Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable.
The price increase of Monero (XRM) may also be a product of a campaign to remove the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. from centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. exchanges.
Monero the privacy-focused cryptocurrency project, announced plans this week to conduct ahardfork (hard fork) to implement some improvements to the network. XRM, the native currency currency is a medium of exchange that defines value. of Monero I am very satisfied with the quality of your products and services.
The developers of Monero confirmed on Tuesday in a GitHub gitHub is one of the most popular code hosting platforms, allowing developers to collaborate on various projects. post that the protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. will undergo an upgrade to implement tariff changes and network a network refers to all nodes in the operation of a blockchain at any given moment in time. security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. enhancements. The upgrade will be carried out via a hard fork and is expected to be deployed in testnet an alternative blockchain used by developers for testing. (test network) in May.
Although there is no specific timeline, the main grid bifurcation is expected to occur in July of this year, at block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. no. 2,668,888. CoinDesk the hardfork no involucrará la creación de una nueva criptomoneda for the protocol. Instead, it will be carried out to implement a large-scale upgrade that will override the previous version of the protocol.
The news triggered a sudden price increase ofXRMwhich has risen 23% in the last seven days, according to data from CoinMarketCap . With a price of USD $276 and a market an area or arena, online or offline, in which commercial dealings are conducted. capitalization of $5 billion as of press time, XRM ranks as the 29th largest cryptocurrency on the market.
Monero prepares for its 15th update
Created in 2014, Monero is a privacy-focused protocol that masks users’ wallet a place where cryptocurrency users can store, send and receive digital assets. addresses, making it difficult for others to track and detect transactions. The cryptocurrency allows users to make transactions without including details such as addresses and amounts. This sets it apart from other cryptocurrencies such as. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. where wallet addresses and transactional behavior can be analyzed to determine the identity of your users.
The next hard fork of Monero plans to improve privacy and overall network performance. One of the main changes will be to increase the ring size from 11 to 16, a feature to protect a user’s privacy. . Ring sizing” is a type of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. signature in the transaction in which a group of potential digital signers are merged together to produce a single signature to authorize a transaction, as explained by CoinDesk y Decrypt .
The V15 update also plans to introduce fixes to the multisig signature mechanism of Monero which refers to a transaction that needs multiple signatures before it can be sent to the network and executed. You will also see the addition of “bulletproof+“The system ensures that a confidential transaction does not contain false information.
The update will result in the fifteenth version of the software of that cryptocurrency (v15). The two previous versions were launched in October 2020, as you remember. CoinDesk .
Enthusiasts take XRM off the exchanges
According to a report by CoinDesk XRP’s price rose just over 10% after the developers’ release. However, beyond the announcement of the update, it seems that other factors are also driving the prices of the cryptocurrency. Monero .
Earlier this week, the XMR enthusiasts mobilised en Reddit to make a ” bank run “ . The movement, jokingly referred to as ” The Monerun “, coincided with the date of the commemoration of the cryptocurrency’s eighth anniversary and came about as a sort of protest from the community, which alleges that cryptocurrency exchanges have been selling XRM ” that they don’t really have “because of the obfuscated bookkeeping system of Monero .
“ We are withdrawing XMR from exchanges. Any exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. that has not disabled withdrawals (which many of them have already done), we are withdrawing our funds. “, said a publication of Reddit .
Due to its privacy-focused design, Monero has for some time been a favorite of some malicious actors looking to hide their cryptocurrency movements. The most recent news surrounding Monero also coincided with anuevo informe of the firmCipherTrace which revealed an increase in the use of XRM in ransomware ransomware is a type of malware used by hackers to steal or encrypt their victims’ files to extort them for a ransom in exchange for file decryption or restoration. attacks between 2020 and 2021.
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Article by Hannah Estefania Perez / DiarioBitcoin
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