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Monero: Initial Release of Ring Confidential Transactions


Monero is the anonymous cryptocurrency that has recently taken over the Deep Web as the new currency of the Alphabay and Oasis markets. Despite providing strong anonymity features, Monero is currently a work in progress, lacking a Graphic User Interface wallet and the implementation of Ring Confidential Transactions, a feature that is currently being tested.

The Monero v0.10.0 was recently released. It features major performance improvements, space savings gains for the blockchain, and the initial release of Ring Confedential Transactions, that are currently live on the testnet, and will soon be live on the v4 hard-fork. The update comes before the hardfork which took place on block 1141317 giving way to the v3, an update that makes Monero mining anonymous by enforcing coinbase transactions to be split in denominations to prevent unmixable inputs from being created, thus making them untraceable.

Users updating to this new version are advised to delete their version of the blockchain and to download it from the beginning in order to enjoy the space saving and performance gains that this update will provide. It is also important to note that users that are running a version below 0.9.4 or 0.10.0 will be booted off the network due to the recent hardfork, so all users that haven’t done so are advised to update their software (make sure to backup your wallet files when doing so).

This latest release does not yet feature a GUI (Graphic User Interface) wallet, which is probably the most awaited update in Monero, and the one that may propel it to mainstream adoption since most users don’t want to use a command line terminal to send coins.

Besides being a work in progress, Monero is also a community project. This release was the product of the work of 28 people, most of them unpaid, that made 725 commits containing 15 332 new lines of code.

The V4 hard-fork has been moved up to January 2017 due to the importance and fast development of the RingCT, a crucial feature that will provide safe transactions in a truly anonymous environment. The v5 fork, in which Ring Confidential Transactions will be enforced, is still scheduled for September 2017. Ring Confidential Transactions will be enforced to ensure that the misuse of the cryptocurrency does not compromise its anonymity.

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