What is MoneroV (XMV) Cryptocurrency?

By&nbspPrashant Jha

MoneroV is a Hard-Fork of the well-known privacy coin Monero. The hard-forked cryptocurrency promises to be completely private, untraceable, with finite reserve and completely secure.

The Hard-Fork has become a norm in the crypto ecosystem, where when the coin gets enough attention and adoption, the community behind it gets divided over certain aspect and wants to bring in the changes to improve upon the existing coin, this leads to the Hard-Fork of the cryptocurrency.

The MoneroV got forked from its predecessor on the block number 1564965, and all the previous holders of the original coin got the additional MoneroV when the hard-fork commenced on April 18, 2018.

Since both Monero and MoneroV are privacy centered coins, both use the concept of ring signature and stealth mode to assure privacy. Both have a Block time of 120 seconds and both the coin mining difficulty is dynamically adjusted at each block.

You May Also Read: Altcoins

What is the Difference Between Monero and MoneroV?

Monero which is known as the privacy coin for its anonymity features and promises of being untraceable was forked and we got MoneroV. If you are new to the crypto space, hard-forking has become quite a trend in recent times.

Take Bitcoin the pioneer for example, what started out as a revolution back in 2009 have forked several times over a decade long life span, and we have many new and improved versions of it like Bitcoin Cash, Bitcoin Gold, Bitcoin diamond etc.

Coming to the differences, MoneroV claims to have improved upon various shortcomings of its predecessor, be its scalability problem, it has a limited supply of 256 million coins compared to the Monero’s infinite supply, the cost of the transaction has been lowered. MoneroV also claims to be truly decentralized while the decision making for Monero was concentrated in the hands of few at the top.

MoneroV, in order to solve the scalability issues associated with the Monero, is going to make use of privacy-oriented Mimblewimble protocol which is still in the development phase and expected to get completed bearly 2020.

You May Also Read: Monero Blockchain

Some Interesting Facts About the MoneroV Coin

Whenever a new cryptocurrency gets forked, the holders of the original coin gets an equal amount of the newly formed cryptocurrency. However, Monero owners received 10 times of the MoneroV. This was done to maintain a regular supply chain for the newly formed currency.

As part of the Hard-Fork exercise, a total of 158 million MoneroV coins were airdropped free of cost. A private key would be generated by the same wallet which the users were using to hold their monero coins.

The development team is working on creating a user-friendly GUI base wallet for the newly formed cryptocurrency.

You May Also Read: How to Buy Monero with a Bank Transfer or Bank Wire?

Conclusion

Hard-Fork has become a norm and looking at the success of previous altcoins, it’s becoming more common in recent times. MoneroV which forked from the original network on April 18 last year promises to improve upon various shortcomings of the original Monero network.

However, the basic principle of anonymity, privacy and untraceability are still in place. Whether MoneroV would be able to climb the ladders of success as the original Monero coin did, only time would tell, but the approach and idea behind the fork look impressive.

Here Are Few Articles For You To Read Next:

Prashant Jha

As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.