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MoneroV [XMV], a thorn in the flesh of Monero [XMR]?




MoneroV [XMV], a thorn in the flesh of Monero [XMR]?
Source: Pixabay

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 tweets about MoneroV

Monero tweets about MoneroV

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.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.