Monero to Use New Proof-of-Work Algorithm to Reduce Hard Forks, Cryptojacking

The developers of Monero (XMR) have revealed they may introduce a new type of proof-of-work (PoW) consensus algorithm for the leading privacy-oriented cryptocurrency.

According to Cointelegraph, Monero’s development team is planning to launch a different version of the PoW-based consensus protocol in October 2019. The privacy-focused cryptoasset’s developers reportedly made an agreement earlier this year with Arweave, which will be funding the security audit of the newly developed PoW algorithm.

RandomX Algorithm To Replace CryptoNight Protocol

The management at Arweave, the developer of a permanent and decentralized internet, have revealed that the RandomX algorithm will be integrated into Monero’s existing codebase. RandomX will also be replacing the current CryptoNight protocol - if/when the Arweave-commissioned security audit has been successfully completed.

In order to maintain ASIC-resistance on its blockchain, Monero’s developers have been conducting a hard fork every 6 months. The hard fork, or backwards incompatible upgrade, makes minor adjustments to the CryptoNight protocol in order to give all miners on the Monero network a fair (or equal) chance at mining XMR.

Cryptocurrency analysts have criticized the approach of regularly hard forking blockchains as they claim it leads to a greater degree of centralization. This, as hard forks have to be coordinated among a relatively small group of a cryptocurrency’s users due to their highly technical nature.

Raising $150,000 For Security Audit

Per Arweave’s development team, the RandomX protocol requires fewer codebase modifications and significantly less input from blockchain developers - in order to maintain ASIC-resistance.

As explained, the latest version of the PoW algorithm will undergo a security audit which will be co-funded by Arweave. The firm is reportedly planning to raise $150,000 in order to perform the security check over the next few months.

May Become Harder To Launch Cryptojacking Attacks

Implementing RandomX (and effectively replacing CryptoNight) will require XMR miners to allocate more than 2 GB of CPU RAM to run the process. This, RandomX’s Github page explains, could potentially prevent or make it more difficult to engage in cryptojacking (secretly mining cryptocurrency by hogging the CPU resources of unsuspecting users without their consent).

Crypto Market Update: Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK)

Siamak Masnavi

This article provides: an overview of how Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK) has been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.

To give you a rough idea of how well the crypto markets are doing today, 13 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar). 

All market data used for the price charts in this article was taken between 15:30 UTC and 16:00 UTC on 22 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Ethereum (ETH)

ETH-USD 24 Hour Chart - 22 Oct 2019.png

Since October 16, ETH has been trading between $170 and $180. 

Earlier today, Hudson Jameson, Community Manager at Ethereum Foundation, said on Twitter that he is not happy with Ethereum's current governance structure and asked the crypto community for suggestions on how it could be improved:

Ethereum Foundation researcher Vlad Zamfir had this say in his reply to Jameson's tweet:

XRP

XRP-USD 24 Hour Chart - 22 Oct 2019.png

Although XRP is up only slightly down, in the past 30-day period, the XRP price has risen 6.96%. 

Earlier today, Ripple announced that it had expanded its global regulatory team and opened an office in the heart of Washington, DC. Furthermore, Craig Phillips, former Counselor to the Secretary at the U.S. Treasury Department, is now part of Ripple's Board of Directors. Lastly, Ripple has become a member of the Blockchain Association, and Michelle Bond, Ripple’s Global Head of Government Relations, will be sitting on its board.

Bitcoin Cash (BCH)

BCH-USD 24 Hour Chart - 22 Oct 2019.png

On October 17, CryptoGlobe reported that Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, the world's largest crypto exchange by trading volume, had proposed (on the Binance community forum) the idea of listing BCH on Binance DEX, Binance's decentralized exchange platform.

In his post on the Binance community forum, CZ said that Binance was proposing to list (on Binance DEX) BCH-1FD, "a pegged token that tracks the value of the native asset of the Bitcoin Cash" to allow "Binance DEX users to trade BCH on the DEX." CZ went on to say:

BCH-1FD is backed by real BCH assets, and Binance, the largest cryptocurrency exchange, will provide conversion between BCH and BCH-1FD through deposit/withdraw. As such, there isn’t much development work in this token or any potential of conflict of interest.

Yesterday, Binance announced that Binance DEX had listed this new token (i.e. BCH-1FD) and that trading in the pair BCH/BNB had gone live. Since then, there have been 2116 transactions.

Chainlink (LINK)

LINK-USD 24 Hour Chart - 22 Oct 2019.png

Chainlink continues having a great October, going up almost 10% today (highest gainer among the top 20 cryptoassets).

Chainlink continues to impress the crypto markets with a non-stop flow of partnership announcements; the latest one came yesterday when blockchain startup Ultrain announced via a blog post that it "will officially integrate with the Chainlink oracle network."

Chainlink's highly impressive return on investment (ROI) figures for the past seven days, 30 days, three months, and one year are +16.04%, +52.82%, +15.71%, and +607.18% respectively.

 

Featured Image Credit: Photo via Pixabay.com