[UPDATED] Monero Team Mulls Changing PoW Algorithm To Protect The Network’s ASIC Resistance Ethereum Aud Conversion

How To Deposit AUD Into Your Coinspot Wallet, Buy BTC, Transfer BTC Over To USI-TECH & Buy BTC Packs

ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

Ethereum Community Debates Consensus Algorithm Targeting ASIC Miners

Iran Moves Forward With Creation Of National Cryptocurrency

Russian Airline Using Blockchain To Improve Fueling Process

As Venezuela’s Economic Chaos Continues, Dash Sees An Opening Ethereum Aud Conversion

Learn the basics of Ethereum and various cryptocurrency technologies

Understand the underlying principles of the Ethereum Platform

Ethereum Aud Conversion

Submit a press release for consideration on ETHNews

Submit a story or DAPP to be considered for publication on ETHNews.

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

[UPDATED] Monero Team Mulls Changing PoW Algorithm To Protect The Network’s ASIC Resistance

Starting in March, scheduled Monero forks will feature minor changes to the blockchain’s CryptoNight hash algorithm in order to keep the network ASIC-resistant.

that the cryptocurrency mining hardware firm Bitmain plans to sell a Monero-specific ASIC called Antminer X3, Monero core developer Riccardo Spagni

plans for a hard fork that would undermine those ASICs' efficacy. The update to the Monero network is scheduled for April 6, more than a full month before the first of the mining rigs are

When the Antminer was unveiled, Spagni took to social media to

that the hardware would "NOT work on Monero." Before the Bitmain ASIC sold out, customers had the option to preorder it for $11,999, according to the company's website.

credited to "dEBRYUNE [sic], dnaleor and the Monero project" relates that a group of individuals, ostensibly those referred to collectively in the communiqué as "the Monero team," have taken a position on the possibility of Application-Specific Integrated Circuit (

) miners making their way into the Monero ecosystem.

Due to concerns over centralization, as well as executing "an emergency hard fork to curb any potential threat from ASICs [whenever one is] needed." Ethereum Aud Conversion , as well as executing "an emergency hard fork to curb any potential threat from ASICs [whenever one is] needed."

Before going any further, let's break down what this means.

In order to mine blocks on a PoW blockchain, miners use computing power to solve a puzzle, known as a hash, which is generated by that blockchain's hash algorithm. The hashes that these algorithms produce are based on the transactions contained in the current block. Different blockchains use different hash algorithms, and while a single algorithm will always generate the same hash if it's fed the same data, In order to mine blocks on a PoW blockchain Ethereum Aud Conversion

"An ASIC … is custom mining hardware that is specialized for a particular use. For example, Bitcoin ASICs are specialized to mine cryptocurrencies utilizing a SHA256 hash algorithm, [which is used on the Bitcoin network]. Due to the fact that they are designed for a specific use, they will typically have a large performance advantage over hardware that is intended for general-purpose use like CPUs, GPUs, and even FPGAs [which are circuits that can be configured for specialized purposes after they are manufactured]."

In other words, an ASIC that is tailor-made for one hash algorithm will not perform nearly as well in solving the hashes of a different algorithm, but one designed around Monero's hash algorithm "will obtain a significant majority of the network hashrate and introduce centralization." This happened to the Bitcoin network, on which ASICs are now "the only viable way to mine."

The post's authors worry that only a few firms will be able to build such ASICs in a cost-effective way, and with this centralization will come the threat of a "single point of failure. For instance, a government could require these ASIC manufacturers to add a 'kill-switch' which allows them to shut down a miner remotely or otherwise control it."

They concede that cryptocurrency mining is generally "prone to the rich-get-richer effect," because the more capital miners have at their disposal, the more mining equipment they're able to purchase and operate. They argue that while this tendency "ultimately leads to centralization," Monero's hash algorithm, known as CryptoNight, aims to "close the gap between CPU and GPU, FPGA, and ASIC mining by using a proof-of-work system that is memory bound over a moderate amount of memory." This feature slows centralization.

Continually modifying the hash algorithm is a way of kicking the can down the road. It may not stave off centralization forever, Continually modifying the hash algorithm is a way of kicking the can down the road. It may not stave off centralization forever Ethereum Aud Conversion

One possible obstacle to the smooth functioning of this scheme: users failing to mine the desired branch of the hard fork. If some users move their operations over to the newly created branch while others stay on the old one, the division of the mining community poses its own threat of centralization.

that, as is the case "with every hard fork, as developers we present the software to the userbase, and then we hope that they'll run it. We have no control over what miners and economic nodes will

The first routine fork containing a change to CryptoNight will be executed in March, and the Monero team will "continue to research alternative proof-of-work functions that may provide better ASIC resistance than CryptoNight." 

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam holds value in Ether, Bitcoin, and Monero.

to receive the latestMonero,ASIC or other Ethereum cryptocurrencies and tokens news.

Ethereum Community Debates Consensus Algorithm Targeting ASIC Miners

Iran Moves Forward With Creation Of National Cryptocurrency

The latest core devs’ meeting centered around various Ethereum Improvement Proposals to reduce or maintain block rewards distributed to miners. ETHNews attempts to clear up the mud surrounding the discussion.

Copyright 2018 ETHNews. A division of Blockchains Management Inc. All rights reserved.

ETHNews is an editorially independent, non-monetizing media outlet—our site does not publish any form of advertising, including sponsored content, and we do not accept payment in exchange for publishing content.