Understanding the Monero Hard Fork MoneroV

Monero (XMR) is forking to create MoneroV (XMV). The snapshot block is 1564965. Anyone in Monero in a wallet where they control their private keys before the snapshot will own MoneroV.[1]

MoneroV will be able to be claimed after the main net goes live using one’s existing Monero keys.

Please note that you must be in control of your private keys to qualify, being in Monero on a third party platform like an exchange isn’t enough unless that exchange agrees to credit users.

Consider this excerpt from the official site:

Monero holders before the hard-fork split that will occur in block 1564965 (~30th of April 2018) will receive 10 times their holdings in MoneroV coins.

With that noted, there has been some controversy surrounding this fork as Monero is focused on privacy and some worry that duplicating the ledger and having users use their private keys on the forked MoneroV could cause issues.

Drama aside, you can read more about MoneroV at the official site. Below is some key information (compiled and copied from the official site).

  • Snapshot Block – 1564965. Approximately ~30th of April 2018 (with snapshots the block height matters, not the date).
  • Mainnet goes live / Airdrop date – April 2018 (exact date TBA).
  • Ratio – 1:10 (10 MoneroV for every Moenro).
  • Coin Supply – Capped at 256 Million XMV. Smooth emission decline until minimum.
  • Circulating Supply at Hard Fork – ~158 Million XMV (10x circulating XMR supply as airdrop).
  • Proof of Work – CryptoNight (to be changed)
  • Difficulty Retarget – Every block. Adjusted difficulty initially after Airdrop.
  • Block Time – Every 120 seconds
  • Block Reward – Smooth decrease. Minimum of 6 XMV per block at 184,467,440 XMV in total emission.
  • Block Size – Dynamic, max 2xM100
  • Privacy – Ring signature / stealth addresses
  • Trades on – There are no exchanges who have agreed to trade XMV yet.

Is it a Monero fork or Monero airdrop? The term “airdrop” has been used a lot lately. The official site calls the distribution event an airdrop, but XMR is none-the-less forking. In cases where both terms (fork and airdrop) are used, I read it that a “fork” is what occurs when the chain splits and airdrop is a term being used for the distribution event (with this being true regardless of the specific mechanics of the distribution).

Monero Fork Delay: The original date of the Monero fork was March 15, it was moved to block 1564965 (roughly April 30th). The information above reflects the changes.

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Citations

  1. MoneroV. MoneroV.org. <—- Official site.


"Monero (XMR) Hard Fork MoneroV (XMV) Explained" contains information about the following Cryptocurrencies:

Monero (XMR)

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Kerm on

I think it’s tricky giving up your private key to claim a token that isn’t Agreed to be be on an exchange. I would move my xmr after the snap shot that had the xmr in it and than claim when it’s empty. Trust no one! Xmr doesn’t support the fork but has no choice..idk what to think of xmv. I just hope it’s xmv is gonna claim to be the real xmr like bcash garbage. B cash on its last leg.. long live btc now and forever..

Thomas DeMichele on

100% agree. Move all funds out of the wallet, and never use that wallet for XMR again. Those keys you had for the fork should now be used for the forked coin only. And honestly, after you grab the forked coin, why not move again into a new wallet for the forked coin with new keys? Then the keys you used to claim the fork can just sort of hang out in your collection without being associated with any balances moving forward.

That is the safe way to play it.

I don’t like to be dismissive of forked coins, as devs are incentivized to do proper forks and not pull straight up scams (and in practice they almost always do this). However, its equally as wise to embrace all best practices and be extra cautious.