MoneroV is a decentralized, anonymous peer to peer cryptocurrency. Users and businesses can make their transactions reliable and secure due to the presence of a Blockchain technology. MoneroV is the hard fork and airdrop of the coin currency Monero.
It is believed the prices will surge up as the fork approaches block 1529810 around March 14. From that point, MoneroV will be developed from the original Blockchain of Monero and holders of XMR will be offered a ten times airdrop of XMV coins if they have them in a Monero wallet. Just like Litecoin cash, various exchanges will likely support the fork.
Specifications of MoneroV XMV
MoneroV has a market capitalization of 256 million XMR with a hard fork of 158 XMV. According to the blurb, MoneroV has a limited coin supply while Monero has an infinite amount. On that note, MneroV is implementing new protocols that will solve the scaling problems facing Monero and other digital currencies.
MoneroV is, however, entering an increasingly crowded, competitive and anonymous altcoin market that already includes coins such as Zcash, Dash, Zcoin, and Komodo.
Type of Mining
There is the centralization of extraction using the proof of work (PoW) mechanism. With sufficient hashing power accompanied by an extensive network, one single group could theoretically control the entire system. A specific location or type of hardware for mining could also create the concept of decentralization.
According to some reports, a hard fork will transform the Monero’s Cryptonight proof of work algorithm to inhibit it from being efficiently mined by use of specific integrated circuit (ASIC) hardware. The presence of too many ASIC miners could potentially centralize the entire network.
On that note, the Monero team elaborated on the threat of the concept of centralization on a lengthy blog post the previous month and warned on the possible re-use of Monero keys for forked versions.
- Difficulty Retarget – it is done for every block. The difficulty is adjusted after Airdrop.
- Block time- Blocks are generated after every 20 seconds
- Block size – Dynamic, max 2xM100
- Block reward –There is a smooth decrease with a minimum of 6 XMV for every block at 184,467,440 XMV in total emission.
- Privacy – Ring signature
The Differences Between MoneroV And Monero
Though MoneroV is the split of the original Monero, the main difference between the two virtual currencies is the supply of coins. For Monero, it offers an infinite amount of coins while MoneroV has a limited supply of 256 Million XMRV in circulation.
Other people perceive MoneroV as an attack on the Monero network. It is considering that any transactions made on MoneroV will be directly connected to that of Monero. For instance, if I had money in Monero address B at the specific time of the chain split and spent both (Monero and MoneroV), both of these transactions will pop up the same primary image which merely means they are linked.
Though MoneroV poses a threat to the entire Monero network, MoneroV will eventually incur the most significant burden. However, in the long run, the virtual currency is an advanced anonymous coin with extra add-ons and botnet mining.