The Monero (XMR) community has reached a consensus on July’s hard fork and summarized the project’s successes in recent years. 

Monero Cryptocurrency Successes

The Monero community has revealed that a consensus has been reached to launch a hard fork scheduled for July 16. Some of the main changes include: 

  • increasing the number of ring signatures from 11 to 16, which will make it more difficult to reconstruct transaction sources and therefore improve anonymity;
  • adding tags to the public key output, which will reduce network scanning time by 40%; 
  • reducing the maximum limit of annual block size increase in the network from 32 to 14 times, which will lower the fees; 
  • implementation of the Bulletproofs protocol, a zero-disclosure proof system that will speed up the encryption and verification of transactions. 

Amid the news, the XMR project’s token rose in price by more than 6% overnight. In general, the value of the anonymous cryptocurrency went up to a maximum of the last 110 days. This happened against the backdrop of the project’s eighth birthday, in honor of which community representatives prepared some statistics about the project over the last year. Among the most revealing figures are: 

  • cryptocurrency issuance amounted to 237,822 XMR;
  • XMR inflation rate decreased by 34.3%;
  • average daily number of transactions in the network grew by 154% to ~40,000;
  • total Monero’s hash rate increased by 53.27% to 3.51 GH/s.

Earlier, we wrote about the growing demand for anonymous cryptocurrencies as regulators in many countries try to tighten control over the crypto market.

Author: Mark Wallerstein
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