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The Monero Network (XMR) has been successfully upgraded to RandomX, a new mining algorithm that aims to be ASIC-resistant.
On November 30, the Monero Community Working Group did a live stream on YouTube where the update took place at approximately 58 minutes. The new update also introduced the Proof of Work (PoW) algorithm, RandomX, which uses random code execution along with memory-focused techniques to resist application-specific integrated circuits (ASICs), devices optimized for operations. mining companies.
The update is also reportedly optimized for generic central processing units (CPUs) in order to make the network more decentralized. As a result, those who wish to use graphics processing units (GPUs) to mine Monero may find it more difficult to do so.
Monero’s team believes that ASIC machines have a centralizing effect as only a few companies in the world are capable of producing them.
However, others have claimed the exact opposite. Bran Cohen, best known as the author of the peer-to-peer (P2P) BitTorrent protocol, recently said that ASIC-resistant PoW is both a pipe dream and a bad idea. Cohen added that it is a much better idea to be compatible with ASIC, because “ASIC resistance only creates greater centralization around production when it inevitably fails.”
Ethereum co-founder Vitalik Buterin echoed similar sentiments when he said there is a growing consensus that ASIC-resistant algorithms have a limited lifespan and that ASIC resistance ultimately renders 51% cheaper.
Cryptocurrency exchanges remove Monero due to money laundering issues
Poland-based cryptocurrency exchange BitBay announced in November that it will remove the privacy-focused cryptocurrency Monero on February 19, 2020 due to concerns about money laundering. The exchange explained:
“Monero (XMR) can selectively use the anonymity features between projects. This XMR feature is subject to end of transaction support. The decision was taken to block the possibility of money laundering and inflows from external networks “.
In September, major cryptocurrency exchange OKEx also removed Monero and a number of other privacy-oriented coins including Dash (DASH) and Zcash (ZEC), among others.
