Monero Undergoes Hard Fork To Retain ASIC Resistance

Recent days has seen Monero implement a hard fork in its blockchain network and bring about additional blockchains from the Monero blockchain network and it also includes the renamed Monero Classic blockchain network. The fork has come along in light of their efforts to make sure that the cryptocurrency does not become centralized in any shape or form due to the possible development of ASICs that can monopolize the mining process of XMR. Upgrade Announced By Monero This recent upgrade was announced by the privacy-centric cryptocurrency Monero on the 28th of March with the fork having been scheduled to come into effect on the 6th of April, 2018. This fork seems to have seen immediacy in implementation on the part of Monero due to the announcement made by Bitmain that it has developed ASICs that will be able to mine Monero with previously unprecedented efficiency. According to the announcement, the upgrades to the network from the hard fork onwards shall include the minimum size of the ring to be increased to seven and there will be changes made to the Proof of Work algorithm in order to stunt any chances of ASICs being able to dominate mining of XMR tokens. ASIC Resistance Has Been An Agenda For A While Now The stance to preserve ASIC resistance by Monero is not something that has come along just because of Bitmain’s announcement of their new hardware. The cryptocurrency has been concerned about not letting ASICs dominate the mining industry of Monero for a while now. February of 2018 saw Monero publish a document, which essentially details their formal stance on ASIC resistance. Monero has long been interested in continual ASIC resistance. Maintaining the decentralized aspect of the cryptocurrency’s mining and distribution to make it more egalitarian has been one of the core values for Monero. ASIC Resistance Debate In Cryptocurrency World Ever since ASICs have become more and more prevalent in the world of cryptocurrencies, the debate about whether or not ASIC resistance should be pursued is growing. The past week saw Ethereum post an Ethereum Improvement Proposal. It said that the whole community on the Ethereum blockchain network should take into consideration the necessity of making a change to the mining process in order to resist ASICs. With the fact that there is a very likely possibility of ASIC hardware coming along soon that will be able to effectively dominate the mining process of the Ethereum blockchain network, it has become more important in the eyes of Ethereum developers to implement changes to the mining process so that the Ethereum blockchain network retains some semblance of decentralization. Ethereum’s Concern Is Valid The concern being presented by Ethereum developers and the Ethereum Improvement Proposal being made suggesting a change in the mining process is actually pertinent. Bitmain has announced its latest product called the Antminer E3 which will be effective in the mining processes of the Ethereum blockchain network according to the hardware’s producer. While the impact of this new ASIC is yet to be seen, the concerns are definitely rising among cryptocurrency developers. There might be more forks on the way in the world of cryptocurrencies in a bid to maintain ASIC resistance. Charlie Shrem is a Bitcoin pioneer, a social economist and digital currency trader. His work in this field is legendary. In 2011, at the dawn of the crypto era, he founded BitInstant, the first and largest Bitcoin company. In 2013, he founded the Bitcoin Foundation and serve as its vice chairman. Since then, Charlie has advised more than a dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is the go-to guy for some of the world’s wealthiest entrepreneurs. In short, he is the ultimate insider at the epicenter of the crypto universe. Crypto.IQ is a premier advisory firm providing expert research, education and advice in the world of cryptoassets. The company is unique in that it combines the unparalleled expertise of crypto pioneer Charlie Shrem with the unparalleled market knowledge of three Wall Street experts with more than a century of combined financial industry experience. Together, they have managed and traded more than $1 billion in assets. In a world of "instant experts," who have little knowledge or trading experience, the Crypto.IQ team offers the proven depth, insight and knowledge to help their clients achieve success. Raise your Crypto.IQ…and profit! Crypto.IQ gives you the insider knowledge you need to succeed as a cryptocurrency investor.

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