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.