More

    Ravencoin (RVN) To Become ASIC-Resistant via Hard Fork Implementation

    The prevention of mining centralization via the use of ASIC miners is becoming more common in the crypto market lately. Now, Ravencoin (RVN) is set to implement a new hard fork that will make the network resistant to ASIC miners.

    According to the developers, the main reason to block ASIC miners is to protect the network from a 51% attack. Ravencoin was always designed to keep mining power decentralized, so creating an algorithm that keeps changing to block specialized miners would make them useless, as no one would buy equipment only for it to become unusable a few months later.

    The problem was first noted a few months ago when a single miner was able to mine as much as 45% of the blocks. With 51%, he would be able to perform an attack on the network.

    X16 version 2, the hard fork, will be implemented on October 1. The goal of the update is to ban ASIC miners and to ensure that only GPU miners can work. This will happen in the 2.5.1 version of the software, so all nodes should be upgraded. Several platforms such as Binance already affirmed that they will support the hard fork.

    Obviously, not everybody agrees with the changes. Some small but vocal users believe that the original blockchain should be maintained. This will possibly result in the creation of Ravencoin Classic, a new token that will not be resistant to ASIC miners. Most people believe that a real split during the hard fork is very unlikely, though.

    Both the price of RVN and its daily trading volume went up after the hard fork was announced, but they started to normalize again.

    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
    Gabriel Machadohttps://bitcoinexchangeguide.com/
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [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

    3,352FansLike
    2,771FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

    Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm...

    Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

    We are about to end March, a month that saw the price of bitcoin hitting $3,850 and ready to end the quarter with over...

    Bitcoin Beating Gold But What will Hold its Value Better in Five Years?

    The price of bitcoin is currently trading in the green by 2.34% as it trades around $6,450. Although down 11.89% YTD and about 34%...

    Lightning Labs New LSAT Protocol Promises To Do Away With Usernames And Passwords

    A statement from Lightning Labs CTO, Olaoluwa Osuntokun, revealed the specs of the Lightning Service Authentication Tokens (LSAT) which is expected to act as...

    Cardano's CEO Charles Hoskinson: “We Are Delivering the Best Cryptocurrency, Period”

    In his latest Periscope video, Cardano creator Charles Hoskinson yet again emphasized on the smart contract platform to be technologically superior to leading networks...

    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.