Monero (XRM) has been around for quite some time now, and during that time, XRM as one of the first ICOs to be launched in the market has been enjoying the reputation of a currency that owns a portion of utmost privacy. That being said, Monero is considered to be maybe the most secure and private digital asset available in the market, all thanks to its technological capabilities. However, Monero had some troubles with ASIC and miners, in addition to also searching for a solution that would prevent Monero from becoming centralized due to the problems with the mining process backed up by ASIC. That is how XRM got forked. Let’s see how the fork went and what the status of the ledger support Monero is waiting for is.
Monero and the Hard Fork
Monero announced its hard fork back at the end of March of 2018 when the official team behind XRM announced that Monero will go through its hard fork on April 6th. Ten days ago, Monero did have its hard fork, although the news seemed so sudden. However, Monero had more than a good reason to go through a fork given the fact that they’ve been having some issues with ASIC regarding the mining process.
In case you are not familiar with the term of ASIC mining, this type of mining is one of the latest digital trends that allows miners to cheat in a way, which Monero is not willing to allow within its network.
ASIC is actually a special piece of hardware that changes the idea of what mining is supposed to be. Mining was implemented into many decentralized ecosystems with the idea that anyone would be able to do it from their home computer and without much power. However, mining seems to have gone in a whole different direction as this digital “sport” became pretty competitive. That is how ASIC came into the use.
This special piece of hardware is made of specially designed circuits in form of microchips and was originally designed for various purposes, but it found its application in mining as well.
The mining process is done by completing an equation and finding the correct solution for this equation as your CPU is working on processing blocks. Once this process is over with, miners get rewarded. Now, the stronger the hardware a miner is using is, the more chances the miner will have for successful processing. Since ASIC is stronger than other competitive hardware, miners using this method have an unfair advantage. Monero wanted to make sure that there will be no ASIC miners on its network and that is why XRM had gone through a hard fork, while additionally implementing various new features in favor of improvement of the network.
Monero and the Ledger Support
Monero has been waiting to have enabled ledger-to-ledger transactions for quite some time now, and now it has become official that the first ledger-to-ledger transaction between two different parties was successfully completed.
However, this system is still seeking for improvements before it can be officially stated as completely functional. The feature of Monero support was also added to the ledger wallet, which is another way of having Monero progressing towards improving its system along with the general functionality of the network.
Although there is said to be a lot of work to be done before these features are deeply integrated into the system as functional, the first Mainnet ledger-to-ledger transaction was successfully completed.
It is not yet confirmed when the date of the official integration will occur, but it is currently advised not to make big transactions with the current state of the ledger, although the first transaction was confirmed as successful.
The team is working on improving this feature, but there are no indications on when the entire process of the integration will be completed. One is for certain – XRM is surely keeping it busy!
Monero and the Market
Monero XMR has been doing a great job in the market for a couple of days, as it was slowly pulling off a rebound. However, we see it trading in the red today as the market seems to be divided with having many coins that are dropping and many that are rising at the current moment.
Unfortunately, Monero has gone down, but only by -0.42% in the last 24 hours, which means that one XRM unit can now be bought at the price of 192.62$. Monero is also trading in the red against BTC with dropping by -0.14% against Bitcoin at the current moment.
XRM traded as high as 494$ per one unit back at the beginning of January, but the market crash has taken its toll so XRM is now over 50% down in the course of 3 months.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.