Monero surges after successful hard fork

Monero executed the non-contentious hardfork at block 2,688,888 on August 13. This increased the blockchain’s ring size from 11 to 16, creating a new signature to authorize transactions. The upgrade also included changes to Monero’s “Bulletproofs” algorithm, aiming to increase transaction speed, reduce wallet sync times and change network fees.

“Multisig means that a transaction needs multiple signatures before it can be submitted to the Monero network and executed. Instead of one Monero wallet creating, signing, and submitting transactions all on its own, you will have a whole group of wallets and collaborations between them to transact,” said the Monero team in a statement announcing the upgrade.

XMR has surged nearly 6.5% after the successful upgrade and is trading at $152 at the time of writing.