Towards a ‘Lighter’ and ‘Faster’ Network
The new update will not affect Monero’s proof of work consensus and the RandomX mining algorithm, although it will definitely advance the network’s security and anonymity of transactions.
Featuring new features like the new ring signature construction CLSAG, developers of XMR implemented the upgrade to improve its base protocol. CLSAG (or compact linkable spontaneous anonymous group) reduces average transaction “size” by approximately 25% while improving its verification performance by 10%.
The network upgrade is seen as a hard fork, however, as with any hard fork requirements, the Monero network will not split and no new cryptocurrencies will be created. The resultant hard fork will require all participants in the network to update their software.
In addition to the Monero network upgrade, Monero also announced that the Monero Atomic Swaps proposed by Monero’s Community Crowdfunding System (CCS) is now fully funded. As atomic swaps enable users to exchange cryptocurrencies directly with one another, Monero has urged its users to learn more about fund origins.
The developers of XMR believes that the hard fork will make the network more powerful while hoping that users would” recognize the utility of a trustless path with a low resistance to convert their bitcoin into XMR, and become XMR users.”
Monero Sees Substantial Gain
Developers of Monero notified the community that all XMR node operators should update their software before Oct. 17, signifying Oxygen Orion is the special build necessary for the network upgrade. As with all network upgrades such as those of ETH or Tron, XMR too had an impressive growth leading up to ‘Oxygen Orion’.
With the crypto community’s recent inclination towards Ethereum’s DeFi’s and Bitcoin price movements, the privacy coin XMR gained substantial value over the past three months. At the beginning of the third quarter of 2020, XMR was valued at approximately $50. At the publication time, Monero is currently valued at $120.