A new coin called MoneroV will see the light of day through a Monero Hard Fork. MoneroV will use a coin cap, wants to solve Monero’s scaling problems and publish a light wallet as soon as possible. However, various warning signals around this project discourage participation.
Isn’t Bitcoin evolution something nice?
In the case of the Bitcoin evolution one has almost got used to it, Ethereum can show different Coins which came out by a Hard Fork and Litecoin followed involuntarily with Litecoin Cash. Isn’t it about time that Monero can now present a Bitcoin evolution as well?
Hard forks are not uncommon in the Monero ecosystem per se: regular protocol updates ensure that a hard fork takes place twice a year. As emphasized elsewhere, a hard fork is first and foremost a significant, not downward-compatible protocol update that requires the nodes to reinstall the client.
Only if a significant part of the ecosystem does not participate in such an update, or does so without a general consensus, will a new crypto currency be created.
In the case of Monero, a chain split has now been announced: In 21 days MoneroV will be generated by a hard fork with block 1.529.810. According to own statements on the website it should be “the best private crypto currency in the world”.
MoneroV – Monero with Coincap, smaller transactions and Light Client
To underpin this bold claim, the team behind MoneroV has come up with the following points: Unlike Monero, MoneroV does not have an unlimited coin issuance: it will generate a maximum of 256 million coins.
Compared to the current Monero blockchain, there will be a factor of 10 more coins; while Monero’s supply currently stands at almost 16 million XMR, according to the fork for MoneroV it would be 160 million XMV.
The transaction size is to be dramatically reduced in comparison to Monero.
The project plans to integrate MimbleWimble in 2019. This should happen in favor of scalability, because thanks to MimbleWimble the blockchain scales with the number of users and not with the number of transactions.
Finally, a Light Wallet is to be offered as a standard solution.
A first peculiarity that has to be viewed critically is the financing model: Of course, the development team behind this project does not have the money to drive all the changes, create new wallets and maintain the project.