Cryptocurrency

11/03/19 09:00 UTC-4

Hardfork in the Monero network and its consequences

Held Monero Hardfork leads to negative consequences
Held Monero Hardfork leads to negative consequences

On March 9, Monero launched a new network upgrade. It amended the Proof-of-Work (PoW) algorithm, fixed an exploit that could empty the network, and increased the level of transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
confidentiality, – according to Cryptobit.Media, – the whole operation was successful, but the Monero network received a serious blow.

Interesting in the section: Actuality and unique of Monero

 

Changes in the network after hardfork

The upgrade took place on March 9 at a 1,788,000  block and seems to have been completely successful. One of the main problems solved with the help of this forkFork
– is the intentional use of one code base of a software project to start another. That is, changing the blockchain code to split it into two.Details
is the change in the PoW algorithm, which will increase the resistance of the ASIC in the network. This should make the network more decentralized and prevent specialized miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
chips from dominating the playing field.

Another important update is related to a discovered vulnerability called the "big bang attack". This attack is related to the way Monero regulates the size of its block, and if successful, it can see the size of one pop-up block of up to 10 TB in just 2 days, effectively knocking out most of the nodes from the network. Fortunately, after this update, such an attack is now impossible.

Finally, on this fork, "fictitious data" was entered into each transaction to "increase the similarity". The idea is to increase the difficulty of using any type of analytics to determine anything about a given transaction.

Interesting in the section: Hardfork, softfork or division of blockchain of cryptocurrency

Monero Hardfork and its consequences. Obviously, after the last update, the Monero network's hashrate received a serious blow.

Today, one of the main problems addressed in this branch is the change in the Proof of Work (POW) algorithm, which increases the resistance of ASICs in the network, this may be the main reason for the decrease in the data transmission speed in the Monero network. The official tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
account on Twitter has already made a warning on this issue.

Editor: Yuliya Soroka

See also: "Binance coin (BNB) hit the TOP-10"

#hardfork #Monero #cryptocurrency

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