According to a recent update on Monero’s Github repository, the privacy-centric crypto network plans to hard fork in July, at block height 2,668,888. Monero, the biggest privacy crypto asset by market capitalization, has risen 13.4% in the past seven days against the U.S dollar.
Monero Plans to Upgrade in July
The development team behind the Monero (XMR) project has plans to upgrade the blockchain at some point in July, according to the Github-hosted version 15 “Network Upgrade Checklist #690.” Monero is an open-source distributed ledger with built-in privacy, as it obfuscates transactions by leveraging various techniques.
The Monero network uses privacy techniques such as ring signatures, a cryptographic method, and zero-knowledge (ZK) proof called “Bulletproofs,” stealth addresses, and it also utilizes an IP-obscuring scheme via the Dandelion++ protocol.
Monero (XMR), the most privacy-centric cryptocurrency asset, is valued at $4.62 Billion as of the date this article was written. The hard fork in July is the 15th software version as the blockchain has experienced a great number of upgrades since the network’s inception in 2014.
One of the main goals behind many of XMR’s hard forks is to protect the network from application-specific integrated circuit (ASIC) miners. The privacy-centric network split in four different protocols after a hard fork was implemented four years ago. Moreover, in mid-February XMR supporters were begging monero miners to boycott a mining pool that captured 44% of the network’s hashrate.
The Monero’s hashrate had reached its all-time peak on January 16th, 2022 at block height 2,539 056 a month earlier. On that day, the network’s hashrate reached 3.62 gigahash per second (GH/s). The July upgrade aims to extend the network’s ring signature size and other ring signature parameters.
Developers plan to launch the v15 testingnet next month. It will support Trezor as well as Ledger hardware wallets. Additionally, the privacy-enhancing ZK proof concept Bulletproofs will be upgraded to a version called “bulletproof+.”
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