In the world of cryptocurrency, there are a fair few hard forks to contend with as of right now. Although Monero has seen its fair share of forked clones recently, it seems the MoneroV fork is not going exactly as planned. In fact, the scheduled launch of its mainnet has come and gone, and there is no working code to speak of.
The Curious Case of MoneroV
It has to be said that the MoneroV hard fork sounded somewhat promising on paper. While it’s not necessarily a currency which can rival Monero or similar currencies, having a different approach is never a bad thing in crypto. Unfortunately, it seems highly unlikely we will ever know what the MoneroV fork is actually capable of.
The first order of business for any new currency is to establish a working mainnet. For altcoins, this is often far less of a problem. There are some exceptions, though, as currencies such as EOS and TRON remain in the testnet phase despite having multi-billion dollar valuations. For MoneroV, it seems the launch of its mainnet won’t be happening anytime soon, despite having been scheduled to occur in the past few days.
Indeed, it seems there’s been a delay in launching MoneroV. This fork could potentially affect the anonymity features of the project, although it remains unclear if that will be the case when everything is said and done. Even so, the plan was to launch the MoneroV live net when the Monero blockchain hit block height 1,564,965. That was an ambitious goal at the time, and it seems the developers were unable to stick to their own timeline.
Additionally, there is still no wallet code for the MoneroV hard fork either. That in itself is a very worrisome development which will undoubtedly fuel speculation that MoneroV was a scam from day one. It is still possible that the developers have legitimate intentions, but it is not looking all that great as of right now. Failing to live up to a self-created timeline doesn’t exactly instill a lot of confidence in this project.
One could argue this project has simply suffered from terrible execution at its current stage. That is not uncommon in the world of altcoins, after all, although it is one of the few somewhat popular altcoins to have missed the mark in such spectacular fashion. With users being unable to claim XMV at this point in time, it will be interesting to see how things pan out.
With not much in the way of official communication to go by, the future of MoneroV is up in the air. Hard forking away from Monero is a viable approach, but only if the developers are competent enough to deliver on their initial promise. That has not been the case thus far, but there is still time for the team to redeem itself. Every project needs to be given a fair chance, even though MoneroV is off to a very rocky start as of right now.