Monero, the leading privacy coin recently underwent a hard fork, producing a new Monero chain in addition to the Monero classic. The main aim behind this move was to increase the coin’s ASIC resistance and increase the minimum ring size to 7.
On March 28th, 2018, Monero announced that they would upgrade the network on April 6th, this year. Additionally, the firm advised its users to be well prepared for the exchange would run CLI v0. 12.0.0 or GUI v0. 12.0.0. The network upgrades introduced two major changes. First, PoW tweaks to prevent threats from ASICs and maintain ASIC resistance. Second, the minimum ring size was bumped to 7, from 6. As such, pool operators are required to ensure that the network will reject the pay-outs use a seven minimum ring size or they.
ASIC resistance increasingly becoming a hot debate among cryptocurrencies
After Monero decided to upgrade their network and enable ASIC resistance, other crypto followed suit. Immediately after Ethereum’s co-founder, Vitalik Buterin proposed the introduction of the hard fork on the coin’s supply at approximately 120 million, Piper Merriam, a developer advocated that the hard fork should be introduced to demonstrate an effort to resist ASIC based mining.
In his statement, Mr Merriam added that there could be an ASIC based Ethereum mining on the horizon, according to the internet. The proposal concludes by asking two questions, “should the hard coin fork to make ASIC-based Ethereum mining harder and what changes should the frim make to implement these plans.”
Additionally, Overstock CEO, Patrick Byrne boasted of the efforts by Ravencoin to ensure ASIC resistance. The firm claims to achieve this through the adoption of an ‘X16R hashing algorithm, consisting of 16 hashing algorithms that operate in a chain. Through a whitepaper, the firm added that they would achieve this through a constant disruption of the ordering of the hashing algorithms.
Do you think all Cryptocurrencies should seek to improve on ASIC resistance?
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