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Monero [XMR] Plans Switching To New PoW Algorithm Soon, To Prevent CryptoJacking Attempts.

Privacy focused coin Monero [XMR] has plans to switch to a new PoW [Proof-of-Work] algorithm later by October this year. This new algorithm follows an agreement with Arweave, that would fund an audit of the new algorithm, an Arweave spokesperson stated.

Arweave, that has launched a stable and decentralised web, added that Monero can implement the RandomX algorithm, thereby modifying CryptoNight, if the audit goes successful.

Till now, Monero developers reportedly hard-forked the network after every 6 months to confirm ASIC [Application-Specific Integrated Circuit] resistance by implementing little changes to CryptoNight.

Moreover, this approach has been ‘criticized‘ for being mainly centralized, as one commentator on GitHub outlined earlier in 2018 that the frequent hard-forks mean a better degree of centralization to coordinate them. Arweave claimed that RandomX needs less developer intervention to remain ASIC-resistant, and would render GPU [Graphics Processing Unit] based ‘mining‘ uncompetitive.

Arweave has recently ‘partnered‘ with Monero [XMR] developers to co-fund the audit, that is predicted to reach $150,000 USD of funding and would be conducted over the next upcoming 2 months.

The GitHub ‘page‘ dedicated to RandomX also noted that the algorithm needs miners to dedicate over 2 gb [gigabytes] of RAM to the process, that might make cryptojacking attempts tougher to hide.

As ‘reported‘ earlier, an international threat report from ‘Check Point Research’ concluded that the 3 most typical ‘malware‘ variants detected in April were associated with crypto miners, mainly to mine Monero.

Also earlier in May, security analysis firm ‘Trend Micro Inc.’ reported that cybercriminals are reportedly exploiting renowned vulnerability named ‘CVE-2019-3396’ in the software ‘Confluence’, a workplace productivity tool created by Atlassian, to mine Monero.

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