Cardano Founder Praises Monero Upgrade...Privacy Coin War Reignites

▲ Monero (XMR)/ChatGPT generated image

Cardano (ADA) founder Charles Hoskinson has expressed strong support for Monero's (XMR) latest privacy upgrade. With Monero unveiling its FCMP++ stressnet, which has been under development for years, the competition in privacy coin technology has once again garnered market attention.

According to the cryptocurrency media outlet U.Today on May 7 (local time), Hoskinson stated regarding the launch of Monero's FCMP++ stressnet, “This is huge. It's a massive upgrade for Monero, and I'm proud of the team that has persistently built this over many years.” FCMP++ is described as the next-generation technology for Monero's privacy.

Monero launched the beta stressnet, the second testnet for FCMP++ and CARROT, on May 6. Monero reached a significant milestone in its technological development by initiating the FCMP++ stressnet at block 2,997,100. FCMP++ stands for Full-Chain Membership Proofs, an upgrade proposal that replaces existing ring signatures with full-chain scope membership proofs.

In the traditional method, when using Monero, a ring signature was created to prove ownership of one out of 16 Monero outputs. With FCMP++, ownership proof is generated for one out of over 150 million Monero outputs existing on the entire Monero blockchain. U.Today reported that FCMP++ signifies a core change in Monero's privacy structure.

CARROT is an upgrade proposal for the Monero address protocol. It is designed to introduce new features related to security, privacy, and usability while maintaining backward compatibility with existing addresses. FCMP++ and CARROT have been under development for over two years, with research, security reviews, and auditing also conducted. This beta stressnet is the second live network to publicly test the integration of FCMP++ and CARROT.

Separate from the Monero upgrade, the Cardano network also advanced to a new stage in preparing for the Van Rossum hard fork. On May 5, the Van Rossum hard fork reached a major milestone by being submitted to the preview test network. Intersect, a member-based organization within the ADA ecosystem, stated that the Cardano preview testnet is ready to ratify the hard fork governance action at the next epoch boundary, with a tentative schedule set for May 8 at 00:00 UTC.

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