For now, Monero digital currency is the latest Cryptocurrency to be plagued with an impending hard fork. However, this upgrade will be done to boost the Blockchain instead of increasing its transactions throughput.
Some of the other hard forks such as the last Bitcoin cash issue have also taken a look towards facilitating the virtual currencies Blockchain.
For Monero’s impending hard fork, it will take place whenever a particular block that is numbered as 1564965 is mined. And all these are predicted to take place around the hours of 9th March.
Basically, this hard fork will offer Monero an unlimited capacity for its coins instead of the latest 256 million that is expected to be attained not now but in the year 2067. This will lift the cap off the size of the block.
Monero’s developers have gone on to issue assistance to holders of the virtual currency about how this impending hard fork will possibly affect every one of their holdings.
How To Protect Your Wallet
According to the developers of Monero, they are handing out steps that users will need to follow to protect their wallets.
So, due to the airdrop, users will have to store their coins in a cold wallet or possibly keep them at a Cryptocurrency exchange that would most likely back the hard fork.
Sadly, no Cryptocurrencies exchange has issued statements to support the impending hard fork.
When the split occurs, an XMV wallet will be built with a corresponding amount of tokens, the same private keys, and also a passphrase for every Monero wallet in existence.
Meanwhile, if a user holds a private key, he or she would be able actually to claim their tokens through the formal XMV GUI wallets. These wallets are what the Monero team are currently planning to launch some days after the hard fork.
For now, Monero is being traded as the thirteenth biggest digital currency according to market capitalization.
The market capitalization for Monero virtual currency is $839million when compared to the world’s biggest coin which is Bitcoin. Bitcoin’s market capitalization is $68 billion. Meanwhile, Monero is currently valued at $49.88.
To Wrap It Up
The virtual currency mining application that mines Monero Cryptocurrency secretly is pulling its piggy support web site and online application. This is none other than CoinHive.
CoinHive developers have issued statements that they would stop operating with Monero on the 8th of March.
They have gone on to say that it was exciting working on the Monero project for more than eighteen months. And, if they were to be honest, the coin is not economically viable.
Basically, they are currently claiming that the Monero hard fork will hit them so hard for up to a year. So, the impending hard fork plus algorithm refurbishment coming from Monero system has resulted in their final conclusions.
They have no choice than to stop CoinHive’s operations. It was a hard decision, but it had to be made.