Monero To ASIC Producers: You Won't Get Us!
In a recent development update, Monero developers took a very aggressive position towards ASIC producers.
Context: recently, Bitmain, probably the biggest ASIC producer, announced they will soon launch a chip which will be able to mine with Cryptonight, the algorithm Monero uses. While this, in itself, may not be a problem, the fact that only one producer launches these chips can heavily affect the market. Imagine if there is a "switch" in it, to throttle the hashpower, or to report the activity to a third party. It's centralization at its worst.
Reaction: Monero team decided to create a specific hardfork after each mining device launched, hardfork which will make that piece of hardware obsolete. Even more, they decided to create a hardfork twice a year, tweaking the algorithm, thus making the production of ASIC equipments an order of magnitude more difficult.
It's the strongest move so far against ASCI manufacturers in the crypto universe. But while they are very specific about how they counteract these measure, the developers are not entirely against ASICS, they just want everybody to have access to them:
We also concede that ASICs may be inevitable, but we feel that any transition to an ASIC-dominated network needs to be as egalitarian as possible in order to foster decentralization. At this point in time, we suspect that any newly developed Cryptonight ASIC will not be egalitarian and will not foster a decentralized network.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I think is an Honorable movement from Monero Devs... This seems to tell us that the people behind are there to stay and to make monero a bigger and a fairer crypto
And there is more because there are rumors that Bitmain is about to release F3, the ethereum ASIC miner. It’s reported that every miner is mounted with 3 mainboards. On each mainboard there are 6 ASIC processors, each of which has 32 1GB DDR3 memory. Therefore, one unit of F3 miner contains 72 Gigabyte DRAM memory.
For me it is just a fake news but is this is true than this is the end of GPU mining.
It is fake news, because Ethereum is moving to Casper, which is Proof of Stake.
Yes I know but when they will implement PoS, no one knows and there is no a precise date for implementation further the road-map has foreseen a period of time when both PoW and PoS will be implemented. If the ROI of this miner is very short than everyone (who has enough money) will be interested for such miner.
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Monero needs to remain decentralized. Fuck ASICS.
Egalitarian in what sense? The people with more money will always have a heavier weight, egalitarian distribution perhaps? Not selling all the machines to the first person that throws in the money to buy them all? making sure that no one gets them all?
Personally i prefer crypto mining with GPU because it makes it more accessible to anyone... of course until you get to the point where we are right now when crypto miners are buying all the new batches of GPUs basically destroying the whole gaming market pricing, its pretty hard to find a solution that favors and makes everyone happy.
@dragosroua There are few options that exist in the market to obtain mining machines, I as a personal opinion, I feel or I see that as the time progresses the decentralized options are exhausted, according to the conditions of the centralization of the mining company. advances the world of cryptocurrencies are born whales that in the future will be those who dictate the rules and all those who are still below we will have to accept them, in a certain way it is losing global control and it is becoming a world only for large investors or power groups.
Saludos desde tierras aztecas.
Actually Monero is just protecting its network’s ASIC resistance. Ordinary XMR users will not notice the modification or changes, but they will alter the network’s hashing algorithm enough that Cryptonight ASIC miners would become obsolete following every fork.
Decentralization is the basis of crypto based economy and if someone/something threatens that decentralization, I would say "fuc- them""
nice learning post sir💜💜
Very informative post and we know about different cryptocurrencies and their present position.
Useful information for me and everyone, thank you for sharing