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
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|
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| 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 |
MoneroV
MoneroRecent News
Litecoin Founder Charlie Lee tweeted that MoneroV is the real Monero.
Steemit Competition
Best coin comparison I have seen in a while 👍
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Why is a growing hashrate bad? Isn't that what a coin strives for?
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A growing hash rate increases the mining difficulty which makes it less profitable, which is not bad if it happens gradually. But the vast amount of hash power from botnets and script miners lead to a premature rise in mining difficulty making it hard for legitimate miners to compete. Miners who invested in their own hardware should be compensated for their mining efforts and not Hackers who maliciously use other peoples computing power for mining.
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What do you have to say about the obvious sarcasm of Charlie Lee when he said "This proves the MoneroV is the real Monero"?
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Hi @kiikoh it was just a harmless joke in a Twitter Conversation and we are able to take a joke 😉 It was not a Twitter post, just a comment.
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If this can be done right, killing CoinHive and the other 'malware for hire' sites would be a huge plus. If you can propose better action than XMR's fork-every-6-months approach; which is working fine considering the recent Monero Difficulty Watch.
Difficulty has fallen consistently since the XMV snapshot and it was noted that many were hoarding XMR prior to the airdrop. Nothing against XMV, I'm truly intrigued but it's hard to deny Monero XMR is at it's lowest Difficulty since November 2017.
*Re-steemed
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Hi @donald.porter thanks for your comment, difficulty is down on almost all coins because mining is less profitable at the moment due to the price decrease in bitcoin and other altcoins, that's completely normal, as soon as the price catches up again, difficulty will increase, you will see 🙂
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That can't be said for BCN, XDN, AEON, XMO and a few other CryptoNote coins being mined with ASICs or botnets since the PoW7 fork.
Difficulty spiked for all of them since. Literally through the roof.
The more logical reasoning is that the Anti-ASIC/botnet fork worked; check the pools, those bots and ASICs are still mining something... just not XMR . 🕵️
Also, consider your point in regards to XMV. The miners you sort after must come from somewhere,, and I'd bet most will be from XMR. If XMV or any of the other clones are successful; that will keep XMR difficulty down as well.
Cheers
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Great comparison
Although they have a potential, I really think there's no chance any coin will beat bitcoin record price...but maybe I'm wrong, time will tell
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Such an amateur comparison.
look at this and draw conclusions for yourself
https://steemit.com/privacy/@drhushchak/an-investment-in-bitcoin-private-why-should-you
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