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Monero Devs Have Successfully Implemented Hardfork

monero hardfork

The developers of cryptocurrency Monero (XMR) successfully conducted hardfork to implement several important upgrades. Updating of network first of all aimed to maintain ASIC resistance and to increase of transactions fees.

The circular confidential transactions (RingCT) replaced by Bulletproofs technology, developed jointly by the staff of Stanford University, University College London and Blockstream. Monero blockchain became the first large decentralized network in which Bulletproofs is operating. This technology is one of the most effective, with its help information on remittances is combined into data structures, which significantly increases the level of network scalability.

Thanks to hardfork, developers managed to reduce the average transaction fee to 1 cent. Moreover, the performance and scalability of the blockchain has increased, while its size has remained the same. Also, there is such changes as improve of mining algorithm, aimed at combating the extraction of coins with the help of ASIC miners. According to project managers, the ASIC-resistance network will increase its decentralization and equalize the profits from mining on graphics processors and ASIC.

Despite the successful implementation of hardfork, Monero rate for the last day has decreased by 2.23%. XMR occupy 10th place in terms of market capitalization, ahead of its main competitor, TRON, by only $ 133 million. However, the advantage of Monero is growing against the background of a more significant drop in the rate of TRON tokens (by 2.78% per day).