The Monero privacy coin has revealed a new algorithm in their battle against centralization in the world of cryptocurrencies. In association with Arweave, a serverless storage protocol, the Monero team is validating RandomX, a new ASIC-resistant mining algorithm. Monero Outreach claims that the evolutionary algorithm can help prevent the cryptocurrency from being dominated by a handful of crypto giants. Monero developers are committed to keeping their coin CPU-mineable unlike other privacy-protecting tokens like Zcash and Dash. This process ensures that anyone with a home computer can help secure the network with ease.
RandomX generates a randomly varying code that ASIC would not be able to solve. Hence instead of having to explain a set function for the puzzle, the system has to encounter a different code. As a result, GPUs and CPUs remain the most reliable and efficient equipment. The developers have managed to stay ahead of ASIC manufacturers with many hard forks, like Crypto Briefing. However, these measures are temporary and unlikely to dissuade the manufacturers.
Howard Chu, the developer of a randomly generated proof of work for Monero explained “The concept of RandomX requires the user who wants to build an ASIC for it to reimplement CPU, thus linking their performance to that of a CPU. He further added, “It will help to mine on every computer.”
Arweave’s distributed the data storage technology that also stands to benefit from the new algorithm with greater security minimizing risks. The distributed storage protocol utilizes blockchain-like technology to secure data without the risk of deletion or censorship. Although it’s unclear how the new algorithm will be implemented, the developers say that RandomX can offer clear advantages to both parties. Monero core team member, under the pseudonym binaryFate, said: “Distributing mining over many people and many computers hardens a cryptocurrency.” He added, “Monero is strong, and RandomX can make it even stronger.“