Over the past years, Monero has proven to be the best privacy-oriented digital currency. There are several privacy-centric digital currencies out there, such as Zcash and Dash (DASH). However, many digital asset investors seem to rate Monero more, as many of them consider as one of the best cryptocurrency to invest in 2019. The recent Monero price trend, as seen in its chart on CoinMarketCap, has been one of its selling points.
The price of Monero has been somewhat encouraging even though it is having a hard time breaking over the $100 mark. However, the short-term Monero price prediction, which is $120, seems pretty bullish, and it might drag more digital asset investors to the coin. Monero is pretty old in the crypto space, with a lot of partnerships, optimistic Monero news, developments, and listings. Many digital asset investors are optimistic about the digital currency and they XMR USD price to skyrocket in the short-term.
Monero Developers Might Soon Introduce a New Type of Proof of Work Consensus Algorithm – What’s the Impact of this Development on the Price of Monero (XMR
According to a recent announcement by the developers of Monero, the team might soon be introducing a new kind of Proof of Work consensus algorithm for the digital currency. This development was disclosed by Cointelegraph. According to Cointelegraph, the team might be launching the new version for the Proof of work consensus algorithm in October this year.
According to a report, the Dev team of the privacy-centric digital currency made an agreement with Arweave earlier this year, which will fund the security audit of the new Proof of Work consensus algorithm.
RandomX To Be Integrated into the Existing Codebase of Monero
According to the management at Arweave, the RandomX consensus algorithm will be integrated into the existing codebase of Monero. After the successful completion of the security audit commissioned by Arweave, the present CryptoNight protocol will also be replaced by RandomX. Every six months, the dev team of Monero usually carry out a hard fork. They do this to maintain the ASIC-resistance on the blockchain of Monero.
The hard fork – which is also known as a backward incompatible upgrade – introduces slight changes on the CryptoNight protocol to give all miners on the blockchain of Monero an equal (or fair) chance of mining the digital currency. According to the dev team of Arweave, the RandomX protocol does not need many misclassifications on the codebase. It requires just a few changes and a few inputs from developers of blockchain to maintain the ASIC-resistance of the blockchain.
The newly developed protocol will undergo a security audit. This will require a considerable amount of money, but it will be co-funded by Arweave. According to a report, the firm is looking to raise $150k to carry out the security check in the next couple of months.
Monero Price Prediction – Monero Price Forecast – XMR USD Live Price
Monero (XMR) Price Today – XMR / USD
At the press time, XMR USD live price is $87 after an increase of more than 1.74 percent over the past twenty-four hours. The current market cap of the digital currency is $1.46 billion, according to CoinMarketCap. The trading volume of the digital currency over the past twenty-four hours is $337.61 million.