Please pay close attention to at Security concerns to make sure you understand all the risks.
Scheduled time: at block 1564965, about to be mined approximately on April 30. (Source)
XMR & XMV Comparison
|Protocol||CryptoNote||CryptoNote (to be changed)|
|Block time||120 seconds||120 seconds|
|Difficulty||Retargeted every block,
based on the last 720 blocks
|Retargeted every block|
|Coin supply||Infinite||Capped at 256 Million XMV|
|Max block size||No hard-coded size||Dynamic, max 2xM100|
|Team||Core developers team||Private team|
Main differences between XMR & XMV and the goals set for the fork
At the moment the new chain is created, it will be based on CryptoNote protocol, same as the original chain. MoneroV’s team is aiming to change the protocol to bind the blockchain size to the number of the network users rather than to the number of transactions within the network.
Monero has infinite coin supply. MoneroV caps the total supply at 256 Million XMV tokens that shall be reached by 2067.
Monero is implementing more security-centered approach towards implementation of the new features, relying on the opinion of the community with the participation of the core developers. It is supported by donations from its adopters and supporters, and the funds are allocated to certain updates after careful consideration.
MoneroV is aiming to shift towards quick decisions regarding scaling approach. The team is promising to adopt bounty programs for professionals to be able to quickly implement new features.
The hard fork
Hard fork of MoneroV will take place when the block 1564965 is reached. It is scheduled to happen roughly on April 30, 2018. It means that the new consensus rules will be implemented on MoneroV’s chain and XMV blocks will start to be mined. A snapshot of Monero network will be taken and those holding XMR tokens prior to this block will get 10 times the amount of the tokens of XMV chain as soon as the XMV mainnet is launched several days later.
How to get XMV coins after the airdrop
Prior to the airdrop, keep your coins at a cold wallet or at an exchange that would support the fork (currently there are no official statements of support made). After the split, an XMV wallet will be created with the corresponding amount of tokens, same private keys and a passphrase as your existing Monero wallet.
If you are the holder of the private keys, you would be able to claim your tokens via the official XMV GUI wallets that the team is planning to release several days after the fork.
If you are storing your funds at a service where you don’t have access to the private keys, you should inquire in advance whether the coins would be distributed between XMR holders, because it is not compulsory for any platform to do this.
While the suggested upgrades certainly look ambitious, we cannot ignore some security concerns raised by cryptography experts and members of Monero community.
- Private keys reuse. The developers of MoneroV ask those who want to claim their tokens to use private keys from Monero wallets. Private keys are highly security-sensitive data as whoever has your private key can have access to your cryptocurrencies, thus you are entrusting the safety of your money to a third party. Moreover, this is a privacy liability, as you will spend the same outputs twice and both would have the same key image with different rings.
- Currently there is no open-source wallet for MoneroV. The developers are promising to release the wallet some days after the fork due to the necessity to compile and test all infrastructure and open-source it in advance. It is recommended to use the wallet at your own discretion only after it has been open-sourced and properly reviewed by independent researchers.
- Private team. This is not necessarily a security concern, although it has more weight combined with the other notions. MoneroV team itself claims that this is done for the sake of “true privacy and decentralization”.
We are strongly suggesting you consider the mentioned above details and take a fully informed choice on whether to support XMV fork.
Monero.org team sees its mission in accumulating accurate and exact information on the XMV fork and providing informational support to the community and services considering integrating the fork. To ensure a smooth transition and timely XMV distribution among the clients, we are ready to provide technical support for your project during the fork.
Contact us at firstname.lastname@example.org
XMV official channels and further information
Official website: https://monerov.org/
Bitcointalk thread: https://bitcointalk.org/index.php?topic=2947912.0