The Monero community is watching with bated breath …

The Monero community is watching with bated breath …

Monero Community Breathlessly Follows Hard Fork Progress

A controversial hard fork of the anonymous cryptocurrency Monero was initiated this night, but its outcome is still unclear. Writes about this CoinDesk.

At block number 1 546 000 (at approximately 05:20 Moscow time), a cryptocurrency software update was launched, as evidenced by data from the blox.minexmr.com portal. Given the ambiguity of this update, the community continues to monitor the distribution process.

Although hard forks are not uncommon for the Monero blockchain, the latter stands out from the crowd as it aims to introduce a new consensus algorithm that will protect the network from ASIC miners..

The decision to hard fork came in light of the announcement of cryptocurrency mining hardware manufacturer Bitmain to release a Monero-centric device it made last month. Following this, several user groups announced that they do not support the new vector of Monero development and are launching their own projects that will use the old code, including Monero Classic and Monero Original..

Consequently, the community continues to monitor the hash rate and block release rate on the main Monero network to determine what percentage of miners might have gone to third party blockchains..

Hash rate fluctuations have caused panic on Reddit, however the developer "hyc" said that “it will take several hours before it will be possible to judge the hash-rate of the network”.

The Monero community is watching with bated breath ...

Observers also track activity on the old Monero blockchain and maintain a list of pools that have not yet updated their software to join the new chain..

The update also increased the Monero ring size from 5 to 7, which should help increase the reliability of anonymous cryptocurrency instruments and protect it from deanonymization, which in theory could happen with the launch of the MoneroV hard fork..

“Many of us are still waiting with bated breath,” said "hyc".

The Monero community is watching with bated breath ...
The Monero community is watching with bated breath ...

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