Monero has been up and ready for the upcoming network upgrade for quite some time. The cryptocurrency will be seeing a shift from the CryptoNight R proof-of-work algorithm to RandomX, one of the most awaited ASIC-resistant algorithms.
Along with this, the upgrade will also phaseout long payment ID, which is being done in order to improve privacy, user experience, and also “reduce support work for services and exchanges.” The other upgrades include requirement of at least two outputs for transactions and “ten-block (approximately twenty minutes) lock time for incoming transactions will be enforced on a protocol level.”
The leading fungible cryptocurrency and its upcoming upgrade were one of the topics discussed by Matthias Tarasiewicz – Director of RIAT – during a live interview for Monero Talk. Douglas Tuman, the host of the show, asked Tarasiewicz whether he viewed Monero as a second-generation cryptocurrency and as a reaction to technological shortcomings in Bitcoin.
While agreeing that Monero was indeed created to address the shortcomings of Bitcoin, Tarasiewicz also highlighted that the cryptocurrency was very different in comparison to the coin that’s often dubbed as ‘digital gold.’
“There was a lot of technological changes that have been put. Also in a way, it’s a complete groud up a rewritten different system. So, technically it’s not an altcoin, which is like just a fork of Bitcoin because it has been like rewritten and it’s like very very different, it has a lot of different properties […] it wouldn’t qualify as this very old term of altcoins.”
The researcher also stated that Monero was “hard to be implemented in different hardware and exchanges,” taking into consideration that its codebase was completely different. He further stated that this was also the reason Monero has not yet seen “total adoption,” adding that this will be solved in time.
Additionally, Tarasiewicz went on to express that he finds it…