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Monero Developers Consider Adopting New Proof-of-Work Algorithm

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Monero Developers Consider Adopting New Proof-of-Work Algorithm
Privacy-centric cryptocurrency monero (XMR) plans to switch to a new proof-of-work (PoW) algorithm in October.

Monero Developers Consider Adopting New Proof-of-Work Algorithm

Privacy-centric cryptocurrency monero (XMR) plans to switch to a new proof-of-work (PoW) algorithm in October. The new algorithm follows an agreement with Arweave, which will fund an audit of the new algorithm, an Arweave spokesperson told Cointelegraph via email on May 23.

Arweave, which has launched a permanent and decentralized internet, said that monero will implement the RandomX algorithm, thus replacing CryptoNight, if the audit is successful.

Until now, monero developers reportedly hard-forked the network once every 6 months to ensure application-specific integrated circuit (ASIC) resistance by implementing small changes to CryptoNight.

However, this approach has been criticized for being overly centralized, as one commentator on GitHub noted in 2018 that the frequent hard forks mean a higher degree of centralization to coordinate them. Arweave claimed that RandomX requires less developer intervention to stay ASIC-resistant, and will render graphics processing unit-based mining uncompetitive.

Arweave has purportedly partnered with monero developers to co-fund the audit, which is expected to reach $150,000 of funding and will be conducted over the next two months.

The GitHub page dedicated to RandomX also notes that the algorithm requires miners to dedicate over two gigabytes of RAM to the process, which could make crypto-jacking attempts harder to hide.

A global threat report from Check Point Research has concluded that the three most common malware variants detected in April were crypto miners, which often mine monero.

At the beginning of May, security intelligence firm Trend Micro Inc reported that cybercriminals are now reportedly exploiting known vulnerability CVE-2019-3396 in the software Confluence, a workspace productivity tool made by Atlassian, to mine monero.

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Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK

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Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK
Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK

Shortly after lifting the country’s Telegram ban, Russian authorities began investigating potentially fraudulent offerings involving the company’s unlaunched token, Gram. The token was at one time meant to serve a new blockchain ecosystem known as the Telegram Open Network, or TON. Reports indicate that Russian prosecutors are set to investigate a British firm that allegedly sold fraudulent tokens related to Telegram’s terminated blockchain project. The news was reported on July 3 by the local news agency, Baza.io. 

According to the report, the action was brought to a local investigative committee by “several Russian entrepreneurs” that claimed to have purchased $11.7 million in Gram tokens. Telegram CEO Pavel Durov officially announced closure of the TON project on May 12. At that time, the Russian investors reportedly attempted to terminate their contract with the British company. Allegedly having Russian roots itself, the unnamed British firm reportedly wrote off $1.5 million in commissions, having returned just $10.2 million to investors, according to Baza.

This news comes soon after Telegram apparently settled its long-running legal battle with American authorities over the company’s $1.7 billion initial coin offering, or ICO. The ICO involved roughly $400 million in investments from United States citizens. On June 26, the U.S. court’s final judgment required Telegram to return $1.2 billion to investors. Telegram purportedly has already repaid the amount, with some U.S. investors confirming that they received a 72% refund. This amount is in line with Telegram’s original reimbursement scheme.

Russia’s interest in Gram comes against the backdrop of some meaningful regulatory changes. After two years of unsuccessful efforts to block Telegram messenger in the country, Russian authorities suddenly decided to lift the ban on June 18. The decision came just a few weeks before Russia conducted a seven-day long constitutional vote — the results of which could potentially allow President Vladimir Putin to extend his 20-year rule until 2036.

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Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering

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Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering
Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering

Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi. Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions. According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield. 

Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation allows Curve to provide competitive slippage and fees for exchanging assets. Deposits on Curve rose almost three-fold in June, while daily volume reached peaks of $60 million — 30 times more than its previous average. Demand for USDT pairs was the highest, capturing more than 58.5% of the total volume. This is due to USDT having one of the most significant COMP yields for an extended period of time. Uniswap also benefited from the COMP craze, with monthly volume doubling in June. Kyber and 0x had more modest performances: despite posting fresh monthly highs, the project’s growth was in line with the rest of the year.

According to DappRadar’s Q2 report, the dominance of DeFi indirectly led to the decline of gaming activity. Over $8 billion was transacted on DeFi platforms in Q2, which led to gas prices soaring exponentially. Ethereum’s vibrant gaming DApp ecosystem suffered as fees came to represent a significant portion of each transaction. DappRadar reported a staggering 79% decline of gaming-related activity on-chain over the previous quarter.

EOS appears to be the main recipient of Ethereum’s loss as its gaming transaction volume rose by about 80% since the previous quarter. While this is positive news for the platform, it still hasn’t fully recovered from the damage caused by the EIDOS airdrop in late 2019. Volumes remain well below the highs of Q2 2019. Finally, Tron (TRX) saw growth in its DeFi ecosystem after porting several Ethereum projects on its chain. In addition to the previously-launched clone of Single Collateral Dai, a platform named Oikos.cash recreated both Synthetix and Uniswap on Tron. Nevertheless, total volume for all Q2 is just $15 million. The majority of Tron’s activity remains in the gambling and “high-risk” categories.

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule
EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

Voice, a blockchain-based social media project developed by EOS creator Block.One, briefly went live one day before its scheduled launch. Based on the open source EOSIO protocol, Voice aims to use Blockchain technology to create a trusted social experience, free from bots and fake accounts. Revealed in June 2019, the project uses biometric authentication technology to verify every account, limiting accounts to one-per-person and promising to protect user data.

Voice’s main page temporarily displayed several posts from different accounts which featured multiple likes and comments. As of press time, the website is no longer available. It now displays “Error 1020” instead, which specifies that the website is “using a security service to protect itself from online attacks.”. In early June, Zalatimo announced that the platform is set to roll out on U.S. Independence Day. He noted that only registered users would be able to publish content or engage online.

After revealing their plans for Voice in June 2019, EOS’ parent firm, Block.One, invested $150 million in Voice during March 2020. The investment was said to provide Voice with resources to operate independently from Block.One. Numerous blockchain-related social media projects have been released to date.

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