Monero (XMR) the popular privacy coin recently had a hard fork update on March 9 which was to take care of some key areas in its blockchain technology. according to the Monero, the hard fork was successful and brings about much-needed changes.
The hard fork named CNv4 fork was launched to take care of the threat of illegal mining form ASIC chips, security and privacy. There were several small minute changes effected by the hard fork but we would focus on the major gains.
Monero (XMR) makes big updates on its mining and security protocols
With this fork, Monero has made significant improvements on its block size algorithm within its network. This changes would help fix the threat of big bang attack that plagued the blockchain a while back.
The upgrade also tweaked Monero’s proof of work algorithm named CryptoNight-R to become more resistant to current ASIC protocols. This means that miners using ASIC chips would have to update their mining software to continue mining.
The blockchain has also improved on its privacy by introducing an extra payment ID to each transaction to increase privacy. This change would add a layer of protection for transactions and prevent tracking of the source code of transactions on its platform.
Privacy Remains A Huge Point With Its Latest Hard Fork
Monero (XMR) looks likely to add more userbase with this latest fork as it reinforces the attributes that attract thousands of users to the platform which is privacy. XMR has become the source of payment by many for products or services that require discretion.
Many porn websites have begun accepting this coin as a means of payment due to many subscribers demanding for the coin as a secure means of payment. Furthermore, since transactions cannot be traced to the user this ensures that the customer is satisfied with his anonymity.
Monero Continues To Grow In Userbase As Price Reaches $50
Momero (XMR) has continued to increase in userbase as it has leveraged its partnership with top music stars like Sia and F-Eazy to good effect. It is also the most trusted coin by the crypto community in terms of security which is evident by its large marketcap.
XMR currently trades at around $50.50 as at the time of writing as the coin has made some gains after hovering around the $47-$49 marks during the start of the year. It would be interesting to see if the coin can embark on a bullish run after this latest hard fork update.