CRYPTO STOCKS

AEON Completes Anti-ASIC Fork

AEON has followed the path of Monero and nullified ASIC miners from its network. AEON, a smaller and more agile project faced some challenges with a section of miners expressing concern over its profitability.

AEON has been working on becoming a higher and improved version of Monero. To achieve this, it is working on making it possible to mine on mobile devices as well as offering a fungible coin that can be mined and used by miners in developing countries.

Addressing worries among community members

A number of community members and miners expressed worries about the likelihood of attacks. This slowed down the project’s momentum to update on two fronts, tweaking the Proof of Work (PoW) algorithm and the rebase to Monero’s code. This was meant to ensure that ASICs do not take advantage of GPU and CPU miners and that mining is done fairly.

The rebase was meant to ensure that AEON remains updated with the latest features on Monero while at the same time retaining its unique features. One of the differences brought by the rebase is the addition of keeping the blockchain through LMDB. This helps reduce the memory needed to maintain the blockchain, as well as making AEON available to new exchanges and users.

Tackling the security dilemma

One of the biggest challenges that AEON is facing after the fork is a 51% attack. The danger of the attack is mainly because of the fact that the blockchain on which the coin is based is now very vulnerable to such an attack. Following the fork, the hash rate of AEON dropped from 140MH/s to 3MH/s. This is a more than 97% drop.

To solve the security challenge, AEON is working to get a backup to the hash rate as soon as possible. The fact that miners like XMR-stak and XMRig are compatible with the new algorithm on AEON will make the process of boosting the hash rate much faster and easier.

However, a website dedicated to establishing the amount of resources needed to launch a 51 percent attack on a given blockchain was launched. The website is called 51crypto.

The Effort to Rid ASICs from Monero

After a lengthy debate on the need to nullify ASIC miners, Monero finally implemented the proposal on April 6. The move was taken due to the sudden and massive increase in Monero’s hashrate in 2017 which was attributed to ASIC miners.

The expected result was a massive drop in the hashrate as ASICs are scrapped off the network in addition to miners updating their software and switching over. It is also expected that botnets will decline as operators take time to find appropriate ways to upgrade.

The amount of the unknown source of Monero’s hashrate which is either Botnets or ASICs cannot be established. However, the amount of hashrate caused by ASICs will be revealed by their inability to upgrade. If the drop in hashrate persistent when comparing the state of the network five to ten days after the hard fork compared to pre-fork, then it will be evident that ASICs were being used to secretly mine.

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