On October 18th, 2018, there was the Monero network update at the block height 1685555. The Mineralt team has updated mining script codes to be ready for this event.
The update contains 3 important software changes:
1. Bulletproofs reduces transaction sizes
The new update introduces the Monero network to a new form of range proofs called Bulletproofs . Bulletproofs allow to reduce the size of transactions by approximately 80%. This in turn helps to reduce transaction fees.
2. Proof-of-Work is updated to CryptoNight v8 to resist ASIC mining
A few months ago, in April 2018, the Monero team has changed the proof – of – work algorithm. They do their best to ensure the resistance to current ASIC mining equipment and therefore they have improved the proof – of – work algorithm. This change would reduce the amount of mining pool, boosting Monero decentralization. It means that no person, group, or mining pool can take control of the blockchain. Now Monero network difficulty has dropped significantly.
3. Ring size was changed to 11
The minimum ring size was increased to 11 instead of 10. It enhances the network’s privacy. The Monero network will reject pool operators with non-default ring-sizes. It makes Monero more private, more secure and therefore more efficient.
With these new updates, Monero is taking a position as the most reliable privacy coin in the market. At the same time, Monero’s value in the market will continue to rise, since it becomes the preferred network for people looking secure transactions. All of this will help in long-term value generation for the blockchain and bring Monero the highest position in top cryptocurrencies.