The next few weeks will be interesting for Monero (XMR). This is because there is an upcoming hard fork for the Monero network (XMR) scheduled for October 18thth. If the previous hard forks are something to be done, Monero (XMR) could see a huge price increase with the approach of the D-Day. However, unlike the network forks that create new networks, the fork of Monero (XMR) aims to improve the functionality of the network. Here are some of the updates that will be made to the Monero network.
One of the improvements made to Monero by this upgrade is the reduction in transaction fees. This will be done by reducing the size of transactions by introducing a new form of interval testing called bulletproofs. By reducing transaction fees, Monero (XMR) will be more attractive to people looking to send money in private, making it more competitive. This will increase its absorption and, consequently, increase its value in the market. Basically, after the fork, Monero has a good chance of increasing its value going into the future.
The second improvement that Monero (XMR) will do with this update is an improvement of its work test algorithm to ensure that it remains ASIC resistant. By maintaining ASIC resistance, Monero (XMR) ensures that the network remains completely decentralized and will never be controlled by some data mining pools. As this is one of the strengths of Monero (XMR), it follows that the value of Monero in the market will continue to rise, since it will attract more users after this update.
The third update involves increasing the minimum ring size to 11 (mixin 10). Monero pool operators will need to make sure that payments use this ring size. Otherwise, they will be rejected by the network. This change is important for several reasons. First of all, the number of people who use the non-default ring size is very low. Furthermore, the use of non-default ring sizes reduces the level of privacy in the network, among other issues, such as complicated searching when using non-default ring sizes. Basically, upgrading to the ring size will make Monero (XMR) more private and more efficient. Since privacy is the selling point of Monero (XMR), it follows that its value will increase significantly over time after this update.
Overall, Monero (XMR) is slowly consolidating its position as the strongest and most reliable private currency on the market. This will eventually see Monero (XMR) eating in the market share of other private currencies. In this way, its value in the market will increase. It will get value not only from small users looking to experience privacy, but also the great players who try to hide wealth from the public. Trillions of dollars are held in offshore destinations and Monero (XMR) could detect this market. It could take over because it is extremely private and also easily accessible to anyone who wants to protect their wealth. This could see it trading thousands of dollars for a currency in the long run.