Monero (XMR) News – Why We Love Monero Hard Fork (And You Should, Too!)

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Monero (XMR) is one of the rare cryptocurrencies which actually has a user base. It is being used for transactions all over the world. The websites accepting Monero (XMR) are increasing day by day. There is news that many of the adult websites are also taking Monero (XMR). The users of these websites often demand a completely anonymous payment system. Monero (XMR) provides that anonymity.

In recent times, it has undergone a hard fork to upgrade many of the aspects of the network. Many users are not aware of the exact upgrades which this hard fork has brought about. If you like Monero (XMR) due to its anonymity, you have plenty to cheer about. We think that this hard fork has plenty of positives and is taking Monero (XMR) in the right direction.

Why We Love Monero Hard Fork (And You Should, Too!)

Before we delve into the changes brought about by Monero hard fork, it is important to realize that it retains the proof of work algorithm. However, the algorithm has been updated for a variety of different reasons. We will highlight some of the reasons why Monero hard fork is such a good idea.

1. More privacy:

Anything which adds more privacy to Monero (XMR) is a good idea. After this hard fork, there will be a dummy encrypted payment ID associated with each Monero transaction. The transaction ID will actually provide another shield to Monero (XMR) transactions. It will be an additional mask for Monero (XMR) transactions. At a time when governments and authorities all over the world are trying to keep a watch on every deal in the cryptocurrency space, this additional privacy is a welcome move. It will come as a relief for many websites and businesses who accept Monero (XMR) due to the confidentiality which it has on offer.

2. Mining decentralization:

ASIC mining is used by many of the mining pools. The recent hard fork of Monero (XMR) aims to make it difficult for ASIC miners to continue mining Monero (XMR). Ever since the hard fork on March 9, the hash rate has gone down significantly. Recently, CoinHive which is a cryptocurrency mining operation focused on Monero also stated that it is shutting down its service due to the upcoming hard fork. It clearly indicates that for the mining pools, the going is set to get tough. The problem with cryptocurrency mining pools is the decentralization of the mining process. When the dominance of such mining pools decreases, the decentralization of the cryptocurrency mining takes place. It is precisely what Monero (XMR) is trying to achieve with this hard fork.

3. Protects against bing bang attack:

There are a few changes in the block size of Monero (XMR). These changes will defend it against a big bang attack. As a result, Monero (XMR) will become much more secure.

Whichever way you look at it, the updates brought about by Monero hard fork are pretty beneficial to the cryptocurrency in the long term. Irrespective of the negative hype, there are plenty of updates due to which you should love this Monero hard fork rather than hate it. It is time to look at the long term benefits rather than the short-term upheavals brought about by the Monero hard fork.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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