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Monero is outstripping projects with much larger budgets, says Howard Chu




Monero is outstripping projects with much larger budgets, says Howard Chu
Source: Unsplash

Monero [XMR] is undoubtedly the leading fungible cryptocurrency in the space, with a market capitalization of $1.971 billion. The privacy-centric coin that was launched in 2014 is moving towards a more ASIC-free ecosystem by changing its Proof-of-Work algorithm to RandomX. The shift from its current algorithm, CryptoNight, to RandomX was one of the topics of discussion during the recent Monero Konferenco held in Denver.

In an interview for MoneroTalk, Riccardo Spagni and Howard Chu discussed various topics surrounding the fungible coin. The discussion started with the two talking about the development of the Monero ecosystem over the past few years. On one hand, Spagni stated that he was “pleasantly surprised” with what the Monero community had accomplished in a short span of time. He went on to say,

“I know there have been people along the way who have been frustrated with the lack of progress but I think that just comes down to the misunderstanding of how long open-source software takes to come to boil. And we’ve actually moved in a surprisingly fast pace for open-source software.”

On the other hand, the Founder of Symas Corp. stated that Monero was “outstripping” other projects in the space which have larger budgets, in light of the new features added to Monero. He added,

“[…] I am a little surprised at how far we have come. You know, if you look at the pace of the new features being deployed, we are kind of outstripping a lot of these coins that have much larger budgets […] “

This was followed by Chu speaking about RandomX, about which he was asked whether this upgrade would actually make it to Monero. To this he said, “If all four of these audits come back clean, I don’t see any reason not to.” According to Monero Outreach, the new Proof-of-Work algorithm is “designed to be ASIC-resistant by using random code execution and memory-hard techniques to prevent specialized mining hardware from dominating the network.”

The blog post further said,

“Because RandomX is optimized for general-purpose CPUs, the network will become more decentralized and egalitarian in the distribution of block rewards.”

The new proposed algorithm is going to go through four different audits, with the deadline set to be this coming month. Further, the dev community also expects it to go live on Monero by October this year, if the audit results do not reveal any major problems with its implementation.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.