NASHVILLE, Tennessee – The Monero hard fork was completed this weekend, and this yields four separate digital coins. Trading at $176.10 at the time of writing, Monero (XMR) is popular for upholding user privacy, and this hard fork involves its development to version 12. Bigger ring size, enhanced privacy, larger and resource-intensive transactions, multi-signature engagement, and Ledger Nano S wallet support are among its new advantages.
The hard fork comes at least twice a year for upgrades. However, not all digital currency aficionados support this trend, sticking to the single-blockchain Monero and its version 11. Their defiance resulted in four projects with different names but similar compatibility with the virtual currency. So besides the new Monero (XMR) come the following projects:
1) Monero Classic (XMC) – This Singapore-initiated project results from the developers’ desire to change as well as healthy, market-driven transactions.
2) Monero-Classic (XMC) – Supporters of this China-based project advocate specialized professional mining machines for their safety.
3) Monero 0 (XMZ) – This is another product of the Monero hard fork. Proponents of this project debunk the splitting and defend Satoshi’s Proof of Work. They do not adhere to “network upgrades,” viewing these as mere Trojan Horses. Disputing Monero 0 as an effect of the hard fork, they reckon this virtual coin as an original.
4) Monero Original (XMO) – This result of the hard fork possesses a GitHub. Diversity, the freedom to choose, and the strong community are the central message of this project’s leader. Flexibility for fans is offered too. HitBTC, a cryptocurrency exchange, is now trading XMO for 0.00175 BTC or roughly $12.
At this time of writing, the MoneroC, a fifth project on the pre-hard fork blockchain, has arrived and is being monitored.
Critics of the hard fork contend that problems will arise with this development. Replay attacks, coin transferring on both blockchains, and decreased privacy are among these foreseen dilemmas.
Nevertheless, the advocates of this partition are optimistic that stability will eventually materialize despite detractors from hardware manufacturers. After all, the Monero hard fork was contrived to combat the problematic and highly hazardous application-specific integrated circuit (ASIC) mining hardware.