On Thursday, Binance announced on its official Twitter page that it would support the hard fork and upgrade of the Monero network. The hard fork and network update will occur at block height 2,688,888, or around 2022-08-13 (UTC).
#Binance will support the @Monero $XMR network upgrade & hard fork.https://t.co/0s0j47ZLQd
— Binance (@binance) August 11, 2022
This network upgrade will bring about new features which include:
- An increase in the base anonymity set of each transaction on the network from 11 to 16, which is the highest absolute increase ever.
- An updated version of the Bulletproofs algorithm called “Bulletproofs+” will make transactions lighter and faster by reducing typical transaction sizes by 7%–15% and enhancing typical verification performance by 7%–15%.
- View tags, a brilliant technique for reducing wallet sync times by 30% to 40%.
- Fee adjustments, improved network security, and resistance to malicious entity attacks
- Critical multi-sig fixes and upgrades, such as security patches
Deposits and withdrawals for $XMR will be unavailable starting around 2022-08-13 at 14:00 (UTC) due to the network update.
Also, XMR trading won’t be impacted by the network update and hard fork. Binance will be in charge of all the technical requirements for all users that have XMR in their Binance accounts. XMR deposits and withdrawals will resume once Binance sees that the network has been fixed and is stable.
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