Learn about the updates that the Monero hard fork will bring in July

Learn about the updates that the Monero hard fork will bring in July

July 2022 will be the month that the Monero privacy protocol undergoes a hard fork (hard fork), where improvements are intended to be made in areas of network security and other changes concerning the chain of blocks of this cryptocurrency.

The update, which will be the fifteenth of the protocol (v15), the confirmed the developers of this project on GitHub, where they announced that in May the hard forkbut on the Monero testnet.

As they explained, the fork will complete on the main network (mainnet) at block height 2,668,888, whose mining is predicted for July 16 of the current year. Currently, and according to Blockchair, 2,605,624 blocks have been mined.

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Learn about the updates that the Monero hard fork will bring in July

It is good to remember that a hard fork it is nothing more than an abrupt change in the protocol of a certain chain of blocks. As explained in our Cryptopedia, a hard fork modifies the protocol so that upgraded nodes accept transactions in the new format and outdated ones reject them.

Seeing this, the question is key: What are the changes to come in Monero? The enthusiast and defender of this cryptocurrency, John Foss, he pointed on his Twitter. Let’s see it point by point:

Table of Contents

More rings, more security

The first thing to come with hard fork it will be that the size of the Monero rings will increase from 11 to 16. This means that the total number of signers in the so-called “signature ring” of that network will go up, which would strengthen your securitypreventing tracing of operations.

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Learn about the updates that the Monero hard fork will bring in July

A ring signature is a type of digital signature in which several signers merge with each other, so that they can generate a unique and distinctive signature, with which a transaction can be authorized on the network, having the support of a particular group of people.

Monero will be updated with a hard fork
The July hard fork would be the 15th update to the Monero privacy protocol. Source: Bit2Me.

As defined on the Monero page, in a ring of possible signers, all members are equal and valid, so it is not possible for a foreign observer to have information on who or how many will sign the transaction. This ensures that the results of transactions cannot be tracedwithout causing fungibility problems in the currency.

Fixes in the multisig mechanism

Meanwhile, the hard fork of Monero would bring with it corrections in the internal mechanism of multiple signatures (multisig). This refers to transactions that, before they are sent over the network, they need multiple signatures to run efficiently.

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Learn about the updates that the Monero hard fork will bring in July

This prevents, for example, a Monero-enabled wallet being the only one to create, sign and send transactions on its own, as the mechanism establishes a whole group of other wallets, that collaborate with each other so that operations can be carried out.

Bulletproofs in the game

John Foss reported the Monero hard fork.
Monero enthusiast John Foss reported the network’s hard fork on Twitter. Source: John Foss / Twitter.

In the new version, the “bulletproof+” update is also predicted, which is the system that was implemented years ago in the Monero block chain, which seeks to reinforce the privacy of the network, allowing transactions with XMR, but hiding the exact amounts and showing only the origin and destination of the operation.

Bulletproof arrived in 2018 on Monero, although it was thought that it would be implemented on Bitcoin first. With the help of the MimbleWimble protocol, This system began to be used 4 years ago, optimizing user privacy.

The last time this protocol was mentioned for a Monero update was in 2020, when version 0.16.0.0 of the network code arrived, which included the ability to verify transactions more privately with the implementation of Bulletproofas reported by CriptoNoticias.

Monero, rising in its price

As July arrives and with it the Monero hard fork, XMR, its native cryptocurrency, is trading above $250, according to CoinMarketCap. Its capitalization, meanwhile, exceeds USD 4,500 million.

This after this cryptocurrency registered increases of up to 13% in recent days, which helped it to become one of the five digital currencies that showed the best performance last week, even above bitcoin.

Monero is trading above $250.
Monero is trading above $250 this Tuesday, April 19, 2022. Source: CoinMarketCap.

Therefore, it remains to be seen how the scenarios develop as the hard fork, which makes this project one of the ones that has accumulated the most updates since its creation, which dates back 8 years.

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