There was a Monero hard fork this month, resulting in several variants of the project taking place.
Monero has always been a mineable coin that’s within reach of the masses. In fact, since some people mine Monero in a browser or through a plugin, it’s almost wholly accessible. Minimal amounts of XMR won’t get anybody rich, but for people who are new to crypto, mining some XMR is a fantastic way to start a love affair with a cryptocurrency.
XMR Puts up a Defense Against ASIC Mining Rigs
XMR, the primary project, issued a hard fork to introduce ASIC-resistance. Several manufacturers of ASIC mining equipment were setting their eyes on XMR, so the team’s developers took the project in a different direction. For fans of decentralization, the move makes a lot of sense. Massive mining operations already have the upper hand, why let them run the whole show? So, XMR is holding it down for old-line cryptocurrency enthusiasts who want an egalitarian production method that doesn’t favor a few monopolistic companies.
CPU mining lives on, which gives everyone a chance to own their share of the dream. Mining rig companies are now targeting Cryptonight Proof of Work privacy coins, which means that CPU miners and their slightly more powerful brethren, the home mining rig operators, will soon give way to datacenters full of ASIC rigs that will thoroughly dominate the sector. Monero is the largest of the Cryptonight privacy coins and is resisting the change.
Here Come the Branches of the Monero Hard Fork
Not everyone agrees with this concept, so a few different options now exist.
- Monero Classic (Two Versions) – Monero Classic is Monero without the fork. Miners will be able to mine Monero Classic with ASICS. Monero Classic will trade under the symbol XMC.
- Monero V – This version of Monero makes a strong commitment to privacy and security. Holders of Monero on April 30th. 2018 will receive 10
- Monero 0 – This project is fully compatible with the Monero Network V11 and diverges from Monero after their hard fork to Version 12 on April 6th. The trading symbol will be XM0 (that’s a 0!)
- Monero Original (XMO – Trading on HitcBTC) – This project is staying on the “old” blockchain and is already trading hands on exchanges. People who had XMR in their wallets all got 1 XMO automatically.
An interesting thing to consider – any of the new Moneros could theoretically pass the “old” Monero to become the new standard Monero! If they gain enough miners to surpass the hash rate for XMR, they might eventually supplant it in market cap and importance.
All of these coins will be mineable. The alt we refer to as “XMR” will attempt ASIC resistance, while XMC, XMO, and XMV will all be mineable using ASICS. What happens next with the hash rates of the different projects promises to be one of the most exciting crypto stories of 2018. An onslaught of new Cryptonight miners means that the hash rate for one of the alternative Monero forks could spike mightily.
MoneroV Is Seeking to Solve the Cryptocurrency Scaling Problem
It’s impossible to predict which coin will achieve dominance. That said, the Monero V White Paper is worth a read in its entirety. The development team is looking to overcome any Monero scalability issues with their introduction of the MimbleWimble protocol. XMV also has a limited supply of 256 million, with 158 million going to XMR holders during the Airdrop.
In summary, MoneroV has the following points of interest.
- A limited supply of coins.
- Scalability supremacy.
- Untraceable transactions.
- AirDrop distribution.
If the network picks up substantial mining hash power, it’s possible to see a bright future for XMV.
We’re going to keep a close eye on all of these intriguing new projects.