Monero was created in 2014 and was traded at roughly $1 under the ticker XMR. But over the years, the altcoin has increased in value. And in 2018, Monero kicked off the new year with a new all-time high reaching $410. Currently, the cryptocurrency is ranked 9th on the cryptocurrency market and is riding on $300 per coin.
Among many other altcoins, Monero is now the most popular cryptocurrency as it is untraceable. Meaning that all transactions, amounts transferred and wallet addresses of both senders are private and anonymous. It is the cryptocurrency of choice for all users who seek anonymity.
Like many other cryptocurrencies, the altcoin will be forked; A hard fork will take place on March 14 at block 1529810 giving birth to MoneroV (XMV).
One of the drawbacks seen by MoneroV team is Monero’s infinite supply of coins. But the major highlighted concern with Monero is its scalability problems. MoneroV came up to fix these issues. And to get started, the team has introduced a finite coin supply of 256 million XMV. Next, the development team will implement new protocols to solve scalability problems facing Monero.
Referring to MoneroV’s paper, the development team emphasises on applying a complete anonymous solution with low fees.
After the fork and with releasing 158 million XMV , the airdrop will supply XMR owners with XMV on 1:10 basis. In other words when the chain splits, Monero coin owners will receive 10 XMV for each XMR.
The Hard Fork news leads the market for Monero to witness some interesting moves as prices of the parent currency are going up and are expected to continue upward during the time that the Hard Fork gets close to March 14.
It is important to mention that investors should keep their coins at exchanges or wallets that support the Hard Fork.