Monero is the largest private crypto asset market capitilization. A recent update on Monero’s GitHub repository, has revealed that the crypto network plans to hard fork in July. Since its inception in 2014, the blockchain has experienced a great number of upgrades. The hard fork in July will be the 15th software version.

The Monero network makes use of privacy techniques such as ring signatures, a cryptographic method, and zero-knowledge proof called ‘bullet proofs’ amongst others.

The upgrade is set to increase the total number of signers in a ring signature from 11 to 16, also add view tags to reduce the wallet scanning time, and a zero-knowledge proving system that will replace the existing one and reduce the transaction fee by 5%.

The hard fork will also be used to protect the network from application-specific integrated circuit (ASIC) miners. The developers said that the hard fork would further secure privacy, change the structure of transactions recorded in the blockchain, and new wallet types.

These changes are so extensive that the resulting cryptocurrency that will emerge after the fork can be called Monera 2.0

Featured image source: The Cryptonomist.

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