Monero (XMR) RandomX Upgrade Strives to Be ASIC-Resistant in Latest Hard Fork Change

The Monero privacy coin recently implemented an upgrade to the network, making the process of mining more difficult for ASIC devices to maintain decentralization. However, by restricting a certain group of miners, does the network indirectly stifle decentralization?

  • 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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,230FansLike
2,566FollowersFollow
4,065FollowersFollow

Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

Latest Analytics Shows 64% Of Controversial Stablecoin USDt Supply Controlled by 119 Addresses

Tether’s stablecoin ‘USDT’ continues to dominate this segment of the crypto market according to the latest statistics. However, questions on its decentralization inadequacy has...

NYAG Responds To Bitfinex, Tether Calls The Case A ‘Highly Misleading Factual Presentation'

The New York Attorney General Office (NYAG) has responded to Bitfinex’s appeal to have the authority stop the ongoing investigations against them and Tether....

EU’s Upcoming AML Regulation Forces Bitcoin Payments App Bottle Pay to Shut Down

EU’s 5th anti-money laundering directive coming into effect on 10th January 2020 To not force this onto the community, Bottle Pay will cease...

Africa’s First Stablecoin is based on Nigerian Naira & Built on Binance Chain

The very first stablecoin of Africa is backed by Naira, the fiat currency of Nigeria and it will be built on Binance Chain, the...

Libra Whitepaper Gets Updated, Association Members Won't Get Paid On Reserve Asset Profits

The new whitepaper doesn’t use interest to pay early investors, which are predominantly involved in the Libra Association. The interest will still go...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.