On the previous episode on why Monero (XMR) will win this April, I explained the problems that may face the blockchain given any disagreements came up. On April 6th, a hard fork was carried out on Monero creating 4 ‘different coins’; Monero Original (XMO), MoneroClassic (XMC), Monero Classic (XML) and Monero Zero (XMZ). Let me clarify that all these coins are still on the same blockchain (Version 6) but they somehow were able to get different names. Monero, the original one, is the only one on the new version. But why and to what end can so many forks appear in a coin with such huge and solid community members?
This article will explain all you need to know about this fork and how this fork may affect any future forks on any blockchain.
The April 6th fork
This previous article on Monero (XMR) explained that the hard fork on Monero was to enhance the proof of work (PoW) network and increase the minimum ring size to 7. The latter was well accepted by almost all the community members but the former enhancement caused a massive divide. This is the reason for such forks happening on Monero.
Tensions were seen to escalate on various platforms, from Reddit, Twitter and Telegram as a section of community members were not of the egalitarian way proposed. The fork brought about a change to the proof-of-work (PoW) system in a move to curb any potential threat of ASIC’s (Application Specific Integrated Circuits) and preserve ASIC resistance. This made it impossible to mine XMR using ASIC’s due to the increase in hash power which would, over time, make mining unprofitable and impossible for CPU and GPU miners.
This would cause massive centralized mining since only a few are able to purchase the ASIC. However, this was not to go well with the current owners of ASIC’s who preferred to stay on the original blockchain and continue mining coins using the machines. The funny part though is every ASIC manufacturer and miner is now claiming their coin to be the original one.
Which is the original Monero (XMR)?
Questions now raise as to which coin is the original and usable coin. I have no definitive answer to this question with the communities trying to sway the Monero community to their side. However, the ‘original’ blockchain that is usable at the moment and represents value is the upgraded Version 0.0.12.0 Monero. XMR lost over 10% since Friday’s commotion and fights within the systems hard fork closing Monday’s charts at $172.
How does this affect the blockchain and the whole cryptocurrency arena?
So much has been talked about forks since Ethereum and Bitcoin had theirs. Main problems in the original network causes a fork promising the users a better version of the original chain. Was this the case on Monero on Friday? I think the fork is/was a right move made at the wrong time.
First, for any expert, investor and enthusiast in the Monero (XMR) field has experienced a fork before as they are done as upgrades every 6 months. For each of these prior forks, the community has unanimously agreed that the blockchain should be forked. However this time it painted a different picture as there was a clear divide amongst community members and miners.
Monero community was one of the most peaceful and understanding communities when it comes to hard forks. This may not be the case anymore as anyone with a differing opinion will look to start their own coins instead of finding a common ground.
“We believe that the two ideas of ’embrace ASIC mining machines’ and ‘against ASIC mining machines’ both have their own strengths and weakness.”- Pseudonym developer PZ.
It is time to stop feuding Monero (XMR) Community but come together and show other coins that it is possible to solve the issues without necessarily spreading FUD. Stay tuned to Cryptoglobalist to see how this problem can be solved with both parties going home happy. After all, even one of these feuding characters spoke of the positives that can be driven by both the ASIC chain and the non-ASIC chains.