MoneroClassic (XMC): Driving the Ecosystem’s Development in a Healthy Way

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Last Updated: May 4, 2018 10:06 am

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Monero is one of the fast-growing cryptocurrencies, with wide-ranging applications. The protocol continues to undergo constant evolution and one of the recent results is the hard fork of Monero blockchain on April 6, 2018. With the hard fork, Monero development team updated the earlier Proof of Work (PoW) algorithm and plans to further change it twice within 1 year. The change is driven by the appearance of mining machines from BITMAIN, PinIdea, etc. compatible with Monero’s CryptoNight algorithm, as a part of its “anti-ASIC” stance.

While the core Monero team continues its fight against advancing mining technology, a team of developers, faithful to original Monero protocol has decided to maintain the project with the algorithm intact. The MoneroClassic (XMC) project is initiated by PZ who said that the emergence of specialized cryptocurrency mining machine is a normal economic activity in the cryptocurrency market.

As an early blockchain builder who served as Secretary General of the Litecoin Roundtable, he mentioned that “In the past 10 years, since the cryptocurrency community was established, we have seen the emergence of specialized mining machine for Bitcoin. Then there emerged Litecoin, which was expected to be against specialized ASIC mining machines, using script algorithm considered to be “anti-ASIC” at that time. While after only two years, there appeared specialized mining machine for Litecoin. We considered about whether to change algorithm to be against specialized ASIC mining machines or not. However, after prudent and serious discussion, we believe that for any kind of valuable cryptocurrency, the emergence of specialized mining machine is only a matter of time. Finally, we made our choice to accept the existence of mining machines. Now there are more and more high-value cryptocurrencies (algorithms) which have specialized mining machines. It has become a common phenomenon in the industry.”

MoneroClassic (XMC) chose to face the diversity of mining methods for healthy development of the ecosystem. The emergence of advanced professional mining machines will greatly improve the network security by increasing the difficulty levels to prevent the re-occurrence of botnet attacks, like the ones faced by Monero in the past.

“ASIC will increase computing power and the ability to resist attacks. It cannot be completely repudiated. If there are even restrictions for the hardware device, then should we make rules for where the electricity come from or what kind of house should be used? The more restrictions, the more vulnerable the system is.”

MoneroClassic (XMC) team invites developers, trading platforms, mining machine manufacturers, mining pools, miners, wallet providers and others in the cryptocurrency ecosystem to join MoneroClassic (XMC) community.