As the Monero ( XMR ) developers announced over the weekend, the Monero network passed a community consensus on July 16th. Consensus is about a mainnet hard fork at block height 2,668,888. The hard fork on the popular privacy coin will expand the chain's ring size from 11 to 16, add view tags to output values to reduce wallet scanning time, and introduce bulletproofs and fee changes.
The purpose of increasing the number of ring signatures is to ensure transactions offer more anonymity, making it more difficult to trace the source of a transaction. One developer explained that view tags could reduce network scan times by up to 40 percent when deriving the output public key for anonymous transactions. Monero’s maximum block size is also set to grow 14x per year instead of 32x (which in turn will impact fees). So-called bulletproofs are also introduced. This is a zero knowledge proof system, which is used for range proofs at Monero. In short, it validates the hidden values of a transaction. This feature speeds up encryption and verification on the blockchain.
With family funds and retail investors increasingly holding XMR as a hedge amid the current turmoil in the market. Privacy coins are controversial in the crypto community. Some highlight that they ensure greater anonymity in transactions, while others have expressed concerns about the use of XMR to obfuscate illegal transactions and its alleged use by extremist groups . Last year, after lengthy planning, Kraken did not list XMR in the UK due to regulatory pressure.
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