Monero (XMR) Is Set To Become The Most Secure Platform With The Latest Move
Over the past few years, the privacy-oriented coin has managed to prove to the crypto world that it’s the best coin of this type.
There are more privacy-centric cryptos such as Dash and Zcash among others, but XMR managed to become the most popular.
The price of Monero has been quite encouraging even if the coin seems to be having a hard time breaking over the $100 mark.
The short term price prediction for Monero reported is $120 according to Smartereum and it’s definitely a bullish one. This might trigger more crypto investors to buy the coin.
A lot of crypto investors are reportedly optimistic about XMR and they believe that the price of the coin will be boosted to the moon shortly.
New PoW algorithm
We have already reported that Monero developers are set to adopt a new PoW algorithm in October.
The new algorithm is following an agreement with Arweave which launched a decentralized Internet and said that XMR would implement the RandomX algorithm.
This means that developers will be replacing CryptoNight if the audit that will be funded is successful.
So far, the XMR developers have hard-forked the network once every six months in order to ensure application-specific integrated circuit resistance by integrating changes to the CryptoNight, says Cointelegraph.
This approach has been said to be too centralized.
Monero Outreach responds to Reuters
In other news, Monero has been in the spotlight recently after Reuters released a report about the project.
They have pointed out the differences between XMR and Bitcoin but their report mostly focused on the illegal use cases of Monero.
This led to the fact that the Monero Outreach community responded with their own blog post.
Their post is titled A Response to Reuters and it was published on 20th May.
Monero Outreach writes that “the story that ‘examines the features and characteristics of some of the alternatives to bitcoin’ arguably overemphasized the criminal use of Monero and under presented the features and characteristics that make Monero great and popular.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.