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Monero will switch to a new mining algorithm RandomX against ASIC

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Monero cryptocurrency developers (XMR) have reiterated plans to move to a new proof of work ( PoW ) algorithm by the end of October. The algorithm, called RandomX, will hamper the use of ASIC miners .

For the first time, the plans of the confidential cryptocurrency development team became known in the spring. By the end of October, Monero is planning an update that will further simplify mining on the processor . As part of the changes in the current algorithm will be replaced by a new algorithm RandomX.

So far, the Monero developers have used the CryptoNight algorithm, which implies the implementation of a hard fork every six months. This was necessary to fight against ASIC miners. However, some members of the community have repeatedly noted that such an algorithm implies the existence of a certain degree of centralization.

After Monero turned off mining on the ASIC, some devices switched to other coins using the same algorithm. These include the Haven Protocol (XHV), AEON (AEON) and Bytecoin (BCN), as well as Electroneum (ETN).

At the same time, supporters of mining on ASIC believe that specialized devices make blockchains more secure. Mining on the processor, in their opinion, is less effective, and in the case of Monero, it can contribute to the growth of fraudulent mining through botnets.

XMR is going through difficult times, and the upcoming update is regarded by many as a step back for a project that will provoke another failure in mining. The last few forks did not greatly affect the operation of the blockchain, but removed the coin from the equation of the rapidly developing mining industry.

Now XMR is trading at $ 52.96, which is far from its peak price of about $ 1,000, with losses much higher than most leading altcoins .

Apparently, XMR may soon leave the top 15 largest coins by market capitalization. Privacy XMR functions ceased to be the trump card cryptocurrency since most kriptobirzh require deanonimizatsii and increase the transparency of transactions after the release of the new FATF recommendations.

Publication date 10/16/2019
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Monero News

Monero can become the second most popular cryptocurrency after Bitcoin

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Monero can become the second most popular cryptocurrency after Bitcoin

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According to the popular TV host Max Kaiser, only two Bitcoin (BTC) and Monero (XMR) cryptocurrency have great prospects.

Kaiser is known as an ardent supporter of Bitcoin. He had repeatedly stated earlier that the BTC would not only soon become the best form of capital preservation , but would also be a symbol of the global revolution.

The essence of the revolutionary changes is to create a qualitatively new world, where financial regulators will not have any power over the market, which will be completely decentralized.

Now, the TV presenter believes that in addition to Bitcoin, the Monero coin will be able to occupy a dominant position in the cryptosphere thanks to the implemented transaction privacy system.

Kaiser stressed :

“I don’t know how Bitcoin will cope with this (with competition), but if it does, then of all the confidential coins, only Monero will lead. In fact, we will have a system in which Bitcoin and XMR will act as leading cryptocurrencies. ”

At the same time, Max Kaiser notes that Bitcoin will remain out of competition anyway and will retain the status of digital gold, and Monero will only help to improve BTC technology.

Publication date 07/16/2019
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Team Monero introduced RandomX – a new AISC-resistant mining algorithm

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Today, the team of developers of the project Monero Outreach, together with the company Arweave, presented a new mining algorithm called RandomX, which is resistant to ASIC devices.

In Monero Outreach they hope that RandomX will assist in the company's intentions to prevent the mining giants from dominating in the Monero ecosystem. Monero developers are committed to supporting mining through the use of a GPU, unlike other projects that promote privacy, such as Zcash and Dash. The project actively fought with the manufacturers of ASIC, but all the efforts of the developers assumed only temporary success.

The new RandomX algorithm is designed to generate a randomly varying code that ASIC devices can hardly solve. Thus, the use of equipment CPU and GPU will be more efficient for mining.

So far there is no information about the exact date of implementation of the RandomX algorithm. One of the key representatives of the team Monero said that the work on the distribution of mining operations among a large number of people and computers contributes to strengthening the position of cryptocurrency. Monero, according to him, is a strong cryptocurrency, and RandomX will make it even stronger.

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Monero plans to switch to a new consensus algorithm

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The Monero team, a project that is behind the development of a privacy-oriented coin, was thinking about switching the network to a new PoW algorithm, RandomX.

Potential implementation of the new consensus algorithm will be dealt with by representatives of the Arweave project. The final decision will be known after the audit of the new algorithm. It is assumed that the audit will take two months – this will require funding in the amount of about $ 150,000. If everything goes well, then with the support of the developer of decentralized Internet, the Monero team will switch from CryptoNight to RandomX.

Until now, Monero developers made changes every 6 months to CryptoNight, this allows the network to resist the action of ASIC devices. A similar approach, however, was criticized by the crypto community, as it is believed that the frequency of hard forks affects the level of centralization in the network. Arweave claims that with the RandomX algorithm, ASIC-device resistance will be maintained without undue interference from developers in the network. The RandomX algorithm may require miners to allocate about 2 GB of RAM, which will significantly complicate attempts to hide cryptodocking (hidden mining).

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