Monero (XMR) plans a network update on October 18th
If the blockchain market is basically an entire ecosystem, you can basically say that private currencies have their own sub-ecosystem and, in this, the king is not Bitcoin, but Monero. Monero is currently the tenth largest cryptocurrency of the entire crypto market and the largest private currency with a $ 1.8 billion capital market. Now, the token will be updated on October 18th.
This new update of Monero will bring a new strong fork to the token, which will be implemented to improve its efficiency and to modify the proof of the token's working algorithm to make it resistant against ASIC mining.
The Bulletproofs protocol
Bulletproofs is the name of the new protocol created by the Monero team. It will reduce the size of the transaction and even the commissions you need to pay to make the transactions.
According to its developers, the test range of the work concept, which is used in this new technology, will help to verify the amount within a specified range in a task without revealing details about the value and will scale linearly on 64 bits, which inflates the site of the transaction. This is done to protect the anonymity of the network but has dimensions as a side effect.
The new update of Bulletproofs will increase logarithmically the size of the transaction, which will make the token more competitive among the other blockchain and will still maintain its security and privacy. It is believed that the transaction size can be reduced up to 80% using this update.
Other relevant changes in Monero
There will be two hard forks. One of these is set to run on October 18th and the next day, October 19th. During this one-day period, transactions in the transaction pool will continue to use the Borromean interval protocol.
Monero is also ready to launch an improved version of the proof of work algorithm that will be designed to withstand current ASIC mining equipment, as the community believes that by removing the pools from the equation, it will again be decentralized.
The community strongly defends the idea of decentralization and does not want any group or person to acquire too much energy within the network alone, therefore, the decision to block the ASIC miners has been taken.
The new network will also increase the minimum ring size to 11 rather than 10 to protect network privacy and will reject pool-less pool operators outside this new standard.
With new updates coming up, Monero is trying to attract even more people into his privacy-focused community. This means that the token could increase the value after the update, which could also increase the adoption of the long-term token.