Russian Nuclear Agency to Develop Blockchain as Part of Technology Adoption Framework

  • Russian state nuclear energy corporation is in the process of developing “advanced” digital technologies including a blockchain framework
  • Strategic focus on blockchain is in line with recent Russian policy

Rosatom, Russia’s state-owned nuclear energy corporation has announced that it is fully engaged in developing “4.0 technologies” including blockchain technology, according to a press release signed by Rosatom IT Department head Evgeniy Abakumov, on October 1.

According to Abakumov, Rosatom will focus on three main areas of development within its drive to adopt new technologies, namely blockchain technology, artificial intelligence (AI) and Internet of Things (IoT). To this end, he revealed, the corporation is currently in the process of recruiting fresh talent in the three designated fields.

Quoted in the statement he said:

We are committed to integrating 4.0 technologies on a wider scale. IoT, AI, blockchain and others are to increase the efficiency of manufacturing process.

Evgeniy Abakumov

Russia has recently adopted a positive position on blockchain technology, with several state institutions like the nationwide Russian state pension fund announcing their intentions to implement blockchain technology at several points during the course of 2018.

A month ago, the Russian Union of Industrialists and Entrepreneurs collaborated with the country’s Duma to create a new bill for regulating cryptocurrencies which could serve as a legal basis for the operation and oversight of the country’s blockchain sector. Despite the optimism this move generated, many were left disappointed when the draft bill seemed to back off from explicitly providing legal backing for cryptocurrencies.

Military and Economic Application of Blockchain Technology in Russia

Last month, CryptoGlobe reported that a Russian military research lab was created in June with the mission of exploring how blockchain technology can be leveraged to detect and prevent future attacks. The Russian Defense Ministry was also reportedly set to begin implementing blockchain technology in line with the integration of Russian cryptographic algorithms into international standards.

In August, CryptoGlobe also reported that Russian lawmaker Vladimir Gutenev suggested the adoption of a gold-backed cryptocurrency for international arms sale transactions by the Russian government so as to circumvent US sanctions aimed at preventing the sales of Russian weapons and goods in general.

Monero (XMR) Rises 13% to $60 Ahead of Proof-of-Work Algorithm Shift

The privacy-centric cryptocurrency Monero (XMR) has seen its price jump as much as 13% thanks to a scheduled proof-of-work (PoW) algorithm shift that’ll see it weed out ASIC miners.

According to CryptoCompare data, XMR is up 13% in the last 24-hour period and is currently trading at around $60, thanks to a planned change in its Proof-of-Work mining algorithm, that’ll see XMR crack down on specialized ASIC miners and improve the efficiency of CPUs on its network.

XMR price perforanceSource: CryptoCompare

A Reddit thread on the scheduled protocol upgrade details it’s expected on November 30,  although a code freeze is set to occur on October 24. The biggest change the upgrade is set to bring is a change to the RandomX PoW mining algorithm, which will require miners to upgrade their software.

 

A second major change will be the phasing out of long payment IDs on the XMR network, to improve both privacy and user experience. The move is also expected to help reduce support work for cryptocurrency exchanges as XMR will become more user-friendly.

Privacy improvements include transactions requiring at least two outputs, and the enforcement of a ten block lock time for incoming transactions. The post details RandomX was “successfully audited by four independent audit teams.”

As a result of the upgrade hashrate on the XMR network is expected to significantly increase, because the “average CPU will produce significantly more hashes.” The performance of ASIC miners on the network is once again going to drop, just like that of GPUs.

Monero has hard forked to weed out ASIC miners two times in the past, and its hashrate crashed as a result.

Monero's hashrate over timeSource: 2miners.com

The algorithm change will likely see some miners move to other CryptoNight-based cryptocurrencies like Electroneum (ETN), Bytecoin (BCN), or a Monero fork.

Featured image by Csaba Nagy via Pixabay.