Monero Developers Consider Adopting New Proof-of-Work Algorithm in October

May 24, 2019
70 Views

Privacy-centric cryptocurrency monero will reportedly switch to a new proof-of-work algorithm in October.

Privacy-centric cryptocurrency monero (XMR) plans to switch to a new proof-of-work (PoW) algorithm in October. The new algorithm follows an agreement with permanent storage network Arweave, which will fund an audit of the new algorithm, an Arweave spokesperson told Cointelegraph via email on May 23.

Arkweave said that monero will be the first to use the RandomX algorithm, thus replacing CryptoNight. Until now, monero developers reportedly hard-forked the network once every 6 months to ensure application-specific integrated circuit (ASIC) resistance by implementing small changes to CryptoNight.

However, this approach was criticized for being overly centralized, the spokesperson notes. Arkweave claimed that RandomX requires less developer intervention to stay ASIC-resistant, and will render graphics processing unit-based mining uncompetitive.

Arweave has purportedly partnered with monero developers to co-fund the audit, which is expected to reach $150,000 of funding and will be conducted over the next two months.

The GitHub page dedicated to RandomX also notes that the algorithm requires miners to dedicate over two gigabytes of RAM to the process, which could make cryptojacking attempts harder to hide.

As Cointelegraph recently reported, a global threat report from Check Point Research has concluded that the three most common malware variants detected in April were crypto miners, which often mine monero.

At the beginning of May, security intelligence firm Trend Micro Inc reported that cybercriminals are now reportedly exploiting known vulnerability CVE-2019-3396 in the software Confluence, a workspace productivity tool made by Atlassian, to mine monero.

You may be interested

Russia Is Getting Serious About Blockchain, but Remains on the Fence About Cryptocurrencies
Blockchain
2 views
Blockchain
2 views

Russia Is Getting Serious About Blockchain, but Remains on the Fence About Cryptocurrencies

btcethereumadmin - June 16, 2019

Crypto was a hot topic at a forum featuring Russia’s top people from the economic sector. Last week, an annual…

Accept Direct Crypto Payments Using the Rocketr Gateway
Crypto News
14 views
Crypto News
14 views

Accept Direct Crypto Payments Using the Rocketr Gateway

btcethereumadmin - June 16, 2019

It’s in the best interest of businesses to offer their customers a variety of payment options. Cryptocurrencies can undoubtedly bring…

Indian Crypto Community Petitions Government for Regulation
Bitcoin
4 views
Bitcoin
4 views

Indian Crypto Community Petitions Government for Regulation

btcethereumadmin - June 16, 2019

Following widespread reports of the upcoming Indian cryptocurrency bill, the crypto community has started a petition for the government to…

Leave a Comment

Your email address will not be published.