Tuesday, May 30, 2023

Lithium Luna: unexpected effects


Recent Monero fork, Lithium Luna, aiming ASIC resistance, resulted in four different coins that use the original blockchain and remain to be ASIC-friendly –  (XMOXMVZMR and XMC).

Lithium Luna: unexpected effects - Coinatory

Let’s have a closer look at Monero Classic (XMC) as it seems to be the only one, worth talking about. Here are some reasons for that:

  • ZMR doesn’t even have an official website
  • XMO aims to “bring diversity to the crypto world” as it is not diversified enough (source)
  • XMV is planning a 10x Airdrop for Monero holders, will change CryptoNight PoW and implement mysterious “MimbleWimble” next year (source)

XMC seems to be the more serious coin. Even though there are two different sources known – https://moneroclassic.org/ and http://monero-classic.org/  we will use the only one that is currently online – the last mentioned.

XMC seems to have support by miners that want Monero to stay ASIC-friendly:

In the community, many people agree with this hard fork of changing algorithms. However, I feel that there is still a part of people who want to maintain the original algorithm and accept the existence of mining machines. They should be heard and respected.

source – http://monero-classic.org/

So, what is it? The new coin that will have no community support and will disappear or will be promoted in mass media (here’s an example) and really “outdo Monero XMR”?

It seems that ASIC mining is the industry that has the power to dictate its rules in the world of cryptocurrencies. ASICs are not the thing that blockchains are scared of. But they tend to become the weapon of centralization. Centralization of mining leads to the possibility of 51% attacks. The possibility of attack is not the attack itself, but the thing to avoid.

Electroneum (ETN) development team decided to follow Monero and will implement ASIC resistance update soon.

On bitcointalk, there’s an announcement :

Around 80% of the current Monero hash rate agrees with our stance and refuses to follow the POW change. That is why we declare in advance that we will maintain the original software which follows the original rules. We reject centralised developer Control and we believe that’s voluntary participation for both users and miners Will uphold the principles of decentralisation.

So, the situation with Monero and Monero Classic is far from the situation with Ethereum and Ethereum Classic – it is Developers vs Miners. Who will win? We will see in the future, there’s still a room for both.

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