THELOGICALINDIAN - RVN hatches a new mining algorithm
Another altcoin arrangement is pivoting to a new algorithm to anticipate mining centralization. . Ravencoin, a arrangement for asset tokenization, is accepted to apparatus a adamantine angle tomorrow over fears that about 50% of the arrangement is controlled by ASIC miners.
How Ravencoin Flies From ASICs
Designed with the little guy in mind, Ravencoin was conceived from the alpha as a cryptocurrency that would accumulate mining ability in the easily of as abounding bodies as possible.
RVN developers presented an affected band-aid to the botheration of ASIC domination. By alternating through a alternation of algorithms rather than relying on a distinct solution, ASIC developers would be aghast in their efforts to booty over the network. Since ASICs crave a abundant accord of time, research, and money to produce, it would apparently be too cher to architecture a apparatus that could acclimatize to a consistently alteration algorithm.
But it looks like ASICs accept managed to accomplish their way into the arrangement anyway. An article acquaint this summer appear affecting evidence that ASICs were already mining on the Ravencoin network, application a new apparatus that adapts to the capricious patterns of the X16R algorithm.
Earlier in the year, a distinct miner appeared to accept aggregate an astronomic abundance of RVN and awash it in aggregate quantities. This distinct user was mining as abundant as 45% of all Ravencoin blocks in July.
This vulnerability prompted the move to a new adaptation of the X16R algorithm, which will accumulate the arrangement in the easily of GPU and FGPA miners.
Fork Improvements
Version two of X16R, which will be implemented on October 1, is advised to put an end to mining centralization. As declared on 2miners.com, the key affection of the angle is “banning ASICs from the network, so block mining and the arrangement operation will be ensured by GPU owners.” This increases the cardinal of miners and reduces the access of any alone or pool.
The blog explains that this will be a “huge account for GPU owners,” who may see a acknowledgment to advantage and alike “make a quick buck” afore the arrangement balances out over time. Those absorbed in mining the new algorithm can analysis out the “Definitive Guide” provided on the blog.
Upgrading And You
Ravencoin users should amend their software to 2.5.1, which can be begin at this link. RVN Miners can chase the accomplish provided for advance their mining software by afterward the accomplish provided here.
Binance, one of the best accepted platforms for trading RVN, has announced support for the upgrade, administration all the abstruse requirements for asset holders on the exchange. The barter will append deposits and withdrawals of RVN during the transition, resuming action already the anew upgraded arrangement is accounted stable.
Trading of RVN will not be afflicted by the fork, Binance states, back the arrangement is not accepted to split. The angle should alone act as an upgrade.
Or will it?
Time For Ravencoin Classic?
A baby accidental of Ravencoin enthusiasts assume to accept planned a accessory accomplishment to advance the aboriginal blockchain. If these miners abide mining the old algorithm, they could conceivably breach the chain, with a “Ravencoin Classic” alongside the new ASIC-resistant network.
Such a breach is unlikely, but alert users may appetite to abundance abroad their Ravencoins off the exchanges and on a committed wallet. A almost obscure Twitter account appears to be arch the boyhood contingent, but has back appear the abandoning of bifurcation plans.
Binance advises users to chase the abundant admonition provided in Tron Black’s acquaint article, “Ravencoin — Upgrade and Protect Yourselves afore Oct 1!” Black recommends users abundance RVN on-chain in upgraded software, with the latest adaptation accessible here.
He additionally suggests removing RVN from careful accounts such as Binance, Bittrex, and added exchanges, “at atomic until this advancement is complete and anybody is on the aforementioned page.” Importantly, Black warns to not alteration RVN during the bifurcation period, at atomic until a few canicule afterwards October 1. Lastly, he suggests not affairs or affairs RVN until afterwards the arrangement has counterbalanced and “everyone knows area aggregate stands.”
Market Response
Despite the bearish bazaar doldrums, the RVN angle has created some absolute buzz, with prices ascent adjoin BTC and USD. Nearing 400 satoshis at a amount about 3 cents USD, trading on RVN has been added alive as the angle approaches. Daily volumes accept additionally increased, at the time of writing.
Judging from contempo Twitter action and circadian affect trends aggregate from theTIE.io, traders are activity absolute about approaching bazaar affairs for RVN.
Ravencoin is not the aboriginal activity to accord with the ASIC dilemma. Monero consistently uses adamantine forks to accumulate a footfall advanced of accouterments developers, as Crypto Briefing has ahead reported. However, there is additionally a aegis accommodation in ASIC resistance: GPU-mined networks are additionally added affected to attacks from busy hashpower.
