Altcoins

Monero to Hard Fork with MoneroV Coming in Mid-March

Martin Young | March 1, 2018 | 11:00 am
Monero
Altcoins

Monero to Hard Fork with MoneroV Coming in Mid-March

Martin Young | March 1, 2018 | 11:00 am

Hard forks in the crypto sphere are now commonplace, Bitcoin had countless blockchain splits over the past year. Just last month Litecoin forked amid a lot of controversy, much of which came from the founder of the original. Forks tend to draw in those looking for a quick buck on the price jump or some free coins from the airdrop that usually occurs after the split. The latest hark fork generating a buzz is the anonymous cryptocurrency Monero.

Monero’s XMR coin is widely regarded the hacker’s choice due to its anonymity. Virtually all stories about crypto mining malware have involved Monero and it remains the top crypto to acquire on the sly. This is largely a testament to its success as a private and untraceable digital asset. Monero has been one of the better performing altcoins in February climbing 20% during the month.

MoneroV Airdrop

Prices are likely to continue upwards as the hard fork approaches block 1529810 around March 14. From then on MoneroV will be born out of the blockchain and holders of XMR will get a ten times airdrop of XMV coins if they have them in a Monero wallet. Exchanges are unlikely to support the fork as was the case with Litecoin Cash. Also as with LCC there have been concerns about entering private keys into the new wallet that could potentially enable access to crypto stored in the original one.

According to the blurb on its website MoneroV ‘has limited supply of coins while Monero’s coin supply is infinite, and MoneroV will implement new protocols that will solve the scaling problems facing Monero and other cryptocurrencies.’

With a capped supply of 256 million XMV and a release of 158 million at the fork it is expected that prices will rise. However MoneroV is entering an increasingly crowded anonymous altcoin market that already includes Dash, Zcash, Zcoin, Pivx, Komodo, and Verge.

Centralized Mining Threat

The current concern with Monero is the possible centralization of mining operations using proof of work. If there is enough hashing power with a large enough network one group could theoretically control the entire network. One specific location or type of hardware for mining could also create centralization.

According to reports a hard fork will change Monero’s CryptoNight proof-of-work algorithm to prevent it from being effectively mined by application specific integrated circuit (ASIC) hardware. Too many ASIC miners could potentially centralize the network. The Monero team explained the threat of centralization in a lengthy blog post last month and warned against reuse of Monero keys for forked versions.

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  • BTC

    bad info, it’s not a hard fork, monerov is an airdrop… and they have capitalized on the fact that Monero will upgrade (with the real hard fork) to cause confusion, making people think XMV is a legitimate upgrade when it’s just a scam

  • Jasmeen

    Great! Thanks Martin! MoneroV’s finite supply is the key feature that will give it the bright future.

    • Muhammad

      Hi friends which exchange they will give the hard fork

  • Missy Robinson

    Wow! This new cryptocurrency MoneroV will allow more confidential transactions with a smaller commission and solve the scalability problems. Huge and Exciting!

  • Zed Wolfram

    Great article. If you are serious in and studied investing, you’ll hold Monero for this. See the charts today? Yes, it’s because there’s a hard-fork coming up. If you’re familiar with blockchain’s nature, you’ll see why there needs a MoneroV.

    • BTC

      only speculators with no understanding of decentralization and privacy are buying XMR for their “free lunch”… oh wait, there’s no such thing as a free lunch, good luck with your shitcoin that will fail on its promise to deliver privacy

  • Coffee With Crypto

    Thanks Martin for sharing this informative content! This crypto dividend will be huge.

  • Crypto Notes

    Great information to know here, thanks! I am waiting for a sneak peek of GUI wallet which is going to be available soon. Excited for this coin!

  • Official RyokoBear

    I’m a simple man. I see monerov, I like. People are quick to blurt off the “spam” buzzword without actually studying the coin – they don’t know what they’re saying. I studied and research it with great caution, this project is heading to a bright future.

    • BTC

      so what did you glean from reading their whitepaper that I didn’t?

  • Prashant

    Waiting to claim my xmv. The more FUD from Monero community, the more we need this

  • ku4eto

    All comments here are from bots. Aside BTC and Muhammad. The article itself is mediocre, doesn’t give much information, but it doesn’t give false as well.

  • Ricardo GP

    just PoS this coin and asics can kiss my hairy ass

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