The Monero (XMR) Protocol Upgrade Is Scheduled Today
The Monero community has been looking forward to this day because there’s an essential move that will take place.
Monero upgrades the protocol
Monero has planned an upgrade for the protocol. XMR scheduled the protocol update for today. It’s set to occur on block 1788000.
The users, merchants, services, pool operators, exchanges, and any other members of the Monero ecosystem should upgrade to and subsequently run v0.14 once it is released in order to be prepared, says Cryptoglobalist.
This release will come with a patch for the wallet bug, another patch for the Ledger bug and also some more bug fixes.
The online magazine mentioned above writes that “Monero (XMR) has begun with a new platform which is known as Forum Funding System (FFS) also referred to as Crowdfunding System (CCS). It is a git-based project and uses subaddresses and is free of spam.“
They also reported that the updated version would bring changes “which include a new Proof of Work algorithm, new dynamic block size algorithm, payment ID changes for much-improved privacy and smaller transactions.”
Monero wallet software has a bug
It was recently revealed that the Monero (XMR) wallet software has a bug that could enable fake deposits to crypto exchanges.
This was brought into the highlight via a Medium post that was published by the official Ryo (RYO) account a few days ago, reports Cointelegraph.
The Medium post provides a detailed explanation of how this exploit works.
The post begins by saying that “RingCT has an extremely insecure design where the amount displayed to the user (from now called masked amount) is different from the amount checked by the network (from now called commitment).”
This could allow an attacker to fake the deposit of an arbitrary amount of XMR to an exchange.
We recommend that you head over to the Medium post and continue reading the whole detailed explanation.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.