Monero Soars 22% In A Week Amid Hard Fork Announcement: Report

Monero soars 22% in one week after the hard fork Monerun announcement slated for July as we can see more today in our latest Monero news today.

The privacy coin Monero soars 22% and about 9.56% in the past day after the developers confirmed it on Github that a hard fork is set for July. Monero now trades for $278 and has a market cap of more than $5 billion which makes the coin the clear leader in privacy coins with double the market cap of the rival Zcash. Privacy coins vary in methods and utility but often they use cryptographic techniques to obscure the ID information like transaction amounts and addresses.

Zcash and Monero both use a technique dubbed zero-knowledge proofs which allows users to make tranactions without having to specify details about the transaction in question but only that they are legitimate. While Monero allows for private transactions, Zcash allows for public ones as well. Monero’s upcomign hard fork is the v15 and will upgrade privacy and general performance so one of the biggest changes will be to increase Monero’s ring size from 11 to 16. The ring size is actually a feature where to protect the users’ privacy, the digital signature of the person signing is merged with the digital signatures of 11 other non-signers to produce a new signature that can authorize the transaction.

Monero also announced fixes to its utilizing mechanism. The excitement for the hard fork however is not the only factor driving XMR’s price right now. XMR supporters mobile on Reddit to do a bank run called a Monerun to mark the coin’s 18^th anniversary. According to the blog post, Monero’s ledger allows for centralized exchanges to misrepresent the reserves and go public so the group has taken the time to withdraw all funds they can afford. It seems that the investors are quite bullish on Monero over the past few days.

As recently reported, The privacy protocol Monero planned a hard fork in July which will see the improved network security and the fee changes as the developers confirmed. No separate coin will be issued on the mainnet hard fork at a block height of 2,668,888 which is expected to be in July with the hard fork referring to a chance to a blockchain protocol whcih renders the older version invalid.