Privacy-enhancing cryptocurrency Monero plans to bring a tentative hard fork in July for improved security and lower fee charges, with the testnet set for May.
The hard fork, the fifteenth software version, will increase Monero’s ring size from 11 to 16 and an enhancement to its various signature mechanisms.
V15 upgrade will also come with bulletproof+, an upgrade to the bulletproof technology unveiled by Monero in 2018. The technology ensures that the information stored has no false information.
There will be no separate coin issued after the mainnet hard fork at a block height of 2,668,888. The hard forks will make the initial versions invalid.
The announcement has caused XMR tokens to surge 11% in the past day to a high of $277. The spike is also attributed to the announcement of the withdrawal of the token from exchanges, ‘’Monerun’.
Monero is a privacy-centered blockchain that hides users’ accounts addresses, making transactions impossible to trace. Ringsize is the number of signers in a ring signature.