The Monero team has released the source code for the new official Monero Graphic User Interface Wallet (GUI-Wallet). With this update Monero prepares for the upcoming Hard Fork on April 6th. Recently, the anonymous crypto currency drew attention to itself: Contrary to the decentralized mining philosophy, ASIC Miners should be available soon. With Lithium Luna, Monero prepares itself for this fight and integrates functional innovations into the protocol at the same time.

Planned Hard Forks

As a collaboratively driven open source project, Monero differs from other crypto currencies in several aspects. Among other things, the Monero code is significantly updated twice a year so that it is no longer backwards compatible (i.e. a hard fork). This procedure therefore allows the Monero project to develop particularly quickly.

Monero gets new, important functions
In addition to the changes to the proof-of-work to make the ASICs unusable, Monero also has other features. The biggest changes are as follows:

multi-signature

A multi-sig-wallet is a digital wallet that is controlled by several parties. A multi-sig transaction requires the digital signature of several parties, for example two of a possible three. Multi-Sig also allows automated escrow – with a robot as an independent, signing party.

sub-addresses

Sub-addresses provide more obscurity outside the Monero blockchain. We have seen: Ring Signature, RingCT & Stealth addresses hide the transactions on the blockchain. Previously there was only one receive address per Monero Wallet (the sender generates a unique stealth address from this address). If the same receiving address is published in two different online stores, the actual recipient links his true identity with it. With the Lithium Luna update, receivers can generate an infinite number of (un-)linkable sub-reception addresses. You can use the same wallet for different activities and remain anonymous outside the blockchain. As before, the Monero Wallet generates a unique, anonymous stealth address from a receiving address.

Fluffy Blocks

Fluffy Blocks allow faster synchronization of the blockchain. A Fluffy block contains only the block header, an index of transactions and transactions that are missing from the synchronizing node. Fluffy Blocks, presented in September 2017, are currently becoming the standard.

How to prepare for the Hard Fork

The downloads for the official Monero Wallet can be found at www.getmonero.org Check the file for validity before installation. This ensures that no corrupted file has been planted. If the new version is installed, the old wallet file should be automatically connected.

LEAVE A REPLY

Please enter your comment!
Please enter your name here