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Australia tightens pressure on Monero and other privacy coins

According to privacy activist and Monero contributor ErCiccione, the privacy coin will have a major online update on October 17. Network upgrades are technically difficult branches that require all participants to update their software on the Monero network to integrate all new capabilities. On the question of whether there will be breakups and creation of new COINS, ErCiccione says Monero will implement the next major network upgrade on October 17, which will reduce transaction size by 25 per cent and increase validation performance by 10 per cent. Asx needs to remove Monero, Zcash, Bytecoin and other privacy COINS due to regulatory pressure.

No. Hard forks in Monero are made to
improve the base protocol, and are non-contentious. There will be no split and
no new coin will be created.

The network upgrade will introduce a new
ring signature construction which is called CLSAG that will replace the current
MLSAG. This will allow Monero to reduce transaction size by 25% and improve
verification performance by 10%. That way, Monero will be more efficient:

CLSAG signatures achieve the same functionality
as MLSAG signatures, but at a much smaller size. And thanks to some
optimizations of the underlying cryptography, Monero software can verify CLSAG
signatures more quickly.

Additionally, Monero will see an
improvement in its security. CLSAG has a more robust security model. Therefore,
CLSAG signatures will be smaller and faster, and at the same time have more
stringent security. The Monero contributor further called on all users and node
operators to update the software in preparation for the network upgrade.

The software, ErCiccione clarified, will be released one month before the network update, on September 17th of this year. At the time of launching the new software, there will be instructions how to complete the update of Monero wallets and nodes. However, the contributor said that users should only replace the monerod, monero-wallet-cli and monero-wallet-gui software with the new version.

While Monero will reach an important milestone
in its development, privacy coins are experiencing a major blow in Australia.
The founder of Nuggets News, Alex Saunders, has reported that regulatory
authorities in the country have made updates that have forced exchanges to
remove the following privacy coins: Monero (XMR), Komodo (KMD), Bytecoin (BNC)
and ZCoin (XZC).

The above mentioned privacy coins will be
delisted by the exchanges by 31 August 2020 at the latest. One of the most
popular exchanges in Australia Coinspot has confirmed this news. In response to
Saunders’ announcement, the exchange issued the following statement:

Communication was sent to users holding
these coins. Further information will be published shortly.

Like Coinspot, other Australian exchanges
will also comply with the regulation. These include Coinjar and Swiftx. The
former already removed their trading pairs for Zcash in July this year. The
second announced that it will delist the above cryptocurrencies as well as Dash
(DASH), Zcash (ZEC), Verge (XVG), Groestlcoin (GRS) and Horizen (ZEN). Swiftx
will also implement the measures by August 31.

Author : Reynaldo

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