Monero's October Network Update: stronger privacy and cheaper faster transactions
On October 18th, 2018, there was the Monero network updated at the block height 1685555.
The Mineralt team has updated mining script codes to be ready for this update.
The update contains
3 important software changes.1.Bulletproofs reduces transaction sizes
The new update introduces the Monero network to a new form of range proofs called Bulletproofs . Bulletproofs allow to reduce the size of transactions by approximately 80% and the transaction fees.
2. Proof-of-Work is updated to CryptoNight v8 to resist ASIC mining
The Monero team improved the proof - of - work algorithm. This change would reduce the amount of mining pool, boosting Monero decentralization. Now Monero network difficulty has dropped significantly.
3. Ring size was changed to 11
The minimum ring size was increased to 11 instead of 10. It enhances the networks privacy. The Monero network will reject pool operators with non-default ring-sizes. It makes Monero more private, more secure and therefore more efficient.
With these new updates, Monero is taking a position as the most reliable privacy coin in the market.
Read all details in our blog https://mineralt.io/blog/moneros-october-network-update-stronger-privacy-and-faster-transactions