Here are key facts about the fork.
- When the fork is due – at 19:00 MSK (9:00 PDT) on October 1, 2019.
- Main feature of the update – the new X16Rv2 algorithm.
- Goal – free the network from ASICs.
- What users should do – update wallets and miners.
Now let’s get into more detail.
Why People Are Against ASICs
ASIC stands for Application-Specific Integrated Circuit. The name reveals their key feature – ASICs are designed to execute only one task, but they do it as well and effectively as possible.
GPUs are different because you can use them for both gaming and mining. ASICs can be used only for mining. Moreover, they can only mine coins on specific algorithms. If an algorithm changes, the device becomes useless.
The key advantage of ASICs is its high computing power. They are better at cryptocurrency mining, they bring more profit than GPUs and also take up most of the network hashrate. It causes risks of coin centralization when the power is concentrated in the hands of the limited number of users.
Let’s say the crypto network operation is ensured not by the whole building, but only by two apartments. It would mean that these two apartments have more power and possibilities, including 51% attack. It goes against the principles of decentralization which are so important to cryptocurrency creators.
One of the leading Ravencoin developers Tron Black commented on the threat of ASICs in his post.
ASICs can be faster because they do one thing well, and can ignore everything else. An analogy is an Olympic marathon runner whose body composition is built for speed and distance only.
An ASIC isn’t evil but even the original whitepaper states that “the unfortunate side-effect of this transition to ASIC hardware is the centralization of mining.” The developers don’t want ASICs on the Ravencoin network. Moreover, GPU owners that can’t compete with ASICs count on them.
In the end, Ravencoin users confirmed that ASICs managed to get inside the network. In the middle of July, a user known as “standarderror” published an article on Medium where he proves that mining in the cryptocurrency network is centralized.
As a result, the developers decided to fork the network as soon as possible.
Ravencoin Fork Features
The key feature of the fork is the new X16Rv2 algorithm. The developers plan to use it for banning ASICs from the network, so block mining and the network operation will be ensured by GPU owners. They have less computing power and as a result less influence on the network. Risks will be lower, the number of users will be higher – this is what decentralization looks like.
Read more: How to Mine Ravencoin: Definitive Guide
There is a huge benefit for GPU owners. After the fork when ASICs are out of the network their share will be divided among GPU miners. So thanks to the fork GPU owners will start earning more. However once users of mining profitability calculators find out about it, they will start mining RVN as well. As a result after a while, profits will get back to normal, but still, there will be enough time to make a quick buck.
What Ravencoin Users Should Do
Network users should update the software to the latest version – here is the link. As of now, it’s Ravencoin 2.5.1.
If you don’t update, you will end up in the wrong chain after the fork. And you don’t want to be there.
What Ravencoin Miners Should Do
2Miners pool is ready for the fork, so you have nothing to worry about.
We divided the instruction into two parts: the first part is for regular miners and the other one is for advanced miners.
Right after the fork regular miners should update the bat file and reconnect to the pool. The line is as follows.
t-rex -a x16rv2 -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_ADDRESS.RIG_ID -p x
Advanced miners can edit the bat file. If you enter the line below, the miner will automatically switch from the old algorithm to the new one and will continue mining.
t-rex -a x16r --fork-at x16rv2=2019-10-01T16:00:00 -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_ADDRESS.RIG_ID -p x
Remember to replace YOUR_ADDRESS with your real wallet address, and RIG_ID with your rig name. If you are a beginner, we recommend watching the video tutorial below.
We will keep you updated about the fork in our Telegram chat. See you there!