On 28th November, Binance announced that they would be supporting the upcoming Monero Schedule protocol upgrades.
Monero XMR withdrawals and deposits will be suspended before the upgrade commences. However, users are required to understand that the XMR trading will not be affected by the upgrade, but they are requested to ensure that they leave enough time for their deposits to be fully processed before the upgrade.
Users will not be required to take any action as Binance will handle all technical requirements for all users with XMR in their Binance accounts.
Monero Upcoming Upgrade
Ranking at #15 in the coinmarketcap, Monero has never been left behind when it comes to innovations and technological advancement. The CryptoNight Algorithm Monero used was ASIC resistant for a long time until 2018 when the Bitmain Miners were developed.
Monero thus needed to make modifications to their mining algorithm. The algorithm modifications led to a crush in the hash rate, and therefore, the community members decided to change the proof of work algorithm to make it ASIC miners resistant.
Changes Expected After the Upcoming Monero Upgrade
Random X will be the new proof of work mining algorithm, which will remove all the ASIC miners from the network. As of 30th November, Random X will be the official mining algorithm for the XMR network and will be moved to public testing on the network.
With the scheduled upgrade, long payment IDs will be phased out. The phasing out of long payment IDs will improve user experience and improve privacy as well as reduce support work for exchanges.
After the upgrade, transactions will need at least two outputs for data protection and security improvement.
Finally, after the upgrade, ten-block lock time will be introduced for every incoming transaction. The ten-block lock time is approximately 20 minutes, which will help increase privacy for both the users and the whole network.
Important points for Binance account holders with XMR to consider;
- The XMR upgrade will not result in the creation of new tokens
- The XMR deposit address format will change rendering the old deposit addresses invalid
- Binance will announce when the deposits and withdrawals for XMR will be reopened
Various Binance account holders with XMR have been wondering what they need to do regarding the upgrade. The users will suffer some inconvenience as deposits and withdrawals are suspended, but it’s just a matter of time. There is no time limit for users to upgrade. However, users will not be able to use Monero until they upgrade.