Monero (XMR) was created with the primary objective of having an alternate digital currency to the best cryptocurrency in India – Bitcoin. Unlike bitcoin, monero is an untraceable and private cryptocurrency based on the Cryptonote protocol. All the transactions relating to the amount transferred, wallet addresses, investments etc, are obfuscated by the monero network. Hence, the transactions are impossible to be linked to a particular user.
Unfortunately, monero is suffering from some drawbacks which include-
- Scaling problems and high transaction fees.
- Infinite coin supply structure
- Growing hash rate from browser crips and malicious botnets.
To fix these issues, MoneroV came into existence as a full proof virtual currency.
MoneroV (XMV) got hard forked on Monero in April 2018. It was a successful attempt to improve the shortcomings of the original coin- Monero.
The newly formed coin works on the same principles of being a privacy coin to ensure anonymous transactions overseas.
In this article, you will get to know the key differences between Monera and MoneroV.
Technical differences between the two coins
Since both cryptocurrencies share the same goal to provide anonymity and privacy, there are a lot of similarities between them. Along with the similarities due to the same network, there are certain distinctions between them which are as follows-
MoneroV is introduced to tackle some of Monero’s drawbacks such as scalability issues due to an inflated blockchain, an excessive amount of transactions and the centralisation of the decision making process.
Unlike Monero, Monerov is also planning to take a pragmatic approach to deal with end-user specifications and usage. For instance, launching a lite monero wallet so that the users will not be asked to download the whole blockchain unwillingly.
The growing hash rate of Monero is primarily due to the increased usage of botnets and incorrect browser-based mining. These miners are mostly hackers or other cybercriminals who try to manipulate the network.
By hacking the technology, these miners prevent genuine miners from competing and get the benefits. Recently, the coin mining malware codenamed’ Smomminru’ infected about 526.000 windows and generated Monera worth approx 3.5 million in the market. The advantage and rewards were circulated among the hackers rather than the real miners. To make it ethical. MoneroV will mitigate this practice of mining by adjusting the Cryptonite algorithm.
Another difference is based on the total coins to be circulated in the crypto market of each digital currency. The newly formed MoneroV has a finite supply of 256 million supply all over the world. Out of the total supply, the company airdropped 158 million of the total cap to the Monero holders for free in order to manage the circulating supply chain.
Whereas, Monero follows an infinite coin supply structure to meet the investors and traders’ needs.
After understanding the main differences between Monero and MoneroV, let us go through the comparison of the two.
A quick technical comparison of the two coins
|Emission per block||Smooth emission decreases with a 0.6 XMR minimum for infinity.||Smooth emission decreases with a 6 XMV minimum until maximum supply reach|
|Starting block||0 (genesis)||1564965|
|Block interval||120 seconds||120 seconds|
|Block adjustment||Every block||Every block|
|Difficulty algorithm||The simple average (N=720)||Improved LWMA|
Both coins are very popular and in demand for their strict privacy policies. However, MoneroV comes with a more decentralised and efficient network than Monero. You can opt for anyone according to your preference and feasibility. Furthermore, you can decide on variousbest crypto exchanges in India likeWazirxto buy XMV and XMR at good prices and to get valuable returns.