Monero Original. Monero Zero. Monero Classic. MoneroClassic. MoneroC. If the 1,500+ cryptocurrencies weren’t already enough, the five created from the Monero blockchain over the weekend certainly had many confused.
Indeed, the bizarre scenario was the result of an unwillingness to compromise over the “sticking point” that was the role that application-specific integrated circuit (ASIC) mining ought to play (if at all) in the future of the popular cryptocurrency.
Let us explore these new versions of Monero (and yes, your eyes are not deceiving you, that is indeed two Monero creations distinguished in name by nothing other than the tap of a spacebar):
Monero Original (XMO)
The original chain of Monero after its April 6 hard fork which will still stand for anonymity and untraceability. Their GitHub repository is set for an update soon. Crypto trading platform HitBTC threw their support behind the XMO hard fork, airdropping holders of XMR on a 1:1 basis.
Monero Classic (XCL)
Monero Classic claims to be the work of a Singapore-based group who were drawn through of a shared interest in the Monero project. The founders, comprised of both developers and crypto-miners, saw no better time to execute the hard fork.
XCL actually puts their support behind ASIC miners, arguing on their website that ASIC manufacturers dedicating mining equipment to any given coin ought to be seen as indicative of a healthy ecosystem backed by strong demand; certainly not something that should be intentionally avoided.
Monero Zero (XMZ)
Per their website, Monero Zero believes that:
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.”
Over the weekend, @MoneroZero tweeted the mining difficulty chart for XMZ having dived since the hard fork took place (stats claim to be sourced from their GitHub repository). They “expect to retain at least 60% of the original hash rate.”
Justifying why he created MoneroClassic, PZ explains on the site’s homepage how he feels he is representing the “people who want to maintain the original algorithm and accept the existence of mining machines. They should be heard and respected.”
Supporting the fork via airdrop was gate.io, LoMoStar and CoinEx. ASIC hardware manufacturer AntPool has been public is actively promoting MoneroClassic, leading many to question whether the agenda being pushed by MoneroClassic is purely to feed their bottom line.
Unfortunately, their website is under development, and so information on CXMR remains scarce. They are at least running a Twitter account (@Monero_Classic) which is the source of a handful of tweets helping to shed light on what MoneroC stands for.
According to these tweets, MoneroC will fulfil the role of a privacy coin, which they note should have no business being centralized (which they claim Monero is en route to becoming with the imminent v0.12.0.0 set to make the ecosystem less decentralized, from their perspective).
MoneroC makes a point of stating that they aren’t “against forking to invalidate botnets and ASICs” per se (i.e., how Monero has been justifying the need for v0.12.0.0), but that they’re “against forking that has disastrous consequences for privacy and to become more centralized.”
All five are opting to continue running on the current version of the Monero protocol (i.e., version 11, or, the pre-hard fork Monero blockchain). So, in essence, despite each donning different names and brand identities, they’ll all continue to be compatible with one another on a single network, where even the coin they use is the same.
Wait, what ever happened to MoneroV?
By all accounts, the (estimated) April 30th MoneroV (XMV) hard fork (see: whitepaper) will go ahead as planned. Unlike the above, the MoneroV fork will coincide with the network wide update which sees Monero grow to v0.12.0.0.
Certain trading platforms are supporting the hard fork split, issuing their customers 10 XMV for every 1 XMR they hold prior the fork which will occur on block height 1564965. These crypto exchanges include Ovis, BTC-Alpha, HitBTC, and – as of Monday – CoinEx.
Of course, it was only in recent weeks that the MoneroV snapshot date was postponed in order to facilitate third-party services requests from exchanges, custodian services, mining pools, users, and the like.
Image From Shutterstock