Monero (XMR) has provided a sigh of relief to its users from the service and production sector, traders from exchanges, and pool operators.
It is all set to launch the upgrades for its CLI v0.13.0.2 and GUI v0.13.0.2 on October 18, 2018. With the new feature in Command line interface (CLI) and Graphical user interface, the data size of different transactions will be minimized by 80 percent. The upgrade, however, requires Borromean range proofs to be replaced by BulletProofs.
Similar to Zcash, this migration towards BulletProofs will allow Monero to charge fewer fees for processing a transaction. Monero is famous for its privacy concerned approach that makes BulletProofs the choice of the hour to help Monero provide a secure platform for transactions, and the financial balances of the users will remain in secret.
With the upgrading of CLI and GUI, Monero is planning to make few adjustments in its Blockchain‘s mechanism. This modification in proof-of-work will help cryptocurrency in a reduction of pressures posed by ASICs.
Thus, miners will not be able to use influential and strong ASICs for the validation of transactions, and the miners are required to upgrade their mining software as well.
The ring sizes of the signature will be increased up to 11and any member will be able to execute the ring signature, but he must have the keys. However, a special message will identify the user that is responsible for the endorsement if the mixin count is 10.
The ring signature size must be 11 otherwise; the pay-out transaction will be rejected on Monero platform. As stated earlier, Monero is planning this upgrading on October 18, 2018, and the XMR will continue to flow on its network.