Monero network update, two hard forks scheduled for October 18th and 19th

The next update of the anonymous cryptocurrency protocol Monero is scheduled for October 18th. It should pass on block 1685555.

Users support this update, so you should not prepare for the division of the blockchain and the emergence of a new cryptocurrency. Merchants, pool operators, service providers, stock exchanges, and other ecosystem participants should upgrade to CLI v0.13.0.2 or GUI v0.13.0.0.

Major changes in the Monero protocol

It is planned to integrate the Bulletproofs technology or range proofs (English – range proofs) into the protocol. This will allow the user to ensure that the values ​​required to confirm the transaction are within the specified limits.

Recall that the Monero network hides the amounts that are transmitted. For confirmation, we now use proofs with algebraic properties. In Bulletproofs technology, the size of confirmations varies logarithmically based on the number of outputs and the size of the range.

In addition, the consensus mechanism will be reconfigured. This will be done in order to eliminate the threat posed by ASIC miners . They will also have to update the software. The size of the ring signature will become fixed. It is planned to increase to 11.

The update will be technically activated by carrying out two hard forks. They are scheduled for October 18th and 19th.

Ecosystem participants will receive a deferment. All this time, the network will accept transactions using confirmations of the old type. In order to stay online during both hard forks, users only need to update the software once.

Earlier we wrote that the hardfork Constantinople in the test network Ropsten did not go as smoothly as planned.