Monero to Hard Fork Tomorrow, Laying the Groundwork for Complete Anonymity

Monero has received a lot of attention from the cryptocurrency community over the past few weeks. Not only has the altcoin surged in value over the past few weeks, but it has also been accepted by various darknet markets. Monero developers have announced that they will be conducting a hard fork that will bring some changes to the Monero ecosystem.

The Monero hard fork will take effect on September 21st. Users and miners will need to update their clients to ensure they are in sync with the changes. While there will be no dramatic changes, there will still be some exciting additions to the codebase.

Monero network blocks will be forced to split coinbase transactions, which prevents incompatible inputs from being created. In layman's terms: everyone mining Monero will be able to remain completely anonymous while mining. Currently, by default, this is not possible.

Monero is about to get a big change

Most of the Monero mining pools have ensured that they are ready for this codebase update. Individual miners will need to update their clients to version 0.9.x. Users who have already updated to this version do not need to update to support previously created coinbase transactions.

The 0.10.0 client will be released soon, which will bring another upcoming change, Ring Confidential Transaction Confidential Transaction (RingCT transaction), which provides additional anonymity. The transaction amount will be completely hidden, which is a unique feature in modern cryptocurrencies.

For the foreseeable future, users will be able to choose between custody and RingCT transactions. Not all users of Monero want to hide their transaction amounts. However, once version 5 of the network blocks arrives, standard transactions will no longer be possible. This is to ensure complete anonymity when using Monero, which has always been Monero's main goal.

Monero will continue to change, there will be no end, and the developers are very optimistic about the first quarter of 2017. By then, a formal GUI wallet may be created, as many people are currently asking about wallet issues. In addition, Monero will support multi-signature transactions and sidechain implementations. As Monero (XMR) continues to move towards complete anonymity, the future of this currency will be exciting.