Monero v15 Upgrade Scheduled for July, Community Tries to Coordinate XMR ‘Bank Run’

Source: Adobe/alswart

 

The Monero (XMR) community scheduled the v15 network upgrade for mid-July after reaching a consensus -- an upgrade that will not include the "Monero 2.0" hard forks. Meanwhile, some project supporters are trying to orchestrate "The Monerun."

"Monero is set to hard fork on July 16th 2022 at block 26688881, after the community has reached consensus in today’s Monero Development Workgroup meeting," Monero Observer reported.

The upgrade is set to increase ring size, the total number of signers in a ring signature, from the current 11 to 16, as well as add view tags to outputs in order to reduce the wallet scanning time, add Bulletproofs+, a zero-knowledge proving system that would replace existing Bulletproofs to reduce transaction sizes by 5%, and bring some fee adjustments.

If things proceed as planned, Monero would hard fork to a second-generation protocol called Seraphis and a new addressing scheme called Jamtis sometime between 2023 and 2024, according to developers.

"These changes are so extensive that you could very well call the resulting cryptocurrency Monero 2.0," devs said, adding that this hard fork would bring better privacy, change the structure of transactions as recorded in the blockchain, and add new wallet types, among others.

Meanwhile, Monero users are expected to withdraw all their XMR tokens from centralized crypto exchanges today. Called "The Monerun," a number of Monero enthusiasts have sought to coordinate a so-called Monero bank run.

The move comes as some Monero users claim that centralized exchanges are misrepresenting reserves and are "paper trading" monero. This is possible because of the privacy coin's obfuscated ledger, which ensures that any user can send and broadcast transactions but an outside observer cannot discern the amount, source, or destination.

"Monero's obfuscated ledger has enabled a number of exchanges to misrepresent their reserves, and sell XMR that they don't actually have, knowing that all too many of us will never withdraw, and no one can see onchain the evidence of their misdeeds," one Reddit user claimed.

Some crypto exchanges have reportedly halted Monero withdrawals.

At 9:09 UTC, Monero, the 33rd crypto by market capitalization, is trading at USD 238. It is unchanged over the past 24 hours and up nearly 1% in a week.

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