MoneroV, a fork of Monero blockchain announced its presence in the Monero community recently. MoneroV has promised users that it offers them a new secure, private, scaleable currency which addresses the problems faced by the Monero blockchain.
A Twitterati says:
“Another cryptocurrency fork that exists purely to maintain mining profitability for Bitmain….. What could go wrong….. I’m simply shocked Bitmain would create a Bcash for Monero. I’m in utter shock.”
A fork is a term that is used to trace several processes in cryptocurrency. It is a change in the protocol which makes invalid blocks valid, thus requiring all users to upgrade to the latest version of the software. There are different types of forks, some of which include scheduled hard forks, code forks, and blockchain forks.
Riccardo Spagni, a core member of the Monero team tweeted:
“Any Monero fork that retains ASIC support not only carries the usual naive fork privacy risk but also creates a massive DoS attack surface for exchanges that add it.”
MoneroV is expropriated from the software Monero. It has announced that mining operations will commence from 30th April 2018.
Specialists and many influencers have suggested that MoneroV offers several high-risk attack possibilities to the cryptocurrency to its policies.
This has brought critical comments from users among which was this tweet:
“Really? shocked? … It was inevitable that the existing chain was going to live on. Plenty of mining botnets with lost C&C that will stay on the old chain. …..Personally, I’ve always been against a hard-fork for ASIC resistance, and many others are too”
Monero recently tweeted:
Monero has announced in a tweet that it is not anyway related to the development of MoneroV and has recommended its users to be careful with the new software. It assured its users that it is working to put shields in place to minimize attack vectors against Monero’s privacy due to blockchain forks.
Subscribe to AMBCrypto’s Newsletter
XRP and XLM Price Analysis: Rival coins show bearish pressure of slightly different magnitudes
Monero [XMR] paired with Bitcoin [BTC] and Ethereum [ETH] on KuCoin
Bitcoin [BTC]: Nouriel Roubini connects the fall of ‘criminal ICOs’ to the fall in BTC and ETH prices
Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks
Ethereum [ETH]’s Vitalik Buterin says he is ‘pretty sure’ that more ERC20 tokens will be released
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Bitcoin [BTC] critic Agustin Carstens warns against central banks issuing virtual currencies
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume
Tron [TRX] DApp Weekly report: Justin Sun’s cryptocurrency lays down claims that Tron is better than Ethereum and EOS
Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report
- Bitcoin Cash
Bitcoin Cash [BCH] advocate Roger Ver shows his support for Silk Road founder Ross Ulbricht again
Ethereum [ETH] core dev clarifies acceptance of ProgPow in future hard forks
Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge