July 22, 2024

Hard fork will be held on Monero network

Hard fork will be held on Monero network

Leading privacy coin Monero (XMR) has announced the date of the hard fork RandomX.

Hard fork of one oflargest cryptocurrencies by market capitalizationwill take place on November 30, at block No. 1978433. RandomX must activate a new Proof-of-Work algorithm, which will exclude ASIC miners from the process of mining this cryptocurrency.

CryptoNight algorithm used by the networkin the past, it was considered resistant to ASIC, however, it has been repeatedly criticized for its high degree of centralization. Monero developers have already made changes to the mining algorithm twice, which led to a massive failure of the hashrate. As a result, the XMR community has agreed that Monero will have to go through a change in its Proof of Work (PoW) algorithm to make the network resistant to ASIC miners.

To conduct a hard fork was officially releasedCLI v0.15.0.0 Carbon Chamaeleon. Everyone can launch a new version of the client, and this is the recommended step to better prepare for the planned network upgrade.

It is worth noting that the KuCoin exchange has already decided on the support of the Monero hard fork, while Huobi, Bittrex and others have not yet given official information.