With Monero having excellently maintained its reliability when it comes to private transactions, it is no wonder that it ranks amongst the top cryptocurrencies today, along with Bitcoin, Ethereum and Litecoin. But in the case of hard forks, how are such currencies affected? Earlier on, we saw Litecoin Cash (LCC) and even before that, Bitcoin Cash (BCH). However, one key difference between those two is each coin’s direct connection to its ancestor; Litecoin Cash (LCC) did not receive any official approval of the Litecoin community and therefore, it immediately rose suspicions. In a way, the same applies to MoneroV. According to Monero’s official statement:
“It is important to realize that the security of the Monero network and your own Monero is dependent on the security of your Monero keys. Your Monero keys are MONERO keys. Do NOT use them for any other purpose, including claiming coins from a Monero fork. Using your keys to spend the same outputs twice on different forked blockchains will damage your privacy, and others’, as both spends, will bear the same key image, but different rings, with only your spent output in common (this does not impact stealth addresses nor confidential transactions, just ring signatures). Moreover, by using such a “same keys” fork, the security of your Monero private keys now depends on those third parties.”
For Monero’s die-hard fans, MoneroV, despite its additional features, will most likely not provide for a direct replacement. An advanced privacy coin with extra add-ons, more governance, less spam and botnet mining, MoneroV has a limited supply of coins while Monero’s coin supply is infinite. That sounds interesting, but it would be even better and more trustworthy if it was supported by Monero’s official team as well; something that in this case, isn’t happening.
In depth, MoneroV states:
“Bitcoin’s 21 million maximum coin supply was introduced specifically to avoid having a body that controls the money supply, completely restricting future inflation and devaluation of Bitcoin coins.Based on this merit alone, Monero would never be able to compete with Bitcoin as the world’s best digital currency, since the idea of infinite coin supply is the incorrect intuition. 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 initial coin amount in circulation at the time of the hard fork would be 10 times the amount of XMR coins ( ~158 Million). XMR holders prior to the hard fork will receive 10 times the amount of XMV coins.”
There’s still a lot to be improved since MoneroV’s claims on devaluation still leave a lot to be desired. Devaluation cannot only happen due to a coin’s maximum supply; on the contrary, there are many factors to consider, most of which cannot be predicted in the short term. But apart from that, there’s been a rumor about censorship on its respective communities. And such a thing can never lead to great results.
In general, as with Litecoin’s hard fork earlier on, MoneroV is not officially approved and therefore, not to be trusted. Its features may as well prove to be beneficial, contributing to Monero’s network, but still, there is no official affiliation with Monero. Things do tend to get complicated after a hard fork, but in most cases, it’s just another attack on the initial coin.