Monero scales up to 10 times with the latest upgrade from the latest hard fork improving the transaction time and security. In our latest Monero XMR news, we are reading more about the latest upgrade.
The upgrade includes improvements to transaction times, sizes, and minor security updates. The cryptocurrency remains the top-ranking privacy coin though the authorities are still drawing attention to illegal uses. Monero will upgrade the network with the latest release of its node software codenamed “Oxygen Orion.” This upgrade has one major change which is a new ring signature construction named CLSAG.
The feature will improve Monero’s scalability and performance and by some estimates, CLSAG will reduce the transaction sizes by up to 25% and will improve transaction times by 10 percent. This marks the biggest scalability improvement of the project since the project introduced bulletproofs in 2018. The upgrade includes a number of small security improvements mainly concerning the Dandelion ++ which is responsible for hiding user IP addresses while the remaining changes are minor bugs.
Now, Monero scales up to 20 times while compared to the other upgrades, there will be no change to Monero’s mining algorithm was frequently modified to disadvantage the ASIC miners. The project’s upgrade from 2019 included RandomX which means that the network no longer needs changing to its mining algorithm for ASIC resistance. Though not directly related to the upgrade the development of the community project is progressing. The community developers have been working on the atomic swap which allows users to exchange Monero for other coins. The proposal for the project has reached full funding as of late.
In the meantime, Europol drew attention to illegal uses for the coin and it even recognized that “monero is gradually becoming the most established privacy coin for Darkweb transactions” and continued to say that the coin is a huge obstacle for investigators. The statement came just weeks after US government agencies like the IRS and the DEA revealed more plans to trace Monero. Anyhow, monero still remains the top-ranking privacy coin and the main privacy features remain uncompromised as well as there are continual improvements that will help it maintain the position in the future.
Monero is still the most important privacy coin in the crypto ecosystem which is having a great time and outperformed Bitcoin in comparison. XMR closed with a total market capitalization of $2.29 billion and it is now priced at $129 per token showing phenomenal performance and achieved a Monero market cap that was not seen since 2018 when the bearish sentiment took over the entire crypto space and drained the markets in general. Looking at it from another perspective, and considering the capitalization of this level was seen during 2018 in a bearish phase but Monero is breaking limits that were only seen in 2017 during the last bullish run of the crypto markets.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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