Monero v15 Upgrade Scheduled for July, Community Tries to Coordinate XMR ‘Bank Run’
The V15 upgrade for the Monero (XMR) community has been scheduled for mid-July after reaching a community consensus according to Monero Observer, “Monero is set to hard fork on July 16th, 2022 at block 26688881, after the community has reached consensus in today’s Monero Development Workgroup meeting,”.
This upgrade will not include the “Monero 2.0” hard forks. Instead, it will be a regular software update that is conducted every 6 months.
The community has also coordinated plans to ensure that every user-held XMR is upgraded to the latest version (v0.17.3.0). A plan dubbed the “bank run”. The bank is scheduled for June 30, 2022.
This fork of XMR is being conducted to keep the Monero network secure and up-to-date with the latest technology. The fork will enable new features such as multi-signature keys, increased scalability, and improved privacy. It will also pave the way for future upgrades such as RingCT 3.0 and hardware wallet support.
The V15 upgrade will increase the ring size, and a number of signers from the current 11 to 16, and also add view tags to outputs. Adding view tags to XMR outputs will reduce the wallet scanning time. The V15 upgrade will also launch Bulletproofs+. Bulletproofs+ is a zero-knowledge proving system that would replace existing Bulletproofs to reduce transaction sizes by as much as 5%. A reduction in transaction sizes will also be reflected by some fee adjustments.
According to developers, the July 16th Monero hard fork will upgrade the network to Seraphis. Seraphis is a second-generation protocol. The hard fork will also produce a new addressing scheme called Jamtis schedule to come sometime within the next 2 years.
The developers also mentioned that “These changes are so extensive that you could very well call the resulting cryptocurrency Monero 2.0,”. Positive implications of this hard fork include increased privacy as well as new wallet types, among others.
The hard fork will also bring about new proof of work algorithm. The new algorithm is called CryptoNight R, and it is set to address the ASIC resistance that has become characteristic of the original CryptoNight algorithm. This will be good news for those who want to ensure that mining remains accessible to everyone.
Of course, there have been negative reactions to the news. Some have even gone as far as to call it a “money grab.” It seems that the community is still very divided on the issue, with no clear consensus in sight.
What do you think about the upcoming Monero hard fork? Do you think that it is a positive or negative development for cryptocurrency? Let us know your thoughts on the matter.
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