Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Monero Forum => Privacy Coins Forum => Monero News & Updates => Topic started by: Unknown on October 18, 2018, 03:46:04 AM
-
Few months ago: You might have noticed how the network hashrate of Monero and other CryptoNote coins raised immensely after ASICs came into play. Many think that the greater the hashpower leads to more safer and secure network. True, but in addition to that; distribution of hashpower is what really determines the security of the network. ASICs leads to mining centralization and any single entity controlling a vast amount of hashpower is really bad for cryptocurrency. To combat centralization threats and to allow egalitarian mining Monero (XMR) changes its PoW algorithm every 6 months.
Previously to eliminate Antminer X3 and other ASIC miners from the network Monero changed its PoW algorithm from CryptoNight to CryptoNight V7 (CNv1). Now the war against ASIC continues: To further solidify ASIC resistance Monero is upgrading its network. This hard fork introduces new PoW algorithm (CryptoNight V8 – CN variant 2) along with few other major changes to the Monero protocol. At block height 1685555 the network upgrade is planned which is expected to take place on October 18th 2018.
If you are mining Monero then update your miners. Also do not forget to update your wallet software. Below we’ve listed all v8 compatible miners along with the list of mining pools that are ready for the upgrade. Now before you update your software’s here are few key points about the upcoming v8 hard fork and CryptoNight v2 algorithm.
Monero 0.13.0 “Beryllium Bullet” upgrade (v8 Hardfork)
This upcoming update is bringing in major improvements to the Monero protocol. The release version 0.13.0 of the Monero software includes the following three significant features.
1. Bulletproofs: It is the most important feature that gets enabled in version 8 and with v9 bulletproofs will become mandatory. This is a new form of range proofs and this feature significantly reduces transaction size, fees (by approximately 80%) and verification time.
2. New PoW algorithm: To improve ASIC resistance Monero will be using a new Proof of Work algorithm called CryptoNight V2. This algorithm contains 2 modifications and more information and discussion about this algorithm can be found here. Both the #DevelopmentTeam and the community have tested this new algorithm thoroughly.
Compared to current Monero’s PoW algorithm (CNv1) there is a 5% to 10% reduction in hashrate on CNv2. Anyways it’s still a good news because it breaks any existing ASICs and makes new ASIC even more expensive to build
Source (https://coinguides.org/monero-network-upgrade-v8-cnv2-beryllium-bullet/)