One of the popular Monero Memes read 20% Founders reward and 20% Dev fund. Further stated, corporates need you to find the differences between these two funding mechanisms. And, the other half of the meme states, they’re the same funding mechanisms.
It is important to be clear about why we are building technologies like Monero. One of the community members expressed: “If we can’t figure out basic human interaction and mutual respect – no matter your background or experience -, we should certainly give up on unstoppable, decentralized applications.”
Fluffy Pony in the past stated, “The first step to creating a truly decentralized economy is to decentralize your heart.”
Sydney Ifergan, the crypto expert tweeted: “Philosophies apart, decentralization and privacy are important and that is why people need Monero (XMR) and similar privacy cryptos.”
The idea of anybody being able to broadcast or send transactions on the obfuscated public ledger is good. Further adding the appeal is that no outside observer will be able to tell the source.
For those who are new Monero Trader tweeted: “To the newcomers: Monero’s privacy technology is based on 3 core cryptographic techniques: Ring Confidential Transactions (RingCT) – Hides the amount being sent Ring Signatures – Hides the sender’s address Stealth Addresses – Hides the receiver’s address.”
And, those who do not know what any of these are, would still be able to transact in absolute privacy.
On the technical side, there are some things that are getting developed and the community is kept to wait.
Monero (XMR) Network Upgrade
Monero is set to have a network upgrade on October 17, 2020. It is noteworthy that Network upgrades are technically hard forks. They need all the participants in the Monero network to update their software. This new software is set to be released on September 17, 2000, which is one month before the network upgrade.
The network upgrade is meant to introduce an important new feature like the new ring signature construction CLSAG, which is important to reduce the typical transaction size by ~25% and to further improve typical verification performance by ~10%. Thus, every transaction will get lighter and fast after the upgrade. Further, the complete list of changes and improvements are to be released along with new binaries.
Of note, Hard Forks in Monero are to improve the base protocol and they are non-contentious, which means there will be no split and no new coin will be created.
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