally, this will essentially harden the network’s security by making transaction sources more complex.
View tags would cut network scanning time by up to 40%, according to Monero’s core developers. It’s a measure that would reduce the amount of time it takes to generate the output public key for each anonymous transaction.
The adjustments, and by extension the charge values, have approved at a 14x annual growth rate. This will take the place of prior 32x per year proposals. It will be able to accommodate the scale of expansion and avoid network imbalance as a result of this.
As the hard fork is released, Monero’s Bulletproofs zero-knowledge proofs scheme will apply as well. On Monero’s privacy-first blockchain, it will use for range proofs, allowing for speedier encryption and verification operations.
Tentative Hard Fork
Monero, the privacy protocol, will undergo a test hard fork in July. Developers stated in a GitHub post that it would experience increased network security and fee modifications. In May, a testnet will deploy.
After the mainnet hard fork at a block height of 2,668,888, which is likely in July, no different coin will produce. On the other hand, a hard fork is a modification to a blockchain protocol that renders previous versions useless.