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
XMR holders received 10-times the amount of XMV after the hard-fork.
Scaling
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
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.