Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade

Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade

According to a recent update on Monero’s Github repository, the privacy-centric crypto network plans to hard fork in July, at block height 2,668,888. Monero is the largest privacy crypto asset in terms of market capitalization and during the last seven days, monero climbed 13.4% against the U.S. dollar. Monero Aims to Upgrade in July

The development team behind the Monero (XMR) project has plans to upgrade the blockchain at some point in July, according to the Github-hosted version 15 “Network Upgrade Checklist #690.” Monero is an open-source distributed ledger with built-in privacy, as it obfuscates transactions by leveraging various techniques.

The Monero network uses privacy techniques such as ring signatures, a cryptographic method, and zero-knowledge (ZK) proof called “Bulletproofs,” stealth addresses, and it also utilizes an IP-obscuring scheme via the Dandelion++ protocol.

Monero (XMR) is the largest privacy-centric crypto asset by market capitalization, which is $4.62 billion at the time of writing. The hard fork in July is the 15th software version as the blockchain has experienced a great number of upgrades since the network’s inception in 2014.

One of the main goals behind many of XMR’s hard forks is to protect the network from application-specific integrated circuit (ASIC) miners. Four years ago, a hard fork caused the privacy-centric network to split into four different protocols. Moreover, in mid-February XMR supporters were begging monero miners to boycott a mining pool that captured 44% of the network’s hashrate.

A month prior to that, the Monero hashrate reached an all-time high on January 16, 2022, at block height 2,539,056. On that day, the network’s hashrate reached 3.62 gigahash per second (GH/s). The July upgrade aims to extend the network’s ring signature size and other ring signature parameters.

It aims to support both Trezor and Ledger hardware wallets, and developers aim to deploy the v15 testnet next month. Additionally, the privacy-enhancing ZK proof concept Bulletproofs will be upgraded to a version called “bulletproof+.” Tags in this story 3.62 GH/s, ASIC miners, ASIC Resistance, ASICs, bulletproof+, bulletproofs, Fork, Fork upgrade, Hard Fork, Hashpower, Hashrate, Monero, Monero (XMR), privacy coins, privacy monero, Ring Signatures, Trezor and Ledger support, Upgrade, Upgrade Fork, v15, version 15, xmr, XMR Hashrate, XMR Mining, ZK proof

What do you think about Monero’s upcoming hard fork in July? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Jack Dorsey Claims if "You’re Building on Ethereum You Have at Least One, if Not Many, Single Points of Failure" NEWS | 1 hour ago Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike NEWS | 7 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAustralia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Next articleJack Dorsey Claims if ‘You’re Building on Ethereum You Have at Least One, if Not Many, Single Points of Failure’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin