Monero To Swap CryptoNight For RandomX Marks Another Huge Milestone In Its Development
Monero is one of the few cryptocurrencies shaking the industry up in a spectacular fashion. Launched in 2014, this privacy-oriented coin already boasts of an incredible $1.971 billion in market cap. In fact, it’s now the largest fungible digital asset, even as it edges closer towards a more ASIC-free ecosystem complete with a new PoW algorithm called RandomX.
But, of all that Monero is currently going through, the current shift from CryptoNight, to RandomX is probably the most exciting. It is a move which formed part of the recently concluded Monero Konferenco in the crypto-happy city of Denver, Colorado.
During a MoneroTalk interview, both Riccardo Spagni and Howard Chu spoke a lot about this fungible cryptocurrency. They touched on all the developments that the Monero ecosystem has been undergoing, especially over the past couple of years. Spagni expressed his delight in the surprising strides the community behind the coin had achieved over the years.
According to him, the frustrating lack of progress that had hampered the coin’s development in its initial years could have forced many to ditch it. He, however, admitted that everything involving open-source software was bound to be misunderstood because projects of their nature take time. He further applauded the fast pace all developments had taken, saying it was surprising.
Spagni isn’t the only one praising how far Monero has come, however. Symas Corp’s founder was bold in his sentiments, saying that XRM was outstripping” its heavily-funded counterparts. In his view, the entire roadmap covered so far is quite surprising, especially considering the pace of deployment of new features.
Howard Chu also touched on RandomX and how it would transform Monero. He said that all the four audits done passed well, giving him no reason to doubt the essence of the switch. Further, according to Monero Outreach, the new Proof-of-Work algorithm, which essentially is an “ASIC-resistant” use a combo of special random code execution and memory-hard systems.
The two techniques are meant to inhibit custom-made mining hardware from taking over the network. The post further stated that RandomX is tailored for all-purpose CPUs, a feature which fundamentally decentralizes the network, while making it “egalitarian” in how the block rewards are arranged.
Regardless of everything, however, the proposed algorithm is currently undergoing four audits which essentially are slated to come to an end in July 2019. If all the tests are done successfully, the development community is hopeful that the algorithm will go live on XRM by October.