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.

Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day "Cardano Virtual Summit: Shelley Edition", IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody "without losing the ability to delegate their stake."

On Tuesday (June 30), IOHK announced that the Shelley codebase had been released to Cardano’s mainnet (but note that the actual hard fork is not expected until around July 29):


Hoskinson had this to say about his company's agreement with Coinbase Custody, which "operates as a standalone, independently-capitalized business to Coinbase, Inc.":

"With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

"This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special - being able to participate in the network.

"We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption."

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

"We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

"We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

"The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

"We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto."

IOHK's announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano's token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano's ADA has gone up over 206% vs. the dollar.