Monero (XMR) To Utilize A New Proof-Of-Work Algorithm, RandomX, By October 2019

Monero To Implement New Proof-Of-Work Algorithm, RandomX, By October

Developers of Monero (XMR) are now officially making specific plans to launch a new proof-of-work (PoW) algorithm in a few months. Monero will be working on this in collaboration with Arweave, which will support an audit of the new algorithm before it is officially launched.

Arweave

Arweave is a new type of data storage blockchain platform that supports a permanent server-less web, creating a new type of permanent platform for data storage. The firm has stated that the new RandomX algorithm will be formally implemented by Monero after the successful audit has been complete.

The collaboration between Monero and Arweave will supposedly cost both firms a combined $150,000 and will be carried out for two months so it can all be ready by the proposed October date.

CryptoNight

Before now, the developers at Monero have been using CryptoNight, apparently having to do a hard-fork every six months. The hard-fork was done by making a few small changes to CryptoNight, guaranteeing Application-Specific Integrated Circuit (ASIC).

This method of hard-forking the network has seen quite a bit of disapproval overtime. A commentator once pointed out sometime last year, that the several hard forks being done, directly means that a certain amount of centralization is compulsorily needed for proper harmonization.

RandomX

Arweave has however spoken on this, saying that the new RandomX will not need a lot of interference from the Monero developers and would still be ASIC-resistant.

Furthermore, the GitHub page for RandomX mentions a feature that would improve its security. According to the page, miners of the algorithm would have to devote more than 2 GB of RAM for the mining process, specifically making it more difficult to mask attempts at cryptojacking.

This seems like good news, especially considering the fact that a recent report done by Check Point Research, established that crypto miners were the “three most common malware variants.” According to the report, the second most common is the XMRig which is an open-source mining software for mining Monero.

A different report by Trend Micro Inc, a security intelligence firm, has concluded that many cybercriminals have taken to manipulating the widget connector vulnerability CVE-2019-3396, for the Confluence software – a software made by Atlassian – which is a popular collaboration and planning software connected to Monero mining.

According to reports, the exploitation allows criminals to sneakily access an exposed computer and then install and run a miner for Monero (XMR) on it. The criminals also hide their mining activity on the exposed system and network using a rootkit. This can however, be downloading and installing new security patches.