Monero has successfully upgraded their Proof-of-Work algorithm from CryptoNightV7 (also called V1) to CryptoNightV8 (also called V2). This update is bringing major improvements to the Monero protocol.
With this upgrade Monero is aiming to provide better performance, privacy, security, scalability, efficiency and more decentralization. The release version 0.13.0 of the Monero software includes the following three features.
It is the most important feature that gets enabled in version 8 and with v9 bulletproofs will become mandatory. This is a new form of range proofs and this feature significantly reduces transaction size, fees (by approximately 80%) and verification time.
Since the transaction fees are now reduced drastically, we will update the minimum output thresholds for Monero (XMR) and add the following lower options: 0.2 and 0.1 XMR with 0.4 staying as default option. You can also set your own thresholds via Settings > Wallets in your dashboard.
2. New PoW algorithm
To improve ASIC resistance Monero will be using a new Proof of Work algorithm called CryptoNight V2. More information about this algorithm can be found on the official github page. This is an additional measure to terminate the use-case of any existing ASIC mining hardware and to increase difficulty and costs of researching and building ASIC hardware for Monero mining.
3. Static ring signature sizes
This generally increases the privacy of Monero, due to increasing the previously minimum ring signature size from 7 to globally fixed 11. Users can optionally choose even larger ring sizes as well.
If you’re mining Monero and using an independent wallet, an update of your wallet(s) is mandatory.
Should you have any questions regarding Monero Mining, please contact our customer service team.
To the moon!
– Your Genesis Mining Team