On Friday, April 6, was held aimed at countering ASIC-mining hardwork cryptocurrency Monero. However, even before that group of developers “declared independence”, declaring that it refuses to follow the chain with the updated algorithm and the remains of the old circuit, which was immediately dubbed Monero Classic (XMC).
Yesterday, Monero hardforked at block height 1546,000. MoneroClassic will maintain the original Monero chain(XMC) to promote the development and eco-diversity of the cryptocurrency community. Welcome to join us!
By the way, let’s discuss does “anti-ASIC” equals to “decentralization”?
— MoneroClassic (@xmccurrency) 7 April 2018
As stated in the official statement MoneroClassic.org a team of developers led by the Creator of Monero Ricardo’s Spanyi decided on the hard forks of the concerns that the equipment Bitmain threatens the decentralization of the network. However, in reality, say the proponents of legacy chain, the algorithm change proof-of-work “creates more centralization”, because it reduces competition in the market and transfers more power into the hands of the developers of Monero.
“It creates alternative and more dangerous form of centralization. Monero developers say they can and will change the rule of consensus when they need it, and, apparently, the community has no other choice but to submit to their desires”, — says the Monero team Classic.
Also, the authors of the new project say that although they acknowledge the potential threat of the dominance of hardware from Bitmain, they also note that currently there are at least three different manufacturer mining devices for Monero – in addition to the Chinese giant, is also the company and Baikal Mining Halong
“This is how should work the mechanism of consensus. There are economic incentives to keep play fair and follow the best strategy. But instead it was decided to drop the incentive mechanism and to announce a full control over Monero”, — stated in the message.
Also, according to the creators of Monero Classic, about 80% of the current Hasrat network (as before fork) agree with their position and refuse to accept the changes. Talk about the reliability of this assertion is difficult, however, Hasrat circuit Monero, which follows the new rules, as seen in the chart below, over the past day has decreased.
As far as we know, the authors of the new project are based in Singapore and in Twitter account Monero Classic, it was reported that the team is headed by XMC @pzpz_jack known to participate in Round tables community of bitcoin and Litecoin.
As for the Creator Monero Ricardo’s Spanyi, the expected reaction was negative, and the authors XMC he called in one word “kamery”.
Is this thankful_for_today”s true vision? lol, scammers.
— Riccardo Spagni (@fluffypony) 6 April 2018
It is worth noting that the news about the appearance of Monero Classic, on the other hand, was more graciously greeted affiliated with Bitmain organizations. So, one of the tweets about the refusal to follow the new algorithm retweeted the official account of mining pool Antpool.
— Hernz (@hernzzzzzz) 6 April 2018
At the moment to talk about the prospects of Monero Classic quite difficult, especially as none of the significant exchanges is in no hurry to announce his support. There is also no reliable information about the pools that would support the “new” old coin.
The news is also notable in light of yesterday’s meeting the developers of Ethereum, during which they came to believe that ASIC miners are not a serious threat and require urgent action in the form of hard forks.