RandomX Monero Hardfork Implemented on block 1978433 XMR/USD ignores the Upgrade on Monero Network

By Steven Anderson December 2, 2019 0
monero randomX fork

The RandomX Upgrade is completed successfully by the Monero developers.  RandomX upgrade is significant because it is introduced as a new algorithm.  Satisfactory results are obtained on boot. Some core changes have been introduced for XMR miners.  They are not likely to run across any problem unforeseen. 

One part of the new algorithm is ASIC resistant.  This is something that several other tokens have completely given up.  The algorithm is not audited, and it is an official part of the Monero cryptocurrency. While several community members are divided about their opinion concerning the upgrade, most of them are positive.

Monero tweeted:  “PSA: Services, please be reminded that we will be phasing out long payment IDs this year (to improve privacy and usability for users as well as mitigate support work for services).” Thus it is seen that Monero is becoming more privacy-protective and very convenient to use than before.   Several privacy improvements are live on the network.

However, Monero acknowledges there is nothing called 100% anonymous.  They recognize that Monero might have bugs giving an analogy that someone wearing a seat belt will still die in a car crash. They say common sense and prudence should be used in defense.

The Monero project is evolving, just like any other cryptocurrency project.  Improvements will be made as and when required.  Anonymity features and the need for privacy are highlighted in this upgrade.

The XMR/USD, however, ignores the hard fork upgrade that has taken place on Monero Network.  The token pair is moving inside the ranges with a bearish bias.

Monero developers have confirmed that the hard fork was successfully implemented on block 1978433.

CryptoNight R, Proof-of-Work algorithm has been replaced by RandomX. From now on, mining efforts can be carried out efficiently on Video Cards and Processors.  The level of decentralization is likely to increase on the Monero Network.  The FPGA and ASIC devices also will be removed from the network.

The well-known issues with Monero were related to Hidden Mining.  This problem will be taken care of after the upgrade.

At the time of reporting the news, XMR/USD is changing hands at $53.29.  The token touched the lowest price point at $45.91, and the recovery eventually led to the current price below $58.00.  The ongoing support has been created by $50.00 following the lower line of daily Bollinger Band at $46.80.  The recovery is, however, considered to be a sustainable one by several analysts.