The new Monero consensus algorithm is expected to change the current CryptoNight to Random X by the end of November as we are reading further in the Monero news today.
The goal with the new algorithm is to help remove the ASICs from the network for good, by giving CPUs a competitive mining advantage. The new Monero consensus is expected to also boost the price of the cryptocurrency. Created in 2014, XMR is classified as a privacy coin due to being unlikable, private and untraceable. The cryptocurrency dropped more than 89 percent from the all-time high of more than $500 which is where XMR was in 2017. The market cap of the altcoin is currently standing at $965 million making it the 14th cryptocurrency by market cap with a $26.34 million in trading volume over the past 24 hours.
The default privacy features of the altcoin leverage Multilayered Linkable Spontaneous Anonymous Group signatures and the ring confidential transactions as well. Some of the other coins with the optional ability to send and receive private transactions include Zcash, GRIN, Dash and PIVX. XMR leads in market cap compared with these coins but both XMR and GRIN obscure the blockchain transaction values and addresses used. The MLSAG signature which is used by Shen Noether’s RCT is based on Gregory Maxwell’s Confidential Transactions and these signatures allow any members of the group to produce a signature on behalf of the group without revealing anyone’s identity.
The RCT algorithm was initially implemented in 2017 thus improving the ring signatures by allowing hidden transaction amounts, origins and destinations with a lot of efficiencies and trustless coin generation. The stealth address feature gives additional transaction privacy by simply allowing single-use addresses which only reveal where the payment was sent. One of the negative sites of the hidden ledger is the inability to audit the chain to determine whether extra coins were minted. As explained in the previous crypto news, XMR’s transactional privacy features were responsible for attracting a lot of mining malware and ransomware operators over the past few years. More than 5 percent of all XMR in existence was created by the crypto mining malware according to reports.
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