Is Monero Secure Enough Following The Update?
As you probably know by now, the Monero upgrade has been successfully implemented.
Monero has successfully upgraded the network to RandomX.
The Monero developers have replaced the CryptoNight algorithm, which was used since the Genesis block by Monero with RandomX.
It’s been also revealed that developers believe that this important step has the possibility to increase the level of decentralization of the Monero network as well as remove the FPGA and ASIC devices from the network.
RandomX is supposed to lay the foundation for the permanent removal of ASIC miners from the XMR network.
Can RandomX compromise the network’s security?
The fork has been successfully activated, says Crypto-News-Flash, but there are reportedly some critics in the Monero community who are really concerned about RandomX according to the online publication mentioned above.
It seems that there’s some uncertainty as to whether RandomX will compromise the security of the XMR network.
This could happen because RandomX is ASIC-resistant but also very CPU-friendly.
The online magazine addressed the recent 51% attack on Vertcoin that took place on December 1, 2019, and they are wondering whether something similar is possible with Monero as well.
As a user on Reddit explained, a takeover of 51% of Monero’s hashrate could not be impossible:
“According to https://monerobenchmarks.info/, it would take about 60,000 AMD Ryzen 3900X to acquire the majority of Monero’s hashrates. Isn’t that possible for the big clouds like Amazon, Google, Microsoft or state actors with supercomputers?”
Head over to the original article in order to learn more details.
Monero in the crypto market
Monero has been gaining lots of popularity this year, despite the high volatility of the crypto market.
A lot of crypto enthusiasts found the coin to be a great investment, and this is mostly due to its strong privacy-related features.
In terms of pricing, Monero is trading in the green today, at the moment of writing this article and XMR is priced at $54.61.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.