Home Cryptocurrency News Altcoin How Will MoneroV Affect Monero’s Privacy?

How Will MoneroV Affect Monero’s Privacy?

4 min read

Hard forks of existing cryptocurrencies are always considered to be rather controversial. This is no different where MoneroV is concerned. More specifically, this hard fork of Monero may very well pose a big threat to the original currency holders. This associated “airdrop” of free coins will certainly spark a lot of debate. In a way, it is seemingly designed to remove any privacy Monero users have obtained so far.

The issue with MoneroV is how existing Monero holders can receive free tokens. Usually, this is considered beneficial, but that is not entirely correct in this case. More specifically, anyone claiming their “free” MoneroV coins will expose themselves as a Monero user. It is not the way this currency should be approached whatsoever. Anyone who participates in this airdrop is at risk of losing that privacy forever.

MoneroV is a Double-edged Sword

Additionally, there are concerns over the technology used by this hard fork. It is possible the new currency will not address problems associated with ring signatures in their current form. If someone successfully exploits the vulnerability in MoneroV, it can become a big problem for all other currencies using the same technology and the CryptoNote 2.0 protocol. Sending the same transactions in MoneroV and Monero at the same time can be a big problem in the long run. Whether or not it will ever get that far, is a different matter altogether.

While this may not lead to blockchain analysis directly, it is a concern to take into account. There are advantages to this hard fork as well. Any funds claimed through the airdrop and spent accordingly adds another layer of “protection” to Monero balances. Users can even send the balance to themselves if they want additional privacy. However, this is only advised if you full control the wallet. Using an exchange makes all of these advantages moot.

For now, we will have to wait and see how this hard fork affects Monero. With the “split” happening tomorrow, things will become a lot more clear very soon. It is possible a lot of XMR holders will reject this airdrop altogether. Protecting one’s privacy at all costs is the main objective for most Monero holders. An interesting future lies ahead, but a lot of questions remain unanswered right now.

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