Monero network upgrade at block #1539500/28th of march

Monero updates its network on a 6 month basis. This is basically a hardfork, but without creating a new coin. A forced software update.

It will happen on the 28th of march at block #1539500. See this pull request: https://github.com/monero-project/monero/pull/3371

This will basically implement all commits to the Monero core and Monero GUI and make a new release of the clients downloadable without a need to compile itself. What to expect:

Ledger hardware wallet compatibility by the CLI (PR: https://github.com/monero-project/monero/pull/3303)

A Ledger dev worked hard to get implementation done, core members helped reviewing the code to get it done until the network upgrade. Soon after the network upgrade the test phase from Ledger should start and hardware wallet compatibility will finally be here. At first it will work only with the CLI, but there should be guides out there fast. Its not that hard 😉

This implementation was done in a way to make it usable by other hardware devices or other cryptonight coins/forks with the spirit of open source in mind.

Bootstrap daemon/light wallet (PR: https://github.com/monero-project/monero-gui/pull/1091)

The bootstrap daemon/light wallet makes the start for new users easier since the blockchain download can take some time. With the bootstrap daemon this sync can then happen in the background while a remote node is used to check for transactions or make transactions. It is highly recommended to make transactions only with an own full node/after the blockchain sync. This is for privacy reasons, find out more in r/monero.

Proof of Work algo change/ASIC resistance (PR: https://github.com/monero-project/monero/pull/3253)

There are rumours someone is almost ready to ship ASICs and some are used to mine Monero. To counter this, since the Monero team and community always said Monero should stay ASIC free, the mining algorithm will change slightly to stop current ASICs. This means all CPU and GPU miner will need to update their mining software before the network upgrade. Keep an eye on r/moneromining and r/monero to not miss updated mining software.

Subaddresses (PR: https://github.com/monero-project/monero/pull/2056)

If you do not want to give out your public address give them a subaddress. Or use different subaddresses for different purposes with one wallet. A GUI implementation for the default account will be implemented too (PR: https://github.com/monero-project/monero-gui/pull/977).

Multi-signature (PR: https://github.com/monero-project/monero/pull/2134)

Multi-signature was merged in December and will be in the precompiled binaries too!

And many many more fixes, translations, polish… 1265 commits to the Monero core CLI since the latest Monero network upgrade (6 months ago), 255 commits to the latest GUI release.

And this is just what is happening with the core of Monero. If you want to see more happening around Monero search for Kasisto, Lunlumo or for example Kovri. Or join the Monero community at r/Monero and stay updated.

The next BIG feature for the next network upgrade around september is currently being in a fundraising for a proper audit: https://forum.getmonero.org/8/funding-required/90007/bulletproofs-audit-fundraising

EDIT: fundraising completed in less than 3 days 🙂

The bulletproofs will reduce transactionsize by roughly 80%, lowering the network fees at the same time for the same amount. But this needs to be properly audited to prevent double spending and other critical bugs. The fundraising by the Monero community is at the moment of writing at 164.54XMR of 240XMR needed after 2 days (~50.000$ in 2 days, who needs a premine? 😉 ). There is a possibility bulletproofs may occur at another cryptocurrency first (well, the code is in the Monero repository for quite some time and "working") but then be sure to ask for the audits, when Monero did not publish it yet.

I hope this helped a bit to distinguish between the scammy airdrop on 14th of march and the real progress of Monero with the network upgrade happening on 28th of march 🙂 If I did any mistakes or forgot something please let me know.

This time another hardfork (MoneroV) happens earlier than the regular fork, creating new coins/an airdrop. Be aware this fork is in no way affiliated to the original Monero network upgrade and in the eyes of the Monero community an attack on Moneros privacy trying to grab fast money through a premine and weakening the privacy aspect of RingCT through private key reuse. While this fork claims to enhance Monero they actually weaken both chains right from the start through the private key reuse. Concerns in their official social media platforms are deleted/shadowbanned/banned and not answered. So just stay away and do not be greedy for potentially worthless airdrop coins.

Edit: fixed formatting, moved a passage to the end to focus on the original network upgrade/hardfork.