On August 13, 2022 (this is the final date), Monero will launch a large-scale network update. In other words, a hard fork is waiting for us. The deadlines were postponed several times because the developers made corrections to the security protocols and the operation of the hardware wallet.
The update will affect block 2,688,888). Technically, such an update is a hard fork that requires software updates from all Monero participants. The update was released on July 13 (v0.18 “Fluorine Fermi”) and if you haven’t updated yet, now is the time to do it.
Some details were disclosed earlier, now it is possible to summarize all the available information.
The increase in the ring size from 11 to 16 is the largest absolute increase in the entire history of the basic set of anonymity (according to the principle of “plausible deniability”) – for each transaction on the network. That is, the number of equally probable sides of a Monero transaction has increased by 30%
Updated Bulletproofs algorithm, “Bulletproofs+”, which should reduce the size of a typical transaction to 7%. Accordingly, productivity should also rise to this level -7%. This is good because transaction speed was Monero’s Achilles heel.
Tagging is a great way to reduce wallet synchronization time by 30-40%. New bonus.
As it usually happens, the commission should decrease, and security – on the contrary, increase.
Optimization of multiple signature cases, including critical security fixes.
The full list of Monero changes and improvements will be published along with the new binaries.
What’s in the dry residue? The most secure Monero token has a good chance to enter the list of must-have coins by the end of August. The demand for anonymity is as high as ever, and XMR is steadily growing in relation to the reference BTC and other tokens. The advertising campaign of the hard fork on August 13 is not bad, which means that the number of Monero network users will definitely grow. It is possible that several times. All this makes Monero a good investment option.
The main questions about what to do for those who already have Monero
Does this mean that there will be a split and a new XMR token from Monero will be created?
No. Hard forks of Monero are not controversial, just will improve the basic protocol.
Do I need to update my wallet/node?
No. Users will just need to replace previous software (monerod, monero-wallet-cli, monero-wallet-gui) to the new version.
If I have coins on my hardware wallet, should I do something?
Yes, you need to update the Monero app or the firmware of the device. And don’t go to phishing sites!
Will there be any changes in the PoW algorithm?
No. The PoW algorithm will not be affected, so mining goes as usual.