03 December, 2019 | AtoZ Markets – The Monero Community Workgroup made a live broadcast on YouTube on 30 November, in which the upgrade took place at about 58 minutes. The new upgrade also introduced the RandomX, proof-of-work (PoW) algorithm. That uses random code execution with memory-based techniques to withstand application-specific integrated circuits (ASICs), optimized devices for professional mining operations.
Monero Hard Fork Mining Algorithm
The upgrade would also optimize for multipurpose CPUs to make the network more decentralized. Therefore, those who wish to use graphics processing units (GPUs) to operate Monero might find it more challenging to do so.
Monero’s team believes that ASIC machines have a centralizing effect because there are only a few companies in the world that are capable of manufacturing them.
However, others have claimed precisely the opposite. Bran Cohen is the peer-to-peer BitTorrent protocol author. He recently said that ASIC-resistant PoW is a bad idea. Mr. Cohen added that it is a much better idea to be supportive of ASICs. Because the resistance to ASIC only creates greater centralization around manufacturing when it inevitably fails.
Ethereum co-founder Vitalik Buterin echoed similar sentiments. He said that there is a growing consensus. ASIC-resistant algorithms have a limited lifespan. Moreover, it ultimately makes 51% attacks cheaper.
From 24 October, preparations for the hard fork began. In the last phase of CLI v0.15.0.0. Carbon Chamaeleon was released. Besides, the Monero team made live streaming with the community before the update.
The scheduled network upgrade went successfully! ?— Monero || #xmr (@monero) December 1, 2019
RandomX as well as multiple privacy improvements are now live!https://t.co/y59cuDtBvo
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Riccardo Spagni is Monero’s maintenance head. He said the update would be another important step in improving Monero’s network, with a particular focus on its decentralization and operation. Four independent teams audited the RandomX algorithm during its testing phase. And it would hopefully bring positive changes to the cryptocurrency.
The Monero community has been hard hit in recent months as major crypto exchanges announced they would stop supporting Monero on their platforms. Because of the intrinsic nature of cryptocurrency, the exchanges claim that people mostly use it for money laundering and other unlawful activities.
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