With every cryptocurrency smarting form the biggest market crash ever, Monero (XMR) is working on its way back to its past better days. After splitting into four ‘Monero” protocols on 6th April, there is a lot of confusion about which is the “real Monero”. This is not the first time a stable blockchain has forked, there are other hard-fork success stories but there is a lot of anticipation as to how this plays out.
The four protocols might affect the perception of the entire Monero ecosystem but critics argue the new versions might turn out unstable. Monero is one of the top rated privacy coin and has been billed the future leader in the category. However, there is a lot of good news coming from Monero (XMR).
Introduction of Monero (XMR) Ledger-to-Ledger Transactions Account
With the introduction of the ledger to ledger Mainnet transaction on Monero (XMR) system, there is more to look forward to by both enthusiasts and adopters. The Ledger support for the Monero platform is a clear indication that the coin is set to work on its infrastructure barely months after the fork.
With the implementation of the Ledger hardware wallet, XMR plans to make use of the popular Nano S which has a global appeal and popularity. Once the integration is tested and seen to work well, the coin will stamp its legitimacy in the market given the support it is getting from the Ledger wallet manufacturers.
New Monero Projects or Protocols
At the time of going to press, the four new projects are still sharing the same network with different brand names coin acronyms and logos as well.
First, there is the Monero Classic which is supported by developers and miners based in Singapore. Their argument is that the ASIC development is healthy and their goal is to create competition for fast growth in the new protocols.
Secondly, Monero Classic (XMC) which is being led by a Chinese identified as PZ. This is backed by Anti-Poll mining through Bitmans’ systems and is termed as a “normal market economy phenomenon”. On the fork, PZ argues that;
“If there are professional mining machines, the events ‘Monero was attacked by more than 500,000 botnets’ could be avoided…”
Monero O (XMZ) is another protocol which takes care of some “concerned community” members. These fear that the system future might be compromised after the introduction of “Trojan horse. This group is looking at a protocol that is stable and utilizes the proof-of-work consensus.
Monero Original (XMO) is the fourth protocol and according to the group affiliated to it, they believe it is the original iconic coin for all their users and embraces user-diversity.
The Future of Monero (XMR)
Whichever way Monero (XMR) goes, the issue of free XMR coin could be attributed to the fork for the non-technical user. Splitting the coin could however bring a lot of complications that might render the coin unstable for a long time. Many market players are still questioning the rationale of the split with scanty answers.
With the controversies surrounding the Monero XMR fork, reliability and stability of the new coins is still questionable. There are a lot of technicalities than need to be addressed. As much as these new protocols are seeking support from mining-pools and various exchanges, a lot of waiting is expected before stability and traction is noticed.
The Monero Family Market Performance
The four Monero protocols performance at a glance might not look healthy. The XMR price seems down 9.73% against the USD to trade at 266.49 after trading on the green after the fork. At the time of writing, the coin price seems to be taking the up-trend.
The other forks seems to be riding on the fork hype with Monero classic (XMC) trading at $10.10 with a 41.06% gain against the dollar while Monero original (XMO) is trading at $9.92 in the last 24 hours. However, these prices might not indicate the true value of the coins; Q3 might be the defining moment on the direction they take.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.