How Monero’s proof of work works
blog.alcazarsec.com
How Monero’s proof of work works
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Re: How Monero’s proof of work works
#2RandomX has some interesting use cases beyond Monero
RandomX in Javascript (web mining?)
https://github.com/l1mey112/randomx.js/
Bitcoin with RandomX (agentic cash?)
Re: How Monero’s proof of work works
#3If folks are interested in the old Monero PoW function (and, uh, the reason they changed it), I wrote up a thing about it a long time ago:
https://da-data.blogspot.com/2014/08/minting-money-with-mone...
The history of people trying to design GPU or ASIC-resistant proof-of-work functions is long and mostly unsuccessful. I haven't looked into RandomX; it's possible they've succeeded here (or possible that with the alt-coin market mining profitability tanking after Ethereum moved to proof-of-stake, it just wasn't worth it).
Re: How Monero’s proof of work works
#4[flagged]
Re: How Monero’s proof of work works
#5I never quite understand this stuff, maybe someone can help.
Are cryptocurrencies supposed to be a potential replacement for real life cash? This was my understanding of the motivation behind Bitcoin, at least.
If so, why does it make sense that people can "generate" cash by proving some amount of work done? This of course cannot be done with normal cash.
Is the main functionality of these cryptocurrencies supposed to be "people can send currency to each other", or "people generate currency -- a number -- and sell this currency for real life money"?
Re: How Monero’s proof of work works
#6I never quite understand this stuff, maybe someone can help. Are cryptocurrencies supposed to be a potential replacement for real life cash? This was my understanding of the motivation behind Bitcoin, at least. If so, why does it make sense that people can "generate" cash by proving some amount of work done? This of course cannot be done with normal cash. Is the main functionality of these cryptocurrencies supposed t…
> If so, why does it make sense that people can "generate" cash by proving some amount of work done?
Because you need an incentive for 'miners' to participate in transaction processing.
Main functionality is transactions which are not controlled by any single entity (like the government).
Most of it is speculation unfortunately, which gives it a bad name, drowning out real usecases.
Re: How Monero’s proof of work works
#7[flagged]
Re: How Monero’s proof of work works
#8I never quite understand this stuff, maybe someone can help. Are cryptocurrencies supposed to be a potential replacement for real life cash? This was my understanding of the motivation behind Bitcoin, at least. If so, why does it make sense that people can "generate" cash by proving some amount of work done? This of course cannot be done with normal cash. Is the main functionality of these cryptocurrencies supposed t…
Broken Money by Lyn Alden is a good book on the topic
Re: How Monero’s proof of work works
#9I never quite understand this stuff, maybe someone can help. Are cryptocurrencies supposed to be a potential replacement for real life cash? This was my understanding of the motivation behind Bitcoin, at least. If so, why does it make sense that people can "generate" cash by proving some amount of work done? This of course cannot be done with normal cash. Is the main functionality of these cryptocurrencies supposed t…
> If so, why does it make sense that people can "generate" cash by proving some amount of work done?
Think of it this way: If you pay with physical cash, there are people somewhere who do the work of digging ore out of the ground, smelting it, shaping it into coins, cutting and printing paper and so on. All these people do that, because they get paid in the same currency that they themselves have minted.
It turns out that nobody has yet found a way to create a digital decentralized currency that that works without incorporating a similar concept of incentivizing the creation of currency.
Re: How Monero’s proof of work works
#10[flagged]
You'll get nothing but up votes here on HN, a lot are still angry they missed the boat.
But solving the problem of how to transfer value trustlessly and anonymously, instantly anywhere in the world is one of the biggest breakthroughs since the Internet.
Amazing how in a few short years kids started growing up with Bitcoin and don't understand how it work or why it exists :(