Monero News: Addressing The Forthcoming Monero Upgrade
The crypto market crashed really hard after Bitcoin (BTC) fell just the other day once more.
At the moment of writing this article, the most important coin in the market is trading in the red, and BTC is priced at $6,754.44.
Monero (XMR) is not doing great either, and the privacy-oriented coin is also trading in the red. XMR is priced at $46.91.
Monero is ready for the upcoming network upgrade
The Monero project is ready for the upcoming network upgrade for quite a while now.
Monero wants to move to one of the most awaited ASIC-resistant algorithms – RondomX- from the CryptoNight R Proof of Work algorithm.
The upgrade will see the phasing out of long payment ID, which helps to enhance the user experience, privacy and also minimize support work for services and trading platforms.
Smartereum writes, “features in the upgrade include a requirement for a minimum of two outputs for transactions and ten-block lock time for incoming transactions will be implemented on the protocol level.”
Director of RIAT, Matthias Tarasiewicz, addresses the Monero project
During a live interview for Monero Talk, Director of RIAT – Matthias Tarasiewicz –addressed the Monero project and the upcoming upgrade.
The host of the show, Douglas Tuman, asked the Direct of RIAT if he believes that XMR is a reaction to the technological shortcomings of BTC.
He said that the coin was indeed created to fix the flaws of BTC.
“There were a lot of technological changes that have been put. Also, in a way, it’s a complete groud up a rewritten different system. So, technically, it’s not an altcoin, which is like just a fork of Bitcoin because it has been like rewritten, and it’s like very different; it has a lot of different properties […] it wouldn’t qualify as this very old term of altcoins.”
Check out Smartereum’s original article to find out more.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.