Ledger released a beta version of the code on GitHub for Monero called blue-app-monero which is Monero wallet application for Ledger Blue and Nano S – Beta 1 it is not a stable/release state version yet, but it’s available for testing.
This means the release version is coming soon, this gonna be huge gamechanger for all those who prefer to hold only coins that are supported in hardware wallets, and cud impact the price in a good way.
The community is guessing it will take somewhere around three to five weeks for the official release to take place.
What is Monero?
Monero is a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable.
Monero is not exactly “ASIC resistant”, but the cost of manufacturing ASICs for Monero would be so high that it simply won’t be worth it.
Monero was based on the CryptoNote system which makes it distinctly different from bitcoins? Well, the hashing algorithm used in CryptoNote based systems is called “CryptoNight”. Cryptonight was created to build a fairer and more decentralized currency system. It was hoped that this would prevent the creation of mining pools and make the currency more evenly distributed.
So what are the properties of CryptoNight which makes it ASIC Resistant?
- Cryptonight requires 2 MB of fast memory to work. This means that parallelizing hashes is limited by how much memory can be crammed in a chip while keeping cheap enough to be worth it. 2 MB of memory takes a lot more silicon than the SHA256 circuitry.
- Cryptonight is built to be CPU and GPU friendly because it is designed to take advantage of AES-Ni instruction sets. Basically, some of the work done by Cryptonight is already being done in hardware when running on modern consumer machines.
- There have been talks of moving Monero on from proof of work algorithm to “Cuckoo Cycle” (a different form of proof of work hash). If a switch like this does happen, then the amount of work spent in the R&D of Monero friendly ASICs would be meaningless.
In total there are 18.4 million XMR and mining is projected to go on until 31st May 2022. After that, the system is designed such that 0.3 XMR/min is fed continuously into it. This has been done so that miners would have the incentive to continue mining and won’t have to depend on just transaction fees after all the Monero has been mined out. So basically there is no total supply od coins.