Monero [XMR]: All the details you need to know about the latest hard fork

Monero [XMR]: All the details you need to know about the latest hard fork

Monero [XMR]one of the most recognized privacy coins, underwent a successful hard fork at block 2,688,888, this Sunday (Aug 14).

The update incorporated significant changes to make the network more secure and private.

But the question is: did XMR see any interesting developments on the chain or in its price action?

improved life

The team behind the aforementioned protocol shared this development on the hard fork on August 14.

Brought several fixes to the internal multi-signature mechanism to facilitate information sharing. Such as key sets and data synchronization between wallets, as explained on their website.

“Multisig means that a transaction needs multiple signatures before it can be sent to the Monero network and executed. Instead of one Monero wallet creating, signing, and sending transactions on its own, you will have a whole group of wallets and collaboration between them to transact.”

The network update also included changes to its ‘Bulletproofs’ algorithm to increase transaction speed and reduce transaction size by an estimated 5-7%, as well as improvements to its multisig mechanism.

Thank you

Moving on to some after effects: This forking event turned out to be fruitful.

The Monero block size witnessed a massive increase as seen below. The metric momentarily reached a block size of 310kB the day before, triggering a “dynamic block size algorithm” for the ‘first time’.

Before this event, the average. the block size was ~78K.

Source: Twitter

This showed Monero’s ability to scale. In this way, passing the stress test for the network with great success.

Furthermore, the market capitalization of XMR increased from $2.08 billion to $2.85 billion, which is an increase of 37%.

In fact, XMR trading volume also grew by 115%.

Also, given the impressive growth, XMR progressed to record significant traction on the social front as seen in LunarCrush.

Both social mentions and engagement saw increases of 121% and 180% respectively.

Source: LunarCrush

This increase marked a significant change. Last month, their social dominance decreased by 53%. And, the social volume was also reduced by 30%.

In addition, the whales (dominant buyers) who previously did not like the token very much, began to show some interest.

XMR was up almost 7% overnight before the weekend hard fork. However, the subsequent scenes were not too optimistic. On CoinMarketCap, XMR suffered a further 2% correction when it fell to the $165 mark, at press time.

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