Monero fork and Monero V
You may, or may not have heard about the upcoming Monero (XMR) fork and Monero V (XMV). Recently Monero (XMR) was in the headlines gaining an impressive 34.32% over the news and buzz surrounding a proposed hard fork, known as Monero V (XMV). Ranked No. 11 in the global market with its current value at $166.44 those gains have largely been reversed, but the Hard Fork is going ahead on April 30th (approx), to be more precise at block 1564965.
Monero is seen as the premier coin for those seeking anonymity. Its blockchain technology protects privacy in three ways:
- Ring signatures
- Stealth addresses
- RingCT, enabling the sender to hide among other transaction outputs, receiving address and the amount of transaction respectively.
Monero is private, untraceable and decentralized coin.
What is MoneroV and why a hard fork?
MoneroV is also a privacy-focused cryptocurrency which is secure, untraceable and finite (unlike XMR which is not finite). It will utilise the proof-of-work algorithm and requires miners to verify transactions. At block 1564965, MoneroV miners will begin creating new blocks on the network.
MoneroV incorporates difficulty retargeting for miners, has dynamic block sizes to speed up transactions times and generates a new block every 120 seconds. As a privacy coin, it also utilises ring signatures and stealth addresses. MoneroV is essentially a Monero v2.0, with updates and improvements on all the shortfalls of the original.
MoneroV (XMV) claims to offer improvements on these 2 shortfalls of Monero.
- Scalability issue – MoneroV will implement a new protocol (MimbleWimble) to help solve the scalability issue plaguing most coins like Monero and Bitcoin, preventing the use of mass adoption as a currency. MoneroV aims to be used on a large scale as a privacy-protected currency.
- Supply issue – Monero (XMR) currently has an infinite supply, whereas, MoneroV (XMV) will have a finite supply. There will be 158 million XMV circulating after the hard fork, with a total max supply of 256 million.
The Hard Fork has faced a setback though and has been delayed until April the 30th (approx date, the actual day depends on when the block is reached), fueling more speculation of a scam operation. In turn, this has seen Monero (XMR) retrace all of its gains prior to the buzz surrounding the fork. But high volatility always comes when a fork is announced so hardly unexpected and more could come as we head to the end of the month.
Claim your Monereo V
First and foremost you will need to be holding Monero before the hard fork takes place. Secondly, it will typically mean holding in a place where you have control of the private keys (ie. not an exchange). Exchanges will have their own rules as to if they release Monero V to users, although most unlikely will. If you are then happy to claim your MoneroV you will receive x10 for every x1 XMR held at the time of the fork.
Keep informed directly from their site and download their wallet when it is announced after the fork. Before you utilise your existing private keys MOVE YOUR XMR HOLDING TO ANOTHER WALLET. This is important to safeguard your existing XMR. Unfortunately, XMR wallets are not plentiful but can be found at MyMonero or the official Monero site. On this occasion, you could even use an exchange as a temporary measure even though we wouldn’t normally recommend this. Once you have an existing wallet empty of your XMR you can use those private keys to claim your XMV. Good luck to all following XMV and hopefully your claim goes smoothly. Just ensure you take each step carefully and 1 at a time, just be mindful of the process and double check everything.
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