Stealth centric cryptocurrency, Monero has will be implementing a planned upgrade in a few hours. The Hard Fork was originally planned for the 21st of this month but due to an unexpected increase in hash rate, the upgrade was pushed forward to September 16th. They’ve gone as far as providing a countdown for those who wish to note the exact time the Monero blockchain will hard fork to update its privacy features.
The upcoming hard fork will introduce the mandatory use of RingCT’s (Ring Confidential Transactions), a technology that is currently optional to users on the network.
RingCT technology, released in January earlier this year, is an upgrade from Monero’s Ring Signature algorithm. RingCT’s are designed to obscure transactions so only the parties involved in a transaction can view details of the transaction. The protocol builds upon existing privacy features on the Monero network, such as hidden accounts and transactions, as well as trustless coin generation.
The impending hard fork saw Monero’s price climb well above R1,500 a coin amid widespread panic caused by news coming out of China, that had crypto prices plummeting dramatically, across the board. Experts say Monero, which is currently the 8th biggest crypto currency by market share, went in the opposite of direction to other coins due to the fact that the upcoming hard fork is not a contentious issue as we have seen with Ethereum and more famously, Bitcoin in recent weeks. Monero users, actually welcome the hard fork and eagerly anticipate the features the upgrade will bring.