June 18, 2024

Hard fork took place in Monero network

Hard fork took place in Monero network

As expected, the Monero hard fork was successfully held on Saturday, November 30, at block 1978433.

To the update logMonero added four key upgrades related to privacy and user interface.

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  • The most significant change in the network was the transitionto the new Proof of Work RandomX algorithm. RandomX &#8211; This is a proof-of-work algorithm that is designed to provide long-term protection against ASIC miners. It was introduced more than 3 months ago as a successor to the original RandomJS idea. &nbsp;The main concept of RandomX is to optimize Monero mining based on a classic CPU, its cache and architecture. RandomX is designed to make the network more decentralized, increasing the number of miners due to the availability of equipment. The algorithm will eliminate ASICs and FPGAs and effectively use general purpose processors (CPUs), NVIDIA and AMD GPUs for coin mining. &nbsp;
  • Long payment identifiers are canceled, which is important for privacy and user convenience. Exchanges will use subaddresses or integrated addresses instead of long payment IDs.
  • A Monero transaction will require at least two exits, which will greatly enhance security.
  • For incoming transactions, the blocking period at the protocol level will be ten blocks. Such a lock will last about 20 minutes.