Monero (XMR) has achieved a successful fork several days ago, in an event that has been considered a major milestone for the cryptocurrency. Monero boasts a market capitalization of around 1.7 billion dollars, with its price around $103 – and currently hovers just within the Top 10 Coins, at #10.
The project has made a name for itself as the cryptocurrency most concerned with user privacy and traceability, and as a result, has gained lots of support within the cryptocurrency community.
In anticipation of the fork, Monero announced a new software release on October 11. Monero is known for forks that deter ASIC mining, a move that is quite controversial within the cryptocurrency world, since some believe that ASIC mining plays an essential role in the cryptocurrency ecosystem.
However, this release involved an overhaul of the protocol that allowed for stronger privacy as well as significantly cheaper transactions. The hard fork upgrade is called “Bulletproof”, and included bug fixes, as well.
This particular milestone has been anticipated for months, as it was revealed late last year just how much Bulletproof would be able to improve transactions. The lead developer, Riccardo Spagni, celebrated the fork, tweeting that “Monero is unfairly cheap”, citing a tweet by Coinmetrics pointing out that the average Monero transaction fee had “plummeted from 60 cents to 2 cents”.
There have been skeptics regarding just how private Monero really is. However, in an interview several months ago with BreakerMag; a DEA agent by the name of Gabriel Bewley elaborated on this, admitting: “They’re pretty private. Monero, ZCash – it can be difficult to try to figure out who the people are behind them”.
While there has been no meaningful price increase in the coin since the hard fork, there are many who are bullish regarding Monero’s future price action, while noting that there is significant resistance around the $150 level.