Monero 2020: Monero privacy and ASIC mining battle is far from over

Monero Monero privacy and ASIC mining battle is far from over

Monero privacy is often touted as the best in the industry. Ever since its launch, Monero has been pretty vocal about protecting its user’s privacy. Monero’s lead maintainer, Riccardo Spagni, says that ‘Privacy is a basic human right’. Monero is also actively involved in the privacy education related to the cryptocurrencies.

Monero has always ensured that privacy remains at the core of its operations. The entire Monero community is well known to support every initiative relating to privacy regardless of the cryptocurrency in question. It is perhaps the only community that actively pursues absolute privacy while still complying with the industry’s AML/KYC guidelines. Every aspect of the including fungibility, privacy or security is built on the premise of user’s privacy. That’s a tall order in today’s crypto realm.

How Monero manages financial independence with user privacy

Cryptocurrencies represent financial independence and privacy simultaneously. People don’t realise how much user information is shared and exploited every day. Privacy coins bring in an iota of protection along with the usual cash advantages.

But exactly how must privacy does anyone need? Privacy goes hand in hand with compliance and regulations. And both are an ongoing process. Users should not believe that the current privacy setup is enough for the future. The system must be constantly evaluated and made robust to create the much-needed solace a user demands. As such, Monero privacy has evolved to implement and safeguard user privacy at the highest level. It is often voted as the most privacy-focused cryptocurrency available today.

What happens when Monero privacy collides with ASIC mining

Monero privacy and ASIC mining don’t gel well. Both are different concepts and thus view privacy in a different context. Monero opposes the centralisation efforts of the cryptocurrency mining network. Earlier, developers tweaked the network twice a year. This was vehemently opposed by the community as it compromised the network security in the name of decentralisation. ASIC was touted as a solution to this constant quandary.

Instead, the Monero team decided that algorithmic changes must be implemented that do away with the need for ASIC altogether. RandomX was implemented to achieve the goal of giving more power to the CPU miners instead of ASIC miners. Consequently, CryptonightR was phased out eventually and RandomX took its place. Today, Monero has seen an improved hash rate and remains as the most privacy-focused virtual currency in the market.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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