Feb 7, 2019 01:30 UTC
Feb 7, 2019 at 01:30 UTC
What is the Difference Between Monero and MoneroV?
Monero is the cryptocurrency which established a name for itself in the crypto ecosystem as a privacy coin and guarantees anonymity, privacy, and security. Monero, which is among the better-known privacy coins, has gained enough popularity to get listed on major exchanges around the globe.
The crypto ecosystem has a new emerging trend of hard-forks, where the community behind a particular coin when it gains enough attention and market value want it hard-forked, mainly because the new developments required are not possible to be made on the existing coin, and sometimes because the community members get divided over certain changes that some of them want and others may not.
The same holds true for Monero the privacy coin as well, it got hard-forked in April 2018 and the new coin which was formed is known as MoneroV and represented as XMV. The hard-fork on the Monero blockchain was done to improve upon various shortcomings and issues with the original coin.
In this article, we will look at how the newly formed MoneroV is different from the original Monero privacy coin.
You May Also Read: How to Buy Monero with a Bank Transfer or Bank Wire?
Monero Hard-Forked Coin MoneroV
The Hard-Fork of the Monero network commenced on 18th April where the main network got forked into a new MoneroV blockchain on the 1564965th block. The newly formed MoneroV works on the same principle of being a privacy coin to ensure anonymous transactions over the internet in a secure ecosystem.
However, it improved upon many basic problems that were associated with the main Monero blockchain. The reason for the hard-fork was to ensure that the new coin has better scalability than the predecessor and the transaction fee for the same is lower.
Both the coins make use of the same concept of ring signature and stealth addresses for user privacy and both have a Block time of 120 seconds. The mining difficulty for both the coins is dynamically adjusted to ensure the constant of 120 seconds.
MoneroV will make use of the same CryptoNight proof-of-work hash algorithm for the mining process, however, the newly formed coin might switch to a more efficient hashing algorithm to ensure mining is not manipulated by only a few. The time for a change in protocols might come in the first quarter of 2019.
You May Also Read: Altcoins
Differences Between Monero(XMR) and MoneroV(XMV)
Although hard-forking has recently become a trend of a sorts in the cryptocurrency ecosystem, the main reason behind it is to improve upon the shortcoming of the previous network.
MoneroV promises to improve upon the various shortcomings of the original Monero network. The first being the finite supply, while Monero has an unlimited supply which might impact on its market value in the long run due to inflation. The newly formed MoneroV has a finite supply of 256 million coins. Out of the total supply the company airdropped 158 million of the total cap for free in order to maintain the circulating supply chain.
The airdropped XMV will be distributed for free where the holders of the original Monero coins would receive 10X the original amount of Monero they have in possession.
Currently, the users would have to use the same wallet they have for the XMV as the wallet would generate a private key for the same address, and the developer team behind the newly formed network is focusing on creating a user-friendly GUI based wallet.
The newly formed MoneroV promises to improve upon the scalability issues which is a growing concern among the Monero community due to the inflated Block size. The new coin also aims to make the new network truly decentralized as the original Monero network’s decision-making process is centralized in the hands of a few members at the top.
You May Also Read: How to Buy Monero on LocalMonero in 2019?
The MoneroV hard-fork of original Monero privacy coin aims to improve upon various shortcomings of the original network. Right from a finite supply of the coins to better scalability solution, the newly formed altcoin aims to make the network truly decentralized.
Monero, the original coin, has established a name for itself in the crypto world for being a true privacy coin. However, scalability issues and centralization in decision-making process made the network to hard-fork and form a new coin. Hopefully, the new MoneroV succeed in improving the shortcomings of the main network.
Here Are Few Articles For You To Read Next: