Monero cryptocurrency conducted a hard fork using the RandomX algorithm

Endy Callahan

Monero cryptocurrency has always been focused on maximum privacy. Its developers are preparing to activate RandomX and use the updated pow consensus confirmation algorithm.

Preparing for the Monero update

In preparation for the hard fork, the Carbon Chamaeleon client was activated. The app supports new features, its performance has been increased, and bugs have been fixed. The developers note that all services, users, crypto exchanges and mining pools must install the app version in order to fully prepare for the update.

With regard to hashes that are signed with the GPG key, the creators of Monero note the importance of verifying the integrity of binary files. To do this, make sure that the GPG key from the coin's Creator was used to sign them. The development of the GUI interface is planned for a somewhat later date.

Updated Monero block creation algorithm

Arweave has developed an updated pow algorithm for the Monero cryptocoin. A lot will be determined by the results of checking the new Protocol.

Today, the creators of Monero conduct hardforks every six months. The purpose of such actions is to resist ASIC miners and prevent them from taking over the network. In the crypto community, this policy does not find unequivocal support.

The RandomX audit is likely to cost $ 150,000. It will be held for 2 months. RandomX can allocate up to 2 Gb of RAM from miners, this will create big problems for hidden mining.

Features of Monero cryptocurrency

The Monero cryptographic currency is known as the best coin for darknet due to the use of the "ring signatures" algorithm. It is very different from Bitcoin, Ripple, Litecoin and other coins. The main advantage of Monero is the achievement of high anonymity and security. This is also the difficulty of the coin, which is under increasing pressure from government agencies.

Monero is ideal for making confidential payments. Unlike Bitcoin, the coin uses the rare protocol called CryptoNote, which is designed for the family of anonymous cryptocurrencies. Wallets have cryptographic protection, which is known only to the owner of coins.

The CryptoNote protocol is based on the use of ring signatures and one-time addresses that hide information about the sender and recipient. Transactions that use a ring signature refer to other operations in the chain. It is considered that on the basis of the Bitcoin blockchain, it is possible to identify information from certain wallet addresses. Monero uses one-time addresses, which completely eliminates even this possibility. The article "The truth about blockchain security" will help you take a sober look at the security of digital assets.

Key advantages of Monero

Cryptographic currency has such advantages:

  • High security. The coin is protected from copying, in some ways this is the cause of problems with mining. Advanced equipment is required for coin mining.
  • Anonymity. The network completely hides information about the owner. According to this indicator, Monero is significantly ahead of other cryptocurrencies.
  • Perfect protection against hacking. Hackers who do not have data on account balances experience much more problems when hacking Monero than when attacking other digital currencies. The last serious hack was recorded in 2014.
  • A huge number of network members. When the coin was launched, the number of users was small, which created problems for conducting transactions and making large transactions, since they could be tracked. Today, a large number of miners allows you to make even large payments invisible.

Monero's weaknesses

Cryptographic currency has its disadvantages. These include the following:

  • Threat of anonymity. When a hacker gains control over a large part of the network, there are risks of deanonymizing transfers.
  • No restrictions on the issue of coins. The current issue of new coins is relatively small. If the company cooperates with payment systems and participates in large-scale projects, the available coins may not be enough.
  • Large volume of transactions. By this parameter, Monero wins over even Bitcoin.
  • Restrictions of state bodies. The pressure may grow due to the popularity of coin on the "black Internet". Cryptocurrency is often used for conducting shadow transactions, and its reputation suffers greatly from this.

Investment tips

If you are considering investing a certain amount in Monero, please note the following:

  • Risk diversification. The exchange rate value of Monero increases with the growth of the entire market.
  • News background. Partnerships with large companies and large-scale investments have a significant impact on the exchange rate of the coin.
  • Reliable storage. The cryptocurrency itself is safe. The most vulnerable is the storage of funds on crypto exchanges. Therefore, for medium-and long-term investments, it is better not to keep coins in their wallets.

Initially, the Monero coin was created as a reliable and secure payment system that was designed to eliminate the shortcomings of Bitcoin. In many ways, the developers were able to achieve this goal. Coin confidently keeps in the list of the top ten by capitalization. Even the fact that it is actively used in the darknet indicates high anonymity and security of transfers. When forming an investment portfolio, it is advised to include Monero in it. This will allow you to diversify risks and make good money on innovations.