Monero To Become Key Market Player After Scheduled System Upgrades
Monero is making its market presence bolder with a scheduled system upgrade.
Monero To Start System Upgrade On October 18
Monero has announced plans to conduct a system upgrade on October 18. At the moment, Moreno is ranked at 10th position holding a market cap of $1.8 billion. The upgrade is meant to add hard forks into the system. In return, Moreno seeks to attain efficiency during transactions. Additionally, it will twist Monero’s PoW algorithm making it an ASIC resistant.
The expected system updates are set to integrate Monero’s systems with bulletproofs that will be instrumental in cutting transaction sizes. Users are expected to reap big since transaction charges will decline. The current proofs under monero’s systems are susceptible to increased transaction sizes. It is in a linear model that operates on 64 bits. With the upgrade, Monero will be able to authenticate a set of different transactions without exposing information about the specified value.
A statement from Monero stated that after the update we will have the single output and multiple outputs bulletproofs. The former can compose a number single output proofs or one multiple output proof.
If the upgrades are successfully conducted, Monero will become a key player in the blockchain system since the security and privacy features will be improved. Additionally, transaction size will lower by about 80%. Lastly, the bulletproofs will spur the adoption of monero on a large scale.
It has also emerged that the network will now have two hard forks. The initial hard fork will be rolled out on October 18 while the next will be out the following day. Due the provided grace period of 24 hours, transactions will still be conducted under the old Borromean range proof.
What To Expect After Monero Upgrade
Monero is set to retain the decentralized status after it released an improved version of the PoW algorithm meant to help the system ASIC resistant. In this case, mining pools will not be in the picture.
Furthermore, after the upgrade, there will be an increase in the minimum ring capacity to 11 which will enhance the system's privacy. In case operators come on board with rings that do not meet the standards, they will be immediately rejected.
The expected network changes are exciting and monero could become the most suitable network in the market since it will have secure transactions. XMR might also witness an increase in the uptake since users will be guaranteed of value in the blockchain. It is just a matter of time when XMR will be commanding the market.