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Important XMR Upgrade Information

XMR (Monero) will be undergoing a network upgrade on August 13th. The Monero network has apparently reached a community consensus to commence a mainnet hard fork at a block height of 2,668,888.

Monero (XMR) is a privacy-focused open-source cryptocurrency. Monero's blockchain has been designed to be as opaque as possible. By concealing the addresses used by participants, transaction details such as the identity of senders and recipients, as well as the amount of each transaction, are made entirely anonymous.

A hard fork occurs when nodes of the most recent blockchain version no longer accept the earlier version(s), resulting in a permanent separation from the previous version of the blockchain. The upcoming hard fork will be Monero's fifteenth software version (V15). The previous two versions, which went live in October 2020, only had minor improvements.

The chain's ring size is slated to expand from 11 to 16 in Monero's upcoming hard fork. These added ring signatures are anticipated to enhance transaction privacy and make it difficult to reverse-engineer transaction sources.

Developers also intend to add view tags to outputs to cut the time it takes to check a wallet's balance and transactions by up to 40 percent. Monero's block size was also approved to grow 14 times per year rather than 32 times per year, resulting in lower transaction costs. Finally, Monero will use Bulletproofs, a zero-knowledge proving mechanism, for range proofs.

Please keep in mind that traders will only be able to close the open (existing) positions under the Close Only mode.

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