With the crypto market recovering from one of its worst price slumps, all wasn’t well with Monero. But as revealed earlier, Monero is all set to embrace new changes to get back in the game. In its efforts to make XMR’s mining technology egalitarian, the dark-web’ favourite currency executed the controversial hard fork on April 6. With the fork resulting in four Moneros, each one is claiming to be the original Monero. The following segments explore the gist of the story.
The Monero (XMR) Hard Fork on April 6
As evident from the previous proposals, the hard fork on Monero was planned to boost the proof of work (PoW) network, increasing the ring size to 7. Almost all the major platforms, from Reddit, Twitter to Telegram, have witnessed severe debates regarding the outcome of the fork. With many members refusing to comply with the egalitarian approach, the fork seemed to be the only solution to settle the disputes. The hard fork on April 6 updated the proof-of-work (PoW) system with suitable changes in its move to eliminate the threats imposed by ASIC. Moreover, the PoW system update, which was spurred by the hard fork, has been executed as an attempt to prevent XMR mining with Application Specific Integrated Circuits.
What Triggered the Split?
Introduced in April 2018, Monero (XMR) is relatively a recent currency. While the major altcoins owe their origin to the bitcoin codebase, Monero was developed with the Cryptonote protocol. The proof of concept, which was designed by the cryptographer Saberhagen, has been transformed into Cryptonote coins that adhere to the Cryptonight PoW algorithm. Following the launch of Antminer X3 series by China’s Bitmain Technologies, many other operations like Halong Mining and Baikal talked about ASICs that process this algorithm. The ASIC resistance, which has alarmed many developers in the past, posed a huge threat to Monero. To mitigate the problem created by the ASIC, the Monero developers planned the hard fork, rendering these systems useless. Despite a large part of the Monero community dismissed the idea of the split, the fork was executed on April 6, splitting the project into four subsets with the original (version 11) XMR codebase.
The Four XMR Protocols
Although all the four projects decided to deploy the pre-fork protocol, they will share the same network under different slugs and logos.
Monero Classic (XMC)
The first Monero fork, which has been named Monero Classic, is introduced by a Singapore-based group, including by many reputed developers and miners. In an interview with Bitcoin Magazine, Bento Tan, the representative of the group, revealed that the development of ASIC seems healthy. Furthermore, he added: “The ability to have choices promotes competition and that drives growth. We have to look at things at that level. Unilateral control is a suffocating death because you take away the need to improve and innovate.”
This project is handled by a Chinese agent who identifies himself as PZ. As evident from its origin, it is backed by Bitmain’s Antpool mining systems. As per PZ’s reports, unlike its former contender, the emergence of this XMC is a “normal market economy phenomenon.”
Monero 0 (XMZ)
While speaking to Bitcoin Magazine, the representatives of Monero 0, who identify themselves as “proof-of-work maximalists”, said that they are “concerned users.” “We’ve decided that the Monero Project’s strategy to continuously hard fork is no longer a stable or a sane strategy. We believe that Satoshi’s Proof of Work is the only mechanism for decentralized consensus. The so-called ‘network upgrades’ that are centrally mandated by the Monero Project are a Trojan Horse designed to compromise the effectiveness of Proof of Work in the Monero network. Monero 0 is not a fork; it is the original Monero”, the group concluded.
Monero Original (XMO)
Very little information is available on this Monero protocol. Although much is unknown about XMO, the project has raised many eyebrows because of its association with GitHub. “Monero has always been about freedom of choice, about diversity and about the strong community behind it. We are providing the Monero fans [with] a possibility to support the iconic coin and stay on the original chain. Monero Original team stands for diversity, which is a logical marker of evolution. We are excited to see our favorite coin mature, and we are even more excited to help [in] keeping this diversity”, added the Monero Original Team.
The Forks Might Be Unstable
The hard fork has been executed amidst vehement controversies; so many questions have been raised regarding the reliability of these subsets. Also, such a critical project demands high-end technical support from cryptocurrency infrastructure providers. Some of these Monero projects have already sought support from significant exchanges and mining pools. Overall, the most critical aspect of the split is moving coins both blockchains singly.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Aunt Arctica via Flickr
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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