Monero Hard Fork v15 takes place successfully. This should make the privacy Coin even more secure than before. We will give you all the information about the XMR Coin Upgrade.
The most important information about the Monero Hardfork at a glance
- Number of ring signatures grows from eleven to 16
- Bulletproofs+ lead to smaller block size
- View Tags speed up wallet synchronization
- collaborative wallets in testing phase
Monero Hardfork increases privacy
Monero is the largest privacy coin by market capitalization and is considered extremely confidential. The privacy that blockchain offers is increased once again with the v15 Hard Fork. This was successfully completed on 13 August. At the same time, the upgrade improves user comfort and reduces the weight of the blockchain.
The change of the network is the reason for failures on several crypto exchanges, which reacted too late to the upgrade. On Binance and KuCoin, it is therefore temporarily impossible to withdraw Monero. The Exodus wallet is also lagging behind.
Monero recently used eleven ring signatures per transaction. This value is now increased to 16 in order to protect the user even better. Instead of ten, there are henceforth 15 members of a ring signature, which serve only for deception and should make it impossible for outsiders to identify the real sender of a payment.
Bulltetproofs+: XMR blockchain is losing weight
The protection of privacy comes with a price: the XMR blockchain is extremely heavy compared to other projects. This state of affairs is already being improved at the end of 2018 through the integration of bulletproofs.
Bulletproofs conceal the amount sent and are lightweight at the same time. Now the technology is being improved to Bulletproofs+. As a result, transactions shrink by a further five to seven percent and can be generated faster within wallets.
Faster wallet synchronization
If a user uses a Monero wallet that synchronizes the blockchain locally, there may be long waiting times, since a wallet cannot simply read public information, but must match the user’s private keys with each individual transaction.
Thanks to View tags, the time required for synchronization is reduced by at least 40 percent. A single byte is used to identify wallets. This is a secret that is only ever shared between the sender and receiver.
For outsiders, this information therefore remains useless. The sender automatically generates the view tag based on the address of the recipient.
Multisig should become usable
Improvements to the Multisig system should make this usable. Multisig stands for multisignature and refers to a transaction that different wallets pay in collaboration.
Different users can create a common address and deposit money to it. Unlike usual, however, the decision of an individual user is not sufficient to realize a payment.
For this, Multisig requires the consent of several users. Until now, the system was considered a security risk and was therefore not yet usable. Thanks to the latest changes, the function is in an experimental stage.
Multisig can therefore still not be used in most wallets before further upgrades. An implementation is only provided in the CLI wallet.
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