Victor Ugochukwu · Dec 4, 2020 . 6min read
Monero releases Oxygen Orion upgrade via Hard Fork
Monero upgrades its network with Oxygen Orion. The upgrade involves enhancements to transaction times and minor security updates.
By Komal Joshi · Oct 19, 2020 . 6min read
Monero (XMR), a privacy-focused cryptocurrency, has declared its ‘Oxygen Orion’ upgrade is now live through a hard fork. This update offers various bug fixes, enhanced security, and better performance in transactions. The news comes amidst the announcement that the US Internal Revenue Services (IRS) will pay out up to $625,000 for anyone who cracks the untraceable cryptocurrency Monero and other privacy coins. Developers of Monero informed the community that all XMR node operators should update their software before Oct. 17. Moreover, this implies Oxygen Orion is the special build required for the network upgrade.
Monero introduces a lighter and faster network.
Monero’s Oxygen Orion upgrade introduces new features like the ring signature construction CLSAG. CLSAG stands for a compact linkable spontaneous anonymous group. The new ring signature scheme will allow Monero (XMR) to process transactions efficiently.
The developers of XMR executed the upgrade to enhance its base protocol. This feature will enhance the Monero’s scalability and performance. CLSAG will decrease transaction sizes by 25% and enhance transaction verification times by 10%. However, this signifies the project’s most notable scalability improvement since the project preceded bulletproofs in 2018.
The upgrade also includes several small security improvements, principally involving Dandelion++, which is liable for hiding user IP addresses. The notable changes are minor bugfixes. Moreover, the new update will not transform Monero’s proof of work consensus and the RandomX mining algorithm. However, it will elevate the network’s security and anonymity of transactions.
The Monero network upgrade as a hard fork.
The Monero’s Oxygen Orion upgrade is contemplated as a hard fork. Nevertheless, as with any hard fork conditions, the Monero network will not split. Moreover, the resultant hard fork will need all participants in the network to upgrade their software. However, the developers of XMR understands that the hard fork will make the network more potent while assuming that users would acknowledge the benefit of a trustless path with a low resistance to change their bitcoin into XMR and become XMR users.
Conclusively, Monero remains the top-ranking privacy coin. Its main privacy features remain uncompromised, and continual improvements will likely help to maintain its future position.
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Victor Ugochukwu · Dec 4, 2020 . 5min read