RandomX released, last update of monero's mining algorithm

By Roberto D. | CryptoFarm | 1 week ago

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the new update of the Monero network took place successfully on November 30th; with the release of RandomX, a new mining algorithm, the XMR network becomes even more resistant to mining with ASIC and, consequently, more decentralized and safer. The ASIC circuits, for the uninitiated, are nothing but machines developed ad hoc to undermine a certain type of cryptocurrency, when a network is not ASIC resistant, such as in the case of bitcoins, what happens is that in the long run tends to centralize due to the investments of the big players in the market who can devote more money to the purchase of hash power. RandomX, in any case, not only makes the ASIC network resistant but, being optimized for CPU mining, it also makes it more complex to undermine with graphics cards, therefore we can consider this update as intended to make monero more and more inclusive for children miners.

It must be said, however, that not all the community shares the direction taken by the developers of monero, some, for example, are not at all convinced that developing a resistant ASIC mining algorithm is useful for decentralization; to think so, just to name a couple, Vitalik Buterin (founder of ethereum) and Bran Cohen (developer of the BitTorrent protocol) according to whom the resistance to the ASIC is something that can only be pursued and never truly fully achieved, not to mention fully of the fact that it makes the network more exposed to attacks 51%. As far as security is concerned, clearly, it always depends on how extensive and decentralized the network is, of course, if the network expresses little computing power, ASIC resistance could make it paradoxically more fragile, but I don't think this is the case with monero; in this moment, in fact, the real problem of monero is neither the security of the network nor the algorithm of mining, but the turn of the screw wanted by the FATF (international financial action group) which has substantially imposed on the large decentralized exchanges, which operate according to the law with a license issued by the various local regulatory authorities, the delisting of anonymous cryptocurrencies including, precisely, precisely monero, among the very first currencies to cover the expenses of the new initiatives undertaken by the FATF. For now, contrary to what we expected, the market has reacted fairly calmly and we have not seen any sort of panic selling, but the issue is a serious one and could end up jeopardizing the future of anonymous cryptocurrencies.

 


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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