As promised, Monero has upgraded its “Fluorine Fermi” graphical interface and its Ledger Monero App. This goes into what its developers call a “ hard fork », a concept far from resembling what you experienced with Terra or Ethereum.
At Monero, “hard fork” means updates
Last April, Monero published on Get Monero that it will proceed to a hard fork on August 13th. The team behind this old blockchain thought of an earlier date, but that had to take into account multi-sig security fixes and the hardware wallet coming.
Additionally, it has been acknowledged that updates to the Monero network will encounter technical difficulties while being made.
Nevertheless, on August 13th, that is, yesterday, Monero announced the good news to all enthusiasts.
” We are happy to announce that the ‘Fluorine Fermi’ GUI v0.18.1.0 has been released!
https://getmonero.org/2022/08/11/monero-GUI-0.18.1.0-released.html
Users, services, merchants, pool operators or exchanges should be running v0.18 in order to be sufficiently prepared for the protocol upgrade scheduled for August 13. »
Three hours later, the same official Monero account tweeted:
” We are happy to announce that Ledger Monero App v1.8.0 is also available! »
In short, it’s the hard fork to Monero. It is nothing like a split and is more like an improvement to the base protocol. So, it should not be expected that a new coin will be created based on this Monero update.
What can we expect from these improvements?
Monero, which presents itself as a real competitor to bitcoin, has already made people happy. Why ? As the network uses innovative cryptography, it allows a high level of confidentiality and security to its users.
It should also be noted the existence of other no less important assets such as:
- circular signatures: thanks to which it becomes impossible to trace the origin of a transaction in Monero;
- Stealth addresses: or single-use addresses for each transaction.
- bulletproofs or proofs of zero knowledge, guarantors of the confidentiality of transactions on Monero;
- the Dandelion++: the feature that hides the connection between transactions and the IP addresses of nodes ;
- Wallets and Exchanges: Banned from exchanges like Bittrex and Kraken, XMR pairs easily with wallets such as Ledger, Trezor or the Cake hot wallet.
After yesterday’s updates, Monero has other advantages such as:
- bulletproofs +: which promise to reduce the size of transactions and increase their speed;
- improved portfolio synchronization with display tags;
- changes to fees to minimize their volatility and optimize the security of the Monero network:
- adding critical security fixes and multisignature functionality;
- Added Ledger support for v0.18 (requiring app v1.8.0) and Trezor support for v0.18 (requiring firmware v2.5.2)
- etc
say that this hard fork of Monero cost almost nothing to the entire network. Indeed, 7 people worked to ensure that 18 commits including 27 new lines of code were produced. And this without having touched a single penny. Otherwise, it should be noted that Monero suits cryptocurrency users well in countries where governments do not want control of the financial system to escape them.
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