Monero is a coin which continues to impress. Preserving the valuable aspects of privacy and fungibility, Monero has not deviated from these core tenants. Monero, hovers in the the top ten coins by market cap, and is scheduled to go through an update on the 18th of October, according to their twitter account. The update will introduce 3 major changes: Bullet Proofs, a new type of proof to replace the Borromean proof, therefore reducing transaction size by about 80% as well as transaction fees. Bullet Proofs may have many positive effects on the Monero network, much like SegWit improved the Bitcoin network via fee reduction and transaction size. This addition is particularly important in the Monero update, as it will allow for the most popular privacy coin to scale and compete with other currencies as they work to solve their own scalability problems.
Another very exciting update touches on even greater privacy and security. That update is an increase in minimum ring size. Ring size will increase to a minimum of 11. This will increase the privacy of the network, as pool operators will be rejected if they don’t use the new, larger, ring size. A change in Proof of Work, requiring miners to update their mining software, will reduce the need for mining pools. In turn, these changes will reduce to possibility of attacks and make the network more decentralized. This will also support Monero’s objective of keeping ASIC mining away from the Monero network. Updates in the past that had the purpose of reducing ASIC mining have been wildly successful, and it’s great to see Monero continue to keep ASIC’s from dominating the mining landscape.
Monero will complete these updates using two hard forks on October 18th and 19th. Once completed, the most popular privacy focused cryptocurrency is poised to become even more popular. It’s likely that the current community will grow leading up to and following the update, which could also cause a surge in the tokens value. As Monero works to solve the scalability issue while retaining its privacy, it will grow in popularity and possibly become one of the more viable coins for the future.
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