What defines an effective revolution? Aroused passions might catalyze disruptions and also bolster their inclusive agenda. Meanwhile, decentralization remains the primary plan for the crypto community. That welcome the peer-to-peer (P2P) technology. Nevertheless, one of such crypto recognized for privacy-centered functionalities had its fans revolting for a cause.
All It Takes
Monero remains the leading privacy coin in the space as far as market valuation is concerned. The altcoin has a market capitalization of $2.8 billion. The project emerged in 2014 to ensure the privacy and anonymity of transactions. Nevertheless, what can occur if one entity dominates over 40% of the platform’s hashrate?
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Only a revolution, especially as mining decentralization remains a massive deal in the platform. MINEXMR, Monero’s leading mining pool, declared closing on August 12. Moreover, it confirmed transforming to be a decentralized p2pool. The team updated market players via a blog. The post expressed the team’s regret about the August 12 closing. Also, it confirmed transitioning to p2pool. Decentralized p2pool will not have pool fees and also support the Monero platform.
This development emerged after some members of the community showed their dissatisfaction. Supporters urged mining participants to quit MINEXMR as the operation threatens decentralization. Furthermore, the Monero community discussed social media networks, debating the decentralization aspect.
For instance, @HushHushApe advised the Twitter community to consider the P2Pool and leave MINEXMR. Reddit users presented a similar narrative, with a post asking market players to boycott MINEXMR. It highlighted that the pool controls about 51% of the protocol’s hashrate.
Indeed, the mining pool will halt in two weeks. Nevertheless, that’s not the only case, despite on-chain indicators supporting this narrative. Trading volume and price revealed a joint strength to climb towards new highs. The leading privacy token gained 6% to trade near the $155 mark within a week (Coinmarketcap data). Meanwhile, the altcoin lost over 20% on its charts on YTD.
What are your views about Monero and the alleged decentralization dent? Will the project struggle amidst such threats? Feel free to share your opinions in the comment section below.