íàçâàíèå

Monero Hard Fork to Ensure Decentralization Welcomed by Community

Monero has undergone a hard fork over the last few days in reaction to purpose-built mining units that developers say would undermine their decentralization. Reddit pundits back the move as the right play for privacy and overall health of the network.

Monero Hard Fork was Move Against Mining Centralization

Monero announced the fork on their official blog scheduled for April6 on March 28 and cited two reasons for the fork. The first “a PoW tweak to curb any potential threat of ASIC and preserved ASIC resistance”, the second to get “the minimum ring size is bumped to 7. Expansion in minimum ring size was done to strengthen the privacy afforded by XMR.

Monero first made a statement about its stance on maintainingASIC resistance for their cryptocurrency in February. The post laid out a plan to swiftly react to any threat from AISCs by modifying the PoW at every hard fork whenever ASIC obtained a significant majority of the network hash rate which would be moving towards centralization.

The post described resisting mining centralization as one of the core values of the Monero project. Though in the statement the developers concede that ASIC mining may be inevitable it continued to say that “…any transition to an ASIC-dominated network needs to be as egalitarian as possible in order to foster decentralization.

In the same statement, Monero developers concluded that they are willing to perform an emergency hard fork to curb any potential threat from ASIC if needed and have proposed modifyingMonera’s PoW hash twice a year during every scheduled fork.

A New Coin and a lot of Reddit Support

Despite the developers’ announcement that this latest fork was a scheduled and consensual upgrade which would not produce a new coin, it has done just that. Monero Classic has emerged as a kind of resistance coin.

MoneroClassic.org has made an official announcement that argues pursuing ASIC resistance creates an alternative and more harmful form of centralization …developers are saying that they can and will change the consensus rules whenever it suits them. The organization has pledged to maintain the original software which follows the original rules.

So far comments on Reddit regarding the fork have been overwhelmingly in favor of the developers move. The thread which was started with the statement that the reduction in network hash rate proved that the fork had taken many of the miners by surprise garnered positive reactions from most.

Oneposter wrote that the tweak to was not only the correct move to avoid minging centralization and protect privacy but in the end a move that ensured the health of the overall cryptocurrency market.


Image Courtesy of Shutterstock

The post Monero Hard Fork to Ensure Decentralization Welcomed by Community appeared first on NewsBTC.

09.04.2018 / 10:40 101
ASIC Resistance Increasingly Hot Topic in Crypto as Monero Forks ASIC Resistance Increasingly Hot Topic
Monero, a leading privacy-centric cryptocurrency, has undergone a hard fork in recent days – producing a new Monero chain in addition to the now
Monero Hard Forks to Maintain ASIC Resistance, But ‘Classic’ Hopes to Spoil the Party Monero Hard Forks to Maintain ASIC
Privacy-centric cryptocurrency Monero has followed through on its promise to alter its mining algorithm to maintain ASIC resistance, but “Monero
Monero Community Holds Breath as Contentious Hard Fork Activates Monero Community Holds Breath as
A hard fork of privacy-centric cryptocurrency monero executed this morning, but the success of the roll-out is still unclear. At block number 1546000
Ethereum Users Support Hard Fork to ‘Brick’ Ethereum ASIC Miners: Poll Ethereum Users Support Hard Fork to
Ethereum users would support adopting a hard fork that renders Ethereum ASIC miners obsolete, a new poll shows. The poll, which was published on
Monero Miners In Uproar After Panic Algorithm Change Due to ASICs Coming Online Monero Miners In Uproar After Panic
Bitmain has found itself in a war with words with the monero community over the release of its latest cryptocurrency miner, the Cryptonight-capable
Comments (0)
Add a comment
Comment on