The hash rate of Monero (XMR) dropped by 80% when the cryptocurrency machines stopped working during the hard fork meant to curb ASIC Mining.
Tevador, the Monero contributor, stated, “Saying that the hash rate of Monero “skyrocketed” or “tripled” has about the same information content as saying that the prices of groceries in Germany halved after switching from the Deutsche Mark to the Euro. Like you can’t directly compare prices in different currencies, you can’t compare hash rates of different algorithms.”
In terms of security, the contributor further stated: “at least as secure to external attacks as it was with CryptoNightR and perhaps even more secure.”
This he stated in response to Monero’s hashrate hitting it’s an all-time high of 1.1358 GH/s shortly after it upgraded to RandomX consensus algorithm. This upgrade was meant to get rid of ASIC to ensure complete decentralization. The Monero hashrate has been going through crests and troughs in the process of achieving complete decentralization.
Monero XMR Triptych
Monero || # XMR tweeted: “Introducing Triptych – a logarithmic-sized ring signature scheme. Triptych would allow for significantly larger ring sizes (i.e.,>= 128) whilst retaining efficient (with respect to both transaction size and verification performance) transactions.”
At the time of reporting the news, the Price of Monero has been trending at $58.26. Monero is a cash for the world that is connected. Monero is unique because, with Monero, an individual is his bank. The good thing about XMR is that users will be able to spend safely without worrying if others are tracking the transactions or activity.
Monero Payment Gateways and Tools
The Monero Payment Gateways are CDPay, CoinPayments, CryptAPI, GloBee, Living Room of Satoshi, Monero WooCommerce Extension (PHP), MyCryptoCheckout, and SwirlPay.
The Monero tools consist of Atomox – Converter, Cryptoradar (Marketplace comparison website), ForkGuard Network Monitoring, Monero Monitor for Chrome, MoneroBase Price Charts, and Tools, MoneroNotify – Transaction Notification Service, MoneroPric.es Price Converter, Offline Monero address generator, Offline Monero multisig address generator, Price. Exchange Monero Price Converter, and nestorgames.
Monero sustains privacy by using a key image that is related to every transaction output. The key pictures which are used for more than once are rejected by miners to avoid double-spending. These key images cannot be added as a valid block. The transaction amount is encrypted, and it is viewable by the recipient. Observers will not be able to tell the value of the transactions.
Investors check in to the history, key differentiating factors, technical fundamentals, and features in development before they buy XMR like they do for any other cryptocurrency.