Monero’s MINEXMR fuels new debate with its latest transition proposal

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What real­ly makes a suc­cess­ful rev­o­lu­tion? Pas­sions aroused could fuel dis­rup­tions and like­wise, help their over­all agen­da. Well, for the cryp­tocur­ren­cy com­mu­ni­ty, the agen­da is decen­tral­i­sa­tion, there­by employ­ing P2P (peer-to-peer) tech­nol­o­gy. How­ev­er, one such cryp­tocur­ren­cy known for its pri­va­cy-ori­ent­ed fea­tures saw its sup­port­ers revolt for a cause.

Whatever it takes

Mon­ero is cur­rent­ly the market’s largest pri­va­cy coin, in terms of mar­ket val­u­a­tion, with a $2.8 bil­lion mar­ket cap. Launched in 2014, the com­mu­ni­ty had a sim­ple goal – To allow trans­ac­tions to take place pri­vate­ly and with anonymi­ty. How­ev­er, what would hap­pen if a sin­gle enti­ty con­trols >40% of the network’s hashrate, as seen in the attached pie chart?

Source: pools.xmr.wiki

Well, a rev­o­lu­tion, espe­cial­ly when min­ing decen­tral­iza­tion remains a big deal with­in this network.

Monero’s largest min­ing pool, MINEXMR, has announced that it would close on 12 August. In fact, it also sug­gest­ed tran­si­tion­ing to a decen­tral­ized p2pool. The team alert­ed users in a blog post that read,

“We regret to inform our val­ued min­ers that the pool will be clos­ing on August 12. We rec­om­mend tran­si­tion­ing to the decen­tralised p2pool. There are no pool fees when using p2pool and the decen­tralised pool helps to sup­port the Mon­ero net­work. Any remain­ing pend­ing rewards left after the pool clos­es will be sent automatically.”

This devel­op­ment comes to the fore after dif­fer­ent com­mu­ni­ty mem­bers expressed their dis­sat­is­fac­tion. Sup­port­ers asked min­ing par­tic­i­pants to leave Minexmr as they believe the oper­a­tion threat­ens decen­tral­iza­tion. The Mon­ero com­mu­ni­ty even debat­ed on social media plat­forms and forums, argu­ing over the same decen­tral­iza­tion aspect.

Here’s one for instance –

 

On Red­dit, the com­plaints have been the same, with one post on the Mon­ero-cen­tric sub­red­dit r/monero ask­ing com­mu­ni­ty mem­bers to “boy­cott Minexmr.” The same also stressed that the pool is “too close to 51%.”

Strong together

Yes, the min­ing pool will shut down in 2 weeks. How­ev­er, it’s not just that, with even on-chain indi­ca­tors sid­ing with these revolters (com­mu­ni­ty members).

Source: San­ti­ment

As one can see, both the price and trad­ing vol­ume show­cased a joint effort to surge and hit new heights. Over the last two weeks, XMR hiked by 19.3% in val­ue against the U.S. dollar.

With­in a week, the flag­ship pri­va­cy coin surged by 6% on Coin­Mar­ket­Cap as it trad­ed around the $155-lev­el.

Source: Coin­Mar­ket­Cap

Here, it’s worth point­ing out that year-to-date, the pri­va­cy-cen­tric cryp­to is down by more than 20% on the charts.



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