CV Market Watch: Monero (XMR) Booms on Hard Fork Announcement

One of the leading anonymous coins is slowly making gains in the background, as more volatile assets retreat once again.

Monero (XMR) has been one of the coins that did not lose their appeal after the February correction of the markets. The reason for this is most probably the “hard fork effect”, this time ahead of the Monero V digital asset, XMV. The news made XMR rise over the past days to regain the levels above $300. The hard fork is expected around March 14-15.

The promise is to award 10 XMV coins for every Monero held. Strangely, the claims of the hard fork mention the need to resist “ASIC Centralization”, although Monero is not mined by ASIC, and may in fact have the most distributed mining in the world, due to the CoinHive script.

The other reasons for the rise of the XMR price is the possible demand for anonymous coins. What is even more significant is that XMR seems to be resisting even the recent rice of Bitcoin prices, and once again appreciates against BTC.

Bullish on Monero

The XMR coin has taken years to go to triple-digit prices. Now, the most bullish predictions see XMR rising easily to $2,000, independent of Bitcoin predictions. While there are other anonymous coins, the Monero project seems to have established itself as the go-to digital asset for untraceable transactions.

The recent  price rise may be a short-term spike in answer to the upcoming MoneroV hard fork. At the moment, the Monero community is somewhat skeptical of the project, seeing it as a money grab. Monero itself performs planned hard forks to improve and evolve. It is unknown what improvements MoneroV would achieve that could not be implemented into the original chain.

Lot’s of #FUD going around which is expected from the Monero community.

The chain split is on target and #MoneroV has a very bright future. Pointing out flaws with Monero is necessary for the improvement of ALL #privacycoins.

#crypto #cryptocurrencynews #altcoins pic.twitter.com/wL2wvdkvFv

— MoneroV (@monero_v) February 17, 2018

The Monero Community has reacted much like the Litecoin community, which had no interest for the Litecoin Cash hard fork.

Monero Remains ASIC Resistant

The Monero mining algorithm is, in theory, minable by ASIC. However, the project has decided to make changes and discourage the production of specialized machines. This approach would make Monero more distributed and secure.

“For instance, a government could require these ASIC manufacturers to add a “kill-switch” which allows them to shut down a miner remotely or otherwise control it. This threat has the potential to destroy the whole network,” warned the Monero team in a recent blog.

Another $3M in Monero Mined by Exploiting Jenkins Vulnerability

The Monero team remains dedicated to perform an emergency fork, preserving the ASIC resistance. While other projects see ASIC mining as positive for securing the network, Monero sees it as a threat to security. This also means that Monero may continue to be mined voluntarily or stealthily on almost any computer system.

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