Monero gains 11% following major hard fork announcement – BeinCrypto

The Dark Net’s favorite privacy currency has seen its price soar over the past 24 hours, although the cause of the surge is not yet clear.

Monero was up 11%, while Bitcoin was down 4% and Ethereum was down 5% over the same period. The rise follows major announcements regarding the network’s upcoming hard fork, which will take place in July.

The hard fork of the protocol is expected to improve network security and change transaction fees. This update will take place after block 2668888. Monero is one of the few privacy currencies that stands out from the pack, like DASH and Zcash, and helps camouflage the participants in a transaction as well as the amount of this using advanced cryptographic techniques.

This new hard fork consists of an entirely new version of the Monero blockchain, which will be incompatible with earlier versions. The last one was in October 2020, before this V15 upgrade, in which fixes will be made to its multi-signature mechanic and ring size.

According to developer documents, multi-signature transactions require many signatures before they are transmitted to the blockchain and executed.

In a ring signature, multiple parties contribute to a single signature in order to approve a transaction, making it impossible to detect the original sender. Ring size will increase from 11 to 16.

A community experiment could be behind this price rally

The price could also to be fed by the community, which believes that many crypto exchanges do not hold the amount of Monero they claim to have, hiding behind the opaque ledger of this crypto.

A Reddit forum user’s post alludes to this. “Monero’s opaque ledger has allowed a number of exchanges to fake reserves and sell XMR they don’t actually have, knowing that far too many of us will never withdraw it, and no one cannot see on the chain the proof of their misdeeds.”

The community is now facing massive withdrawals, which could force exchanges to buy their own Monero in order to be able to accommodate these withdrawals, thus driving up the price of the asset.

If the withdrawn Monero does not exist, this would confirm the hypothesis that the crypto exchange in question never owned the asset, thereby selling users bogus or ineffectual coins.

According to the media Vicesome Reddit users reported success in withdrawing funds from the Kraken platform, while those withdrawing funds from Binance encountered congestion issues.

Binance responded to a request for comment on this: “Binance has a strict internal policy that prohibits any use of tokens held by users. We have an internal control system to manage the reconciliation to ensure the blockchain balance is the same as the system balance.”

Monero can be mined from a home computer to create more coins and does not require specialized crypto mining hardware like Bitcoin and Ethereum.

The History of Monero as an Anonymous Cryptocurrency

The Monero blockchain was born in 2014 following a blockchain fork of another confidential coin, ByteCoin. Initially, it served as a vehicle for the flow of illicit funds on the Dark Net.

A strange fact, according to a CNBC report from February 2021: Russian ransomware group Revil demanded payment in Monero after hacking meatpacking company JBS.

Similarly, white supremacist Robert Warren Ray used Monero while on the run from a far-right rally in Charlottesville, USA, which left several people dead.


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Monero gains 11% following major hard fork announcement – BeinCrypto

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