This is it guys. The popular coin, Monero is planning for a hard fork come April 30, 2018. It may or may not be good news but with a generous Air Drop of 10 Monero V (XMV) coins for every Monero (XMR) coin held, this might be exciting for Monero supporters. Practice caution though, like all hard forks, not everyone is happy. Plus, you will need your Monero private keys to access the new Air Drop and that’s a little uncomfortable if you ask me.
Monero Adoption and Scalability Concerns
Ok, you may already know this but while Monero is untraceable courtesy of its ring signatures, RCT and stealth addresses it now faces some headwinds especially if there is no consensus around this hard fork.
The open source coin is more like Bitcoin and assuming there is strong adoption like it is the case at the moment-Monero is a favorite for Dark Web users –usability would be marred by issues of scalability. Let’s not forget that even though this coin addresses privacy issues, it was originally meant to have an infinite supply.
What is a hard fork?
Before we delve deeper, I would just like to summary what a hard fork is. By now you know that all coins are generally a set of computer codes representing transactions within the network.
A blockchain on the other hand is a publicly accessible ledger made up of valid transaction blocks. Anybody with a right combination of codes and have shown beyond reasonable doubt that they have put in enough work-through Proof of Work- can add valid blocks to the longest chain as protocol demands.
In simple words, the underlying coin technology is like a computer program. Like all programs, they need upgrades and /or overhaul from time to time. Monero hard fork will involve change of the underlying protocol ensuring there are static number of MoneroV coins in circulation. This is obviously deflationary (like Bitcoin with 21M coins to ever circulate) unlike Monero which has unlimited number of coins.
Since there will be 256M, MoneroV coins, participants ought to upgrade if they want to transact within the fresh platform.
Some details about MoneroV
Like we said before, this hard fork is planned for April 30, 2018 and the split will happen on block 1529810-that’s when miners through PoW validation protocol will begin adding blocks to the new chain. Some inherent features that made Monero attractive-like its privacy centric nature will remain intact.
But this time round, the new network will be scalable with a brand new MoneroV GUI full node. That’s not all. By June 2018, MoneroV adopters will access their own MoneroV web wallet.
Additionally, MoneroV team plans to integrate MimbleWimble technology by 2019. They will also change the current Proof of Work hash function, the CrypoNight and introduce side-chain support in Monero’s blockchain.