Originally slated for around March 14th, the MoneroV (XMV) hard fork from Monero (XMR) has been postponed by six weeks. Citing a number of issues leading to the decision to delay, the MoneroV team announced the postponement of the snapshot to block 1564965, which is around April 30th.
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State of Readiness
The MoneroV development team cited a number of reasons for postponing the highly anticipated fork. They hinted at some problems with exchange readiness to accommodate MoneroV:
“We are in the process of helping leading exchanges (from the top five Monero trading platforms) to list MoneroV.”
Monero is traded widely and volumes only fall beneath $1 million USD by the tenth largest exchange (the British-based Exmo). Monero is also supported by Shapeshift. Presumably, the XMV development team are seeking supporting infrastructure from at least one major exchange before forking.
Bad Timing for a MoneroV Fork
Monero has a software update scheduled for March.
The XMV team seem to be aware of the confusion that has resulted from a blockchain fork and a software update occurring in the same month. Postponing it until any issues that may arise as a result of Monero’s upgrade are resolved is probably the most sensible approach.
Is There a Sting in the Tail?
It is rare for an event in the cryptosphere to avoid at least some criticism and controversy, and the MoneroV fork has been no exception. Some wonder what the purpose of the new currency is. MoneroV is a private and untraceable coin that uses some of the same security features as Monero, which is similarly private and untraceable.
As recently as January 9th, Bittrex released a statement that they would not be “supporting the MoneroV [XMV] non-native fork of Monero [XMR]. The XMV development team has not contacted us, and it is too late for them to complete our rigorous token review process before the fork on March 14, 2018.”
At the time of writing Bittrex was the eighht most significant exchange for Monero, with 24-hour volumes at over $2 million. Clearly, then, the MoneroV team meant what they said when they advised they were only working with the top five exchanges.
Monero community leader Riccardo Spagni (also known as fluffypony) made no secret of his feelings on the hard fork in this tweet:
An answer to the question: “does MyMonero support MoneroV and other scam forks?”https://t.co/jWd4a6fPmt
— Riccardo Spagni (@fluffypony) March 2, 2018
Or did he? Spagni is notorious for his rather dark sense of humor.
Either way, those who stocked up on XMR in anticipation of the pre-fork price rise or the promise of free money will now need to wait a little while longer.
What’s you take? Is the MoneroV team falling behind or is their decision to delay the fork a sensible one?
Images via Pxhere, Max Pixel, Geekxplore