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
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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