- The upgrade was displayed during a live stream on YouTube.
- RandomX is designed to be resistant to ASICs to reduce centralization.
The Monero community recently watched as a live stream on YouTube allowed them to witness a major change to the network, the upgrade to RandomX. On November 30th, the upgrade took place at about 58 minutes, which implemented the new proof-of-work algorithm. RandomX is resistant to ASICs, as it uses random code execution with memory-based techniques, which can slow down the efficacy of these professional mining operations.
Along with the upgrade to the algorithm, it also set out to make the use of general-purpose central processing units more optimal and improves the efforts of decentralization. Anyone that chooses to use graphics processing units in mining Monero is likely to be met with some difficulty. The team believes that ASIC machines are much more centralized since there are only a few companies in the world that can manufacture these devices.
However, not everyone is on board. Bran Cohen, who wrote the peer-to-peer BitTorrent protocol, stated that having a PoW that is resistant to ASIC use is both a blessing and a curse, stating that being ASIC-friendly is much better. Cohen noted that the resistance to ASIC devices “just creates more centralization around manufacture when it inevitably fails.” Vitalik Buterin, the co-founder of Ethereum, seems to agree, recently stating that ASIC-resistant algorithms have seen rather limited long-term use while making 51% attacks less expensive to pursue.
BitBay, a cryptocurrency exchange in Poland, recently announced last month that money laundering concerns have led them to delist Monero, effective February 19th of next year. Monero, a privacy-focused coin, “can selectively utilize anonymity features among projects,” said BitBay. The exchange explained,
“This feature of XMR is subject to the end of transaction support. The decision was made to block the possibility of money laundering and inflow from external networks.”
Monero was also delisted by the OKEx cryptocurrency exchange two months prior, along with Dash and Zcash. This trio of crypto assets is all privacy-oriented.