Monero (XMR), a privacy-focused cryptocurrency has announced a network upgrade called ‘Oxygen Orion’ in order to further accelerate the performance of its base protocol. The Monero developers have initiated the new upgrade that will further implement a novel software which is called the linkable ring signature protocol- called ‘CLSAG.’ The aim is to ensure that the transaction becomes faster and lighter on the network.
Monero’s new upgrade is being viewed as a hard fork but the blockchain has no intention of splitting up or introducing a new coin. The CLSAG (or compact linkable spontaneous anonymous group) feature inclusion will reportedly reduce the average transaction size by nearly 25%. Not just that it will also go a long way in improving the verification performance by 10%.
The new hard fork will require all the participants in the Monero hard fork to update their software without which the upgrade will not show.
Apart from the launch of the new upgrade, another interesting news that cropped up was the full-funding of the Monero Atomic Swaps which Monero’s Community Crowdfunding System (CCS) had proposed. Atomic swaps allow the users to exchange coins directly with each other and it has requested its users to carry out their due diligence and also become aware of the origin of funds.
On Monday, many privacy-focused cryptocurrencies took a sharp northern turn with Monero (XMR) turning out the biggest growth in the lot. It extended its impressive recent run to two-year highs. The 15th largest cryptocurrency in terms of market value has gained 23% this month alone. And now, it has surged upwards by nearly 80% from the lows below $75 which was observed in the month of September.
Last Sunday, officials, and authorities from the alliance – the U.S., U.K., Australia, Canada, and New Zealand – signed, with India and Japan, a joint statement that supported strong encryption but with backdoor entry helping the lawmakers protect the vulnerability it brings with it affecting the susceptible. This has intensified the battle between those who want stronger encryption and companies who are continuously using their resources to build security protocols in their apps.
Privacy coins come under the easy target of lawmakers because it is by design means to hide the user identity via encryption. Recently the US Internal Service Revenue also hired Chainalysis, the Blockchain Intelligence firm, and Integra Fec, the data forensics company to develop tools to trace XMR activity. But XMR performance is breaking all benchmarks while it is looking at creating new ones on the way to its growth.
As for the hard fork, the Monero developers who have worked hard to make this a success, they wholeheartedly believe that it is important in these times of tough competition that the network becomes more robust, easy-to-use, and streamlined. The developers at Monero are now hoping that the users are able to
…recognize the utility of a trustless path with a low resistance to convert their bitcoin into monero and become Monero users.