🔎 The Difference between Monero and MoneroV

in #monero6 years ago (edited)

monerov-comparison.jpg

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

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MoneroV adheres to core Austrian school of economics principles and caps the total amount of XMV coins that can be created to 256 million. The coin amount in circulation at the time of the hard-fork is 10 times the amount of XMR coins ( ~158 Million).


XMR holders received 10-times the amount of XMV after the hard-fork.

Scaling

network2.png

MoneroV plans to tackle the scaling issues, which is the main source of problems in Monero and integrate the MimbleWimble protocol so that the blockchain size will be bound to the number of users using MoneroV (not the number of transactions being made in the network). This will significantly reduce both transaction costs and blockchain size, permanently solving the scaling problem.

wallet2.png

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

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The growing Hash Rate of Monero is mostly due to the mass usage of botnets and malicious browser based mining. Those miners are mostly injected by hackers and other cybercrimnals.

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

MoneroV

Monero

Coins in circulation at hardfork~158 million XMV (10x XMR) in Airdrop to XMR holders~15.8 million XMR
Emission per blockSmooth emission decline with a 6 XMV minimum until max supply reachSmooth emission decline with a 0.6 XMR minimum for infinity
Starting block15649650 (Genesis)
Block interval120 seconds120 seconds
Difficulty adjustmentEvery blockEvery block
Difficulty algorithmImproved LWMASimple average ( N=720 )
PoW algorithmCryptonight V7Cryptonight V7

Recent News


Litecoin Founder Charlie Lee tweeted that MoneroV is the real Monero.

Steemit Competition

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Don't miss our weekly Steemit Contest where you can win 50 XMV! Participating is easy and the question is simple 🙂 It will get harder every week! Submission deadline is Saturday the 9th of June. The Winner will be announced on Sunday!
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Best coin comparison I have seen in a while 👍

Why is a growing hashrate bad? Isn't that what a coin strives for?

Posted using Partiko Android

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.

What do you have to say about the obvious sarcasm of Charlie Lee when he said "This proves the MoneroV is the real Monero"?

Posted using Partiko Android

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.

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

MoneroV will mitigate this unethical way of mining by adjusting the Cryptonight algorithm so browser mining wouldn't be effective anymore.

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.

Screen Shot 2018-06-04 at 8.33.18 PM.png

*Re-steemed

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 🙂

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

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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