Monero was created for a specific reason: to be an alternative digital currency to Bitcoin that is private and anonymous. Unlike Bitcoin, Monero is an untraceable cryptocurrency based on the Cryptonote protocol. Transactions, amounts transferred, and wallet addresses of both senders and receivers in the Monero network are all obfuscated. Therefore, transactions cannot be linked to a particular user.
Unfortunetly Monero is suffering from several drawbacks which include:
inifinite coin supply structure
scaling issues and high transaction fees
growing hash rate, mainly from malicious botnets and browser scripts
Fixing these problems will require a dedicated team of full-time developers which is how MoneroV was born.
Coin Supply
MoneroV adheres to core Austrian school of economics principles and caps the total amount of
XMV coins that can be created to 256 million. The coin amount in circulation at the time of the hard-fork is 10 times the amount of XMR coins ( ~158 Million).
XMR holders received 10-times the amount of XMV after the hard-fork.
Scaling
MoneroV plans to tackle the scaling issues, which is the main source of problems in Monero and integrate the MimbleWimble protocol so that the blockchain size will be bound to the number of users using MoneroV (not the number of transactions being made in the network). This will significantly reduce both transaction costs and blockchain size, permanently solving the scaling problem.
MoneroV will also take a more pragmatic approach when it comes to end-user applications and usage for example, introducing a light MoneroV wallet by default so that users will not be asked to download the whole blockchain if they do not want to. Users with high privacy concerns will still have the standard privacy wallet by default.
Mining
The growing Hash Rate of Monero is mostly due to the mass usage of botnets and malicious browser based mining.
Those miners are mostly injected by hackers and other cybercrimnals.
For example the coin mining malware codenamed "Smomminru", which infected about 526,000 Windows hosts, generated Monero worth between 2.8 Million and 3.6 Million dollars. The problem is that those hackers making millions of mining Monero prevent genuine miners to compete. MoneroV will mitigate this unethical way of mining by adjusting the Cryptonight algorithm so browser mining wouldn't be effective anymore.
Technical Comparison
Coins in circulation at hardfork
~158 million XMV (10x XMR)
in Airdrop to XMR holders
~15.8 million XMR
Emission per block
Smooth emission decline with a
6 XMV minimum
until max
supply reach
Smooth emission decline with a
0.6 XMR minimum
for infinity
Starting block
1564965
0 (Genesis)
Block interval
120 seconds
120 seconds
Difficulty adjustment
Every block
Every block
Difficulty
algorithm
Improved
LWMA
Simple average (
N=720
)
PoW algorithm
Cryptonight
V7
Cryptonight
V7
Recent News
Litecoin Founder Charlie Lee tweeted that MoneroV is the real Monero.
Steemit Competition
Don't miss our weekly Steemit Contest where you can win 50 XMV! Participating is easy and the question is simple 🙂 It will get harder every week! Submission deadline is Saturday the 9th of June. The Winner will be announced on Sunday!
