As a result, the hard forks Monero has four new cryptocurrency

Network anonymous cryptocurrency Monero passed hardwork to 12 Protocol version. However, not all supported the update, some users continue working in the previous version of the Monero blockchain. More precisely, in several versions. Now is Monero Classic (XMC), Monero 0 (XMZ), Monero Original (XMO) and another project called Monero Classic (XMC) (which in this article we will call Monero-Classic). They continue to run in the 11 version of the Monero Protocol under different names.

Hardwork

In the continuous process of updating the Protocol, the Monero team performs hardwork every six months. Last hardwork introduced several new features, including increased size of ring for a more sensitive, but also larger (thus more expensive) transactions; transactions with multipolicy; support hardware wallet Ledger Nano’s etc.

In the last hard forks have also been introduced to configure the hashing algorithm proof-of-work from CryptoNight Monero. This update makes all existing specialized ASIC miners are useless. Such equipment becomes even more of a problem in the hashing algorithm CryptoNight than other similar algorithms, as it can allow ASIC miners to perform DoS attacks on miners with video cards and network nodes that are not involved in mining.

Risks, which are ASIC-miners, apparently, was the reason that most of the Monero developers and community members agreed to update. However, not all industry representatives are satisfied and happy. In particular, the largest manufacturer of equipment for mining Bitmain, as well as smaller companies such as Halong Mining and PinIdea, recently announced that they have developed ASIC miner for CryptoNight hash algorithm (and such equipment probably has been used for covert mining in the Monero blockchain). All these hardware become useless after hard forks the network.

Now, four projects have announced that they will continue to use the Protocol Monero, worked hard forks. Since all four coins share the same Protocol, they are, in fact, are one and the same network, or coin, albeit with different names and logos.

Monero Classic (XMC)

The Classic Monero project initiated by a group that calls itself the Monero enthusiasts from Singapore. It includes the developers and a few miners, who have decided that «the time has come to act.» The representative of the group tan Bento (Bento Tan) explained that, in his opinion, the development of ASIC-miners – a healthy process that promotes the development of the market.

The panel also considers that the risks that carries, such hardwork higher than the risks of mining centralization. On the website Monero Classic says:

«The developers of Monero think that they can change the rule of consensus whenever it will be convenient, and the community needs to be reconstructed in accordance with their desires.»

According to the group, Monero Classic has nothing to do with other projects Monero and not planning to unite with them.

Monero-Classic (XMC)

On the website Monero-Classic, the man behind the project, calls himself a «PZ, early Bitcoin Evangelist and Creator of blockchain space.» As creators of another Classic Monero, PZ believes that the emergence of specialized equipment for mining – normal economic process. In addition, the author of the project States that «the availability of professional mining equipment will help to avoid attacks of 500,000 botnets on the net.»

This project is originally from China, he actively promoted mining Bitmain pool, AntPool. Due to the fact that hardwork absolutely unprofitable Bitmain, many suspect that the manufacturer ASIC-miners had a hand in the creation of the project. However, company representatives deny the rumors.

Monero 0 (XMZ)

The project, preferring to remain anonymous, call themselves a group of «concerned users» and «maximalists Proof-of-Work» who do mining as a hobby. The project website States:

«We decided that the strategy of the Monero project, which consists in continuing hardforce is no longer stable or reasonable. We believe that PoW Satoshi is the only mechanism for decentralized consensus. The so-called «network updates» that are centrally provided by the Monero project, represent a Trojan horse, which threatens the effectiveness of the PoW network Monero. 0 Monero is a fork of. This is the original Monero».

The representative Monero 0 also notes that Monero is «project NVDA», that «the proof is the fork» — not a method of consensus», and that «Bitmain wants to destroy Monero».

Monero Original (XMO)

About this project and its enthusiasts, little is known. Monero is at the Original page on GitHub and sent out press releases in several trade publications. The document is quite little information, but it has a statement from a «master developer team Monero Original»:

«Monero has always been able to boast free choice, diversity and a strong community. We provide Monero fans the opportunity to support an iconic coin and stay in the original chain. Team Original Monero supporter of diversity, which is a logical marker of evolution. We are pleased to see that our beloved coin develops, and even more we are glad to help preserve that diversity.»

At least one cryptocurrency exchange HitBTC has said it will make the balance XMO available to all who owned XMR during hard forks. HitBTC also began trading XMO. The value of the coin XMO is about 0.00175 0.07 BTC or XMR, but the price is very volatile.

Complexity

It seems that both the new and old blackany Monero currently supported by miners, but most of the power still hashing over old bloccano. Both networks are supported less hashing power than before the hard forks. This means that the blocks are much slower, especially in the new blockchain Monero, but within a few days the situation should stabilize.

In the case that at least one of the new projects will be able to support the old blockchain Monero, and the new network will also continue to work, you may experience some difficulties.

First, in the framework of the hard forks were not added protection from repeat transactions. This means that users wishing to spend XMR in the new blockchain, can casually spend the equivalent number of coins in the old network and Vice versa.

However, due to some changes in the new Protocol Monero, this risk is small for users of the old network transactions will automatically be considered invalid in the new Protocol Monero. Users of the new network have no such advantages. If they want to keep the coins from the old network, they need to move them before making transactions with their XMR, and do it with a ring size of 5 or 6.

Over time, the risk of re-transaction will be even less likely to users who haven’t moved their coins. This is due to the fact that Monero in the process of mixing coins, and the chances that users will mix their coins with those that are only valid in the same chain, will increase. This will make the whole transaction null and void in one of the two chains.

The biggest problem is that the movement of coins in both blockchains shows which of them are controlled by the same user. This is contrary to a Central position of the Monero privacy. Therefore, anyone who uses Monero for privacy sake, it is recommended to choose one chain and ignore the other. On a similar issue «free» coins of forks, only in the case of Bitcoin, already warned Andreas Antonopoulos.

Even those community members who don’t use both chains, may suffer from reduced privacy. If they mix their coins with users, revealing what coins they own, it can decrease the level of anonymity those who did not. However, this additional risk is likely to kompensiruet new Protocol Monero due to the increase of the ring size for transactions.

7 April it became known about the appearance of the fifth project in the framework of hard forks that support the original blockchain Monero — MoneroC. How many projects will ultimately survive and will be supported by the community – time will tell.

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