Monero (XMR) Is Preparing For The Network Update On October 18th
The most appreciated and popular privacy cryptocurrency in the world, Monero (XMR) is now preparing for the new changes the upcoming network update will bring on October 18th. Among the improvements, there will be enhanced efficiencies and ASIC miners resistance.
At the moment of this writing, Monero (XMR) is the 10th cryptocurrency in the market with a market capitalization of $1,868,804,437 and a trading volume of about $25,7 million in the last 24 hours. The XMR is trading at $113.47, as we speak, after dropping by 0.53%.
The new Monero (XMR) network updated would come out with three primary changes
On October 18th, 2018, Monero (XMR) would receive its new network update which, according to the team, would bring three main changes.
Accordingly, a new form of range proofs would replace the Borromean range proof and would lower transaction size by about 80%, which will also reduce the fees.
Besides, the Monero team would implement a tweak in the Proof-of-Work to tackle the potential threats of ASIC miners. This change would also reduce the number of mining pools, boosting the decentralized nature of Monero (XMR).
Also, the new Monero (XMR) network update would increase the minimum ring size of 11 and will be static. This move would enhance the network’s privacy.
Monero (XMR) team urges the community to prepare for the new network update
“Approximately on the 18th of October, there will be a scheduled network upgrade on the Monero network. To be sufficiently prepared, a user, service, merchant, pool operator, or exchange should run CLI v0.13.0.0 or GUI v0.13.0.0,” said Monero team on Twitter.
The Monero community is, thus, urged to prepare the nodes for the upgrade and operate the v0.130.0 version. Two hard forks, scheduled for October 18th and 19th, would make the Monero network update possible.
“This provides a grace period on the network where transactions in the transaction pool that still use the old Borromean range proof are allowed to be included in a block by miners. Fortunately, running v0.13.0.0 ensures that one is sufficiently prepared for both hard forks,” Monero (XMR) team added.