Monero (XMR) – New Protocol Upgrade is Improving Performances and Freezes the Code
Monero (XMR) has been making headlines during this past couple of months after it started getting delisted from multiple exchanges. This all started in South Korea after trading platform cited the new FATF travel rule. However, the reason why Monero (XMR) is making headlines today is a good one. The cryptocurrency is scheduled to receive a new upgrade that introduces a protocol which has been specially developed to enhance all of the cryptocurrency’s offerings.
Monero (XMR) – Protocol Upgrade
The new protocol upgrade for Monero (XMR) doesn’t just improve the cryptocurrency’s existing offerings, but it also freezes the code. Therefore, the developers who are in charge of Monero (XMR) will no longer be able to make any changes that can impact the cryptocurrency. To top it all off, Monero (XMR) is also receiving a network upgrade that is going to boost the overall performances. All users who are interested in accessing the latest upgrade for Monero (XMR) are required to upgrade their systems to CLI v0.15 or GUI v0.15.
Upgrade Release Date
The tentative schedule for the new upgrade has been recently confirmed to take effect on 30th November. The upgrade will start by freezing the code on 24th October and then by introducing a brand-new developed long-term Proof-of-Work algorithm that has been dubbed as “RandomX”. The algorithm is going to be integrated into the cryptocurrency’s software and this is why all miners are required to upgrade the existing software.
Furthermore, long payments IDs are being eliminated. This is great news for Monero (XMR) users because it means that the overall user experience is being enhanced. WE also want to note that Monero (XMR)’s developers have announced that the privacy feature for users will receive major improvements at a later date. The last thing that Monero (XMR) users need to know about the new upgrade is that after it’s officially rolled out, the lock time of incoming transactions will be fixed to ten blocks.