Monero Developers Consider Adopting 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 Arweave, which will fund an audit of the new algorithm, an Arweave spokesperson told Cointelegraph via email on May 23.

Arweave, which has launched a permanent and decentralized internet, said that monero will implement the RandomX algorithm, thus replacing CryptoNight, if the audit is successful.

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 has been criticized for being overly centralized, as one commentator on GitHub noted in 2018 that the frequent hard forks mean a higher degree of centralization to coordinate them. Arweave 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.

4  Comments Add a comment…

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

    I’ve recently been seeing a number of shortcomings listed against Monero like in the last 2 paragraphs. I think Monero needs to pick up speed in order to maintain it’s place as the most popular privacy coins before more innovative projects like Veil pick up the mantle.

    Reply

  • Mak Don  

    This is a great step to be taken by Monero being the father of all privacy coins. However, I think privacy coins like Veil coin is really challenging Monero in terms of technological advancements. Veil isn’t bad

    Reply

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

    I’m a bit confused, I understand ASIC resistance… But rendering GPU based mining uncompetitive? Is this a goal or a side effect?

    Reply

  • RonyNya  

    Love this stuff and Veil has similar technology with Monero

    Reply

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