Monero-Hard-Fork: Five ‚New‘ Crypto Currencies
One Hard-Fork, five projects. The crypto currency Monero hard-forkte on 05.04.2018 to version 12 of the Monero protocol. But not everyone supported this Hard-Fork.
This scenario is known from Ethereum, as Ethereum and Ethereum Classic were created by a Hard-Fork. Monero was a bit different. There are now six Moneros in total, and the trend is rising. Only one Monero uses the protocol version 12, other Moneros use the old protocol version 11.
Monero and Bitcoin code belong together
Every six months a Hard-Fork is carried out to keep the protocol up to date. The latest Hard-Fork brought some new features: Multi-signature Bitcoin code transactions, support for the Nano S Ledger and much more. Also, the latest Hard-Fork modified Bitcoin code Cryptonight algorithm, making all ASICs useless.
Manufacturers of mining hardware such as Bitmain, Halong Mining and PinIdea were of course not happy about this news. All of them recently announced that they had produced ASICs for the CryptoNight mining algorithm. Due to the hard fork, the CryptoNight ASICs can no longer dig Monero, making them virtually worthless.
In recent days and weeks, four projects have announced that they will continue to use the old Monero protocol. Somewhat bizarre, since all four use the same network and actually dig the same coin. The only difference is that names and logos are different.
Monero, of course, remains Monero, don’t get confused by the Bitcoin revolution
A total of 6 Monero. Five competitors on the old blockchain (MoneroC is missing on the picture) and the original Monero on a new Bitcoin revolution blockchain. These are the five new Bitcoin revolution projects that will continue to use the Pre-Fork Monero Blockchain:
Monero Classic (XMC)
The first group to call themselves Monero enthusiasts from Singapore is called Monero Classic. A few miners and developers thought it was time to act. The Monero Classic (XMC) website says:
We believe that the developers who change the proof-of-work algorithm are creating more centralization and damaging decentralization. […] The Monero developers say they can and will change the rules if it suits them and you have to follow community.
Monero Classic is not in contact with the other groups and does not want to contact them.
Monero Classic (XMC)
The second group is called like the first. On the project’s website, a PZ is mentioned who sees himself as a Bitcoin evangelist. This group also believes that Monero developers harm natural development and the course of things.
The project seems to come from China and is actively supported by Bitmain. Of course, Bitmain is then immediately accused of having a finger in the pie. But it is more likely that Bitmain will support a group so that the company can sell the CryptoNight ASIC Miners profitably.