Coinbase published a blog-post that looks to target “ASIC-Resistant” altcoins. According to Mark Nesbitt [the security engineer associated with this centralized exchange], coins mined with the help of “general purpose hardware” may be at greater risk of encountering 51% attacks, as anyone [even those who don’t participate in mining] with access to GP hardware can choose to launch an attack on the network.
The author claims “No algorithm is ever ASIC-proof, merely ASIC-resistant”. Mark holds the opinion that “specialized hardware” is the best solution for us all, as such devices are designed to solve key problems in a PoW environment. Developers linked to Monero periodically make complex changes to their algorithm [once every six months] in order to disappoint ASIC-enthusiasts.
Coinbase believes that skilled hardware designers won’t falter as a result of this plan. The blog post also denounces cryptonite [a PoW hash algorithm employed by Monero]. The engineer fails to mention RandomX [an algorithm meant to benefit general-purpose CPUs] that utilizes random code execution to bring down the efficiency level of ASICs.
dEBRUYNE responded on Reddit, stating that “RandomX was developed transparently on a public Github repository and subsequently audited by four independent audit teams”. He, along with numerous XMR HODLers shunned the article that contains poorly-researched conclusions.
Coinbase executives think that ASIC-resistant mining algorithms bring about increased centralization. This is false, as it only applies to chains wherein the algorithm has failed to operate in an effective manner. You see, Coinbase hopes that big-players will rule the market, which [unfortunately for them] ain’t the case for Monero; a coin which allows “hobbyists running old laptops” to participate thus contributing to decentralization.
Monero is ranked at #13 to the north of Chainlink in the market. The trading volume recorded stands at roughly $140.481 million, while the supply has 17,296,526 XMR coins in play as part of circulation. The total market cap of Monero amounts to $1.091 billion. The price received a boost amounting to 1.55% in the course of the past 24-hours. This, in turn, helped $XMR soar all the way up to the $63.11 mark where it currently holds.