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Monero Will Implement RandomX Algorithm to Combat ASIC Miners

M. Ali

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Monero-XMR-RandomX

In an effort to combat ASIC miners, Monero (XMR) will be changing its mining algorithm in late October to RandomX.

Monero is currently using CryptoKnight algorithm, which is a proof-of-work hashing algorithm originally designed by the Bytecoin and CryptoNote developer teams.

CryptoKnight algorithm was chosen by Monero team as CryptoKnight was originally designed to accommodate CPU and GPU mining and it was difficult to create ASIC miners for it.

According to Jordan Clifford of Monero, Rumors emerged that BitMain controlled a significant share of Monero’s hash rate by developing CryptoKnight ASICs. Developers alerted the community and efforts to change the hash function began.

The Monero research team began investigating how they could design a hash function that runs more efficiently on CPUs than on specialized hardware. In the meantime, it was decided the threat required an interim solution. CryptoKnight-R (v4) is currently used.

The team is now ready to launch RandomX. It uses the current block and data from a key block (every 2048 blocks) to produce a set of random programs and input that need to be executed together. The output from the programs is then fed into Blake2 to produce a final hash result

What is RandomX?

RandomX is a proof-of-work (PoW) algorithm that is optimized for general-purpose CPUs. RandomX uses random code execution (hence the name) together with several memory-hard techniques to minimize the efficiency advantage of specialized hardware.

According to RandomX’s developers, RandomX can operate in two main modes with different memory requirements:

  • Fast mode – requires 2080 MiB of shared memory.
  • Light mode – requires only 256 MiB of shared memory, but runs significantly slower

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

RandomX was developed for Monero by tevador, hyc, vielmetti, antanst and SChernykh. Wownero (which is a Monero fork) is also launching RandomX in their upcoming v0.6 update and will call it RandomWOW.

Monero XMR USD Price Chart

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

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PIRL Releases PirlChat, a New Blockchain-Based Messaging App

June G. Bauer

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PirlChat

PIRL blockchain has just released PirlChat, a new decentralized and encrypted messaging App. PirlChat is currently available only to Android smartphone users. The new app can be downloaded from Google Play.

A screenshot of PirlChat App

PIRL developers say, no email or phone number would be required to use PirlChat. No intrusion in contact list, end to end encrypted. No central server. So PirlChat is completely decentralized and anonymous –I would assume-.

What is PIRL?

PIRL is an Ethereum based blockchain that introduced the first Ethash Based Masternode to the blockchain ecosystem. PIRL coin used to be mine-able through EthMiners but PIRL has switched from POW (Proof Of Work) to POS (Proof Of Stake) and became a 3-layered Masternode network blockchain.

introduction to pirl

Masternodes on PIRL network secure the network, enhance stability and service unique functionalities. PIRL Masternodes provide various services to complete the network infrastructure by providing 3 services – Security, Immutable Content and Decentralized Storage.

Pirl masternodes

ARK USD price chart for the last Three Months:

*Charts are provided by cryptocompare.com

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ARK Coin Has been Listed on Bilaxy Exchange And Added to Abra App

June G. Bauer

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ARK-Bilaxy-Abra

ARK coin has been added to Abra, the all-in-one cryptocurrency wallet and exchange mobile App, and is available to both Android and iOS smartphone users. Abra currently supports 200 cryptocurrencies for its international customers, 96 cryptocurrencies for its US based users and over 50 fiat currencies.

ARK’s announcement

Abra was founded back in 2014 by Bill Barhydt and Pete Kelly, and had raised $35.5M in funding.


Bilaxy Exchange Listing

Bilaxy, the international blockchain asset exchange has announced the listing of ARK coin. ARK is available in BTC trading pair.

A screenshot taken from Bilaxy Exchange

Bilaxy exchange was launched on Apr 2018. The exchange is available in English and Chinese. At the time of writing the, the daily trading volume is $790,459,376.

What is ARK Coin?

ARK coin is a native cryptocurrency of the ARK blockchain platform. ARK coin was created to enable different developers to be able to use the coin to pay for the hosting of their created Dapps on the ARK blockchain platform.

ARK aims to become a global backbone of decentralized application-centric blockchains, which are called bridgechains, which will allow them to either work with each other or stay isolated in their own environment. For more information about ARK project, please check ARK’s official whitepaper.

ARK USD price chart for the last 7 days:

*Charts are provided by cryptocompare.com

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Egypt Will Issue a Digital Currency Next Year

M. Ali

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Egypt Will Issue a Digital Currency Next Year

Finally, after a long period of refusal, the Central Bank of Egypt revealed that it will complete the study to launch a digital currency next year, in cooperation with a number of international institutions.

According “Almal News“, Ehab Nasr, Central Bank’s VP assistant and head of payment systems and financial technology sector, the central bank will finalize the launch of a digital currency next year.

Nasr said that the Central Bank is cooperating in this regard with international institutions that he did not disclose, also did not disclose whether the new Egypt digital currency will be used only in internal banking transactions or will be available for public use and trade, where the study includes the need for the Egyptian market for digital currency and legislation necessary to launch .

A number of central banks around the world are seriously considering launching cryptocurrencies under their control, notably China’s central bank , Tunisia and Turkey.

The Central Bank of Egypt has repeatedly refused to deal with the use of digital currencies , including Bitcoin, pointing out that their prices are volatile due to speculation and lack of control by governments.

Recently, Arab central bankers recognized digital currencies during the meeting of the Board of Governors of Arab Banks and Monetary Institutions, and stressed the importance of addressing the risks arising from the use of digital currencies and the possible effects on monetary policies and the importance of appropriate preparation and capacity-building of central banks that wish to issue such Digital workers, development of digital identity standards, principles of customer identification, development of legislation and strengthening of international coordination in the face of risks.

Ayman Hussein, Deputy Governor of the Central Bank of the payment systems sector, said in October last year, that the Central bank began a study on the possibility of issuing an Egyptian digital currency, without disclosing further details, stressing that it comes in the context of reducing the circulation of banknotes And the transformation into a non-cash society.

Last year, The Central Bank issued a formal warning last year against dealing in all types of virtual cryptocurrencies, especially Bitcoin, because it is not issued by any central bank and is not supervised by any regulatory body in the world, and therefore lacks the official guarantee and government support enjoyed by the official currencies issued by central banks.

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