The Monero software update is ready to be used by miners
The latest Monero software update is now available to miners. The so-called version 0.16.0.0 of the main code will provide support for Dandelion++ and the ability to verify transactions faster with the implementation of Bulletproof. This means that the changes do not correspond to a hard fork, so the update will be executed according to the interests of each miner.
The Monero protocol update, also called Nitrogen Nebula, was announced on the Monero blog on May 23rd. This version of the software supports the implementation of Bulletproof, a method for performing XMR transactions through a variant of the zero knowledge test or Zk-SNARKS. Monero incorporated this method in 2020 to make transactions faster and more efficient, according to a model capable of reducing the number of confirmations required to prove that data in a blockchain is valid.
If you want to find out more details about Monero software updates and to read the latest financial news, download for free the Born2Invest mobile app.
Several improvements were made by the Monero team
According to the release, the integration of support for Dandelion++ would mean that the propagation of transactions on the network could be more efficient. In addition, it would be “almost impossible to trace a particular transaction to an IP address.” However, for these improvements to be effective, nodes that upgrade to version 0.16.0.0 with Dandelion++ must communicate with other nodes that have been upgraded or are compatible with Dandelion++.
Other improvements in Nitrogen Nebula relate to a two-thirds reduction in required bandwidth; recovery of consecutive transactions; estimation of times even before a full synchronization is performed; improvements in blockchain error display; and verification of time lock, one of the innovations introduced by Bitcoin. Plus a new command for “single addresses” and “sweep accounts.”
The code for implementation via GUI will be released in the near future
The Monero team indicated that, at the moment, the update is only available through command line download (CLI). If you run a node and want to upgrade, you can check out the Monero-specific commands for Windows, MacOS, Linux, Android and FreeBSD on the download page. Code for implementation via the graphical user interface (GUI) will be released in the coming weeks.
Forty-nine people worked on this Monero software update, “largely unpaid and altruistic,” as the blog posts. This effort resulted in 563 confirmations and 81,539 lines of code, data that the team wanted to highlight.
A documentary about Monero reached the 1st place in the US
It was recently reported that a new documentary about Monero reached the first place in the list of most watched movies in the United States.
The documentary was produced by the film production and distribution company called “Chaos Communication Congress”, which was created and organized by enthusiasts of the Monero ecosystem from around the world. The documentary was released in the “Laemmle” theaters in Los Angeles, and all proceeds went to independent theaters. The attending public was able to buy tickets with cryptocurrencies, credit cards and cash.
The film is focused on raising awareness of digital and financial privacy rights. The main objective was to support independent cinemas due to the economic crisis caused by COVID-19. The documentary is an 88-minute conference, in which the characteristics and virtues of the monero cryptocurrency (XMR) are exposed.
(Featured image by Pexels via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in , a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.