The popular privacy-focused altcoin Monero is gearing up for a major network upgrade this weekend. The upgrade will be implemented through a hard fork. So there can be a permanent change to the backward, non-compliant Blockchain. Here are the details…
How does Monero work?
Monero uses innovative cryptography to offer its users a high level of privacy and security. Some of the key features of cryptocurrency are:
- Ring signatures: They are digital signatures that can be produced by any member in a group. It should be computationally impossible to determine which key (from that set of keys) was used to generate the signature. Ring signatures make it impossible to trace the origin of a Monero transaction. It provides untraceability.
- Hidden addresses: They are one-time addresses that are automatically generated for each new transaction. A Monero user can broadcast a single address. But he can receive all incoming funds at different addresses. These different addresses cannot be linked back to the user’s published address (or any other transaction address for that matter). Only the sender and receiver know the address to which the payment was sent.
- Bulletproofs: Zero-knowledge proofs that enable confidential transactions in Monero and other protocols. A confidential transaction is a transaction in which the transferred amount is cryptographically hidden.
- Dandelion++: A feature in Monero that hides the connection between transactions and node IP addresses. This process increases confidentiality.
- Wallets and exchanges: A few major exchanges such as Bittrex and Kraken (in the UK) have delisted Monero (and similar privacy-protecting cryptocurrencies). Other exchanges like Coinbase (COIN) don’t even list Monero. This is because customer identification (KYC) and anti-money laundering (AML) controls cannot be performed on Monero users.
- Among the wallets that support Monero are two popular hardware wallets. Ledger and Trezor is found. The Cake wallet was originally exclusive to Monero. But now it is a hot wallet that also supports Bitcoin (BTC), Litecoin (LTC) and Haven (XHV).
Details of the altcoin update
Today, cryptocoin.com As we have also reported, there will be various developments in the update, which will be supported by the popular stock exchange Binance. The number required for the ring signature will increase from 11 to 16. A new Bulletproofs+ algorithm will be introduced for the existing Bulletproof algorithm. Overall performance will increase by 5-7 percent. Wallet sync will increase. Wage changes will minimize wage volatility. In addition, critical security patches will also be included in the update.
According to Monero community site Monero Outreach, cryptocurrencies are most beneficial in regions with repressive regimes. Human Rights Foundation (HRF) Chief Strategy Officer Alex Gladstein praised Bitcoin (BTC), Monero and other cryptocurrencies as important financial tools for journalists and activists. It also praises Monero’s privacy-enhancing features. crypto; He calls it “power” against the censorship of oppressive regimes in Venezuela, Iran, and North Korea.
