Cryptocurrency Monero announced on Tuesday it has partnered with Arweave to validate the new cryptocurrency proof-of-work algorithm, RandomX. According to Monero, RandomX promotes fair cryptocurrency mining on standard computer hardware, resisting the use of Application Specific Integrated Circuits (ASICs).
“RandomX fights the use of ASICs. In conventional proof-of-work algorithms, a single function for puzzle finding is run over many iterations until a valid solution is found. Whatever that function happens to be, the fact that there is only a single one allows ASIC manufacturers to analyze it, optimize it, and embed it in hardware to execute with greater efficiency than any CPU implementation.”
While sharing more details about RandomX, Sam Williams, CEO at Arweave, stated:
“An ASIC-resistant proof-of-work algorithm like RandomX will further enhance our permanent, low-cost, tamper-resistant storage network. RandomX helps us ensure that power over the decentralised content policies in the Arweave network remains well distributed across many globally distributed parties.”
Monero went on to add that RandomX originated from its developers as an approach offering benefit for the larger community while Arweave recognizes these benefits as applicable to their own technology. Both communities are excited to see the results of this joint investigation and have this technology applied to their projects.