Society Monero (XMR) has scheduled a fileUpdate From the v15 network by mid-July, after a consensus was reached: an update that would not include “Monero 2.0” hard forks. In the meantime, some supporters of the project are trying to organize “The Monerun”.
Monero Observer reported: “Monero is set to hard fork on July 16, 2022 at block 26688881, after the community reached consensus at today’s meeting of the Monero Development Work Group.”
The update is set to increase the ring size, the total number of signers in the ring signature, from the current 11 to 16, as well as adding display tags to the output to reduce wallet scanning time, and adding Bulletproofs +, a zero-knowledge trial system that would replace existing bullets to reduce the size of Transactions at 5% and make some changes to fees.
According to the developers, if all goes as planned, Monero will fork out heavily into the so-called second generation protocol. Serapis and a new addressing system, called Jamtis, between 2023 and 2024.
“These changes are so broad that you can call the resulting cryptocurrency Monero 2.0,” the developers said, adding that the hard fork will provide better privacy, change the structure of transactions recorded on the blockchain, and add new wallet types.
Meanwhile, Monero users are expected to withdraw all their XMR tokens from the central crypto exchange today. A number of Monero enthusiasts, dubbed “Monerun,” have attempted to coordinate the so-called Monero Bank Run.
The move comes when some Monero users claim that centralized exchanges are misrepresenting reserves and are “paper trading” for Monero. This is possible due to the opaque ledger of the privacy coin, which ensures that any user can send and transfer transactions, but an outside observer cannot discern the amount, source or destination.
One Reddit user said, “Monero’s opaque ledger has allowed a number of exchanges to misrepresent their reserves and sell XMR they don’t actually own, knowing that many of us will never retire and no one on the chain can see evidence of their misdeeds.”
Some cryptocurrency exchanges have reportedly stopped withdrawing Monero.
At 9:09 UTC, Monero, the 33rd cryptocurrency by market capitalization, is trading at $238. It has remained unchanged over the past 24 hours and is up nearly 1% in one week.
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