implementedov

MoneroV(XMV)www.
monerov.
orgteam@monerov.
orgAbstract.
MoneroVisacommunity-ledprojectdesignedtocreatealimitedsupplyhard-forkoftheMonerocryptocurrencytoanewscalableblockchainalgorithm.
Theideaistocreateadecentralizedenvironmentinwhichprofessionaldeveloperschosenbythecommunity,enhance,simplify,anddevelopMoneroVtoscaleformassuse.
TheoriginalMonerovisionwastocreateaprivatedigitalcurrency;however,aconservative,centralizedcorecontroloffewandslowdevelopmentprocesspreventsnewusersandtechnologiesfrombeingincorporated.
Amorerapiddevelopmentprocessbasedonbountyprogramsthatwillallownewpeoplearoundtheworldtoparticipate,willpotentiallymakeMoneroVthefirstprivatedigitalcurrencyusedbymillionsofpeoplewithopenendlessdevelopmentpossibilities.
Inaddition,MoneroVwilladheretocoreAustrianschoolofeconomicsprinciplesbycappingthetotalMoneroVcoinsthatcanbecreated,partingwithMonero'sinfinitecoinsupplystructure.
1.
IntroductionMonerowascreatedforaspecificreason:tobeanalternativedigitalcurrencytoBitcointhatisprivateandanonymous.
UnlikeBitcoin,MoneroisanuntraceablecryptocurrencybasedontheCryptonoteprotocol.
Transactions,amountstransferred,andwalletaddressesofbothsendersandreceiversintheMoneronetworkareallobfuscated.
Therefore,transactionscannotbelinkedtoaparticularuser.
Unfortunately,Monerohassufferedfromseveraldrawbacks.
Forexample,Monero'sinfinitecoinsupply,thecentralizationofdecisionmakingthatpreventstheimplementationofnewfeatures,thescalingissueofabloatedblockchain,thehightransactionfees,andthegrowinghashratethatismainlybasedonmassusageofbotentsandunsuspectedbrowserbasedminersthatpreventsgenuineminerstocompete.
SomecriticalflawsthatcannotbefixedrapidlyduetoMonero'svoluntarydonationbaseddevelopmentprocesshasdeterredMonero'swidespreadadoption.
Duetothesecircumstances,itisbettertocreateahard-forksplitthatwillindefinitelyfixtheseproblems.
Fixingtheseproblemswillrequireadedicatedteamoffull-timedevelopers,whichishowMoneroVwasborn.
2.
MaxCoinSupplyTheMonerosourcecodewasforkedfromBytecoin,animplementationoftheCryptonoteprotocol.
TheCryptonotewhitepapersuggeststhatapredefinedmaximumcoinsupplysuchinthecaseofBitcoin,issimplyanintuition,andthatanaturalupperboundofcoinstobecreatedshouldbethelargestnumberthatcanberepresented,andessentiallyinfinite:"notonintuitionsuchasNcoinsoughttobeenoughforanybody.
"Unfortunately,Moneroimplementedthissuggestion,guaranteeinganinfiniteamountofXMRcoinscreated.
ThisisoneofMonroe'sfundamentalflawsthatcannotbefixed.
Inthesamewaycentralbanksaroundtheworldprintmoneyoutofthinair,Monero'sinfinitecoinsupplyisataxintheformofinflationforallXMRholders.
Bitcoin's21millionmaximumcoinsupplywasintroducedspecificallytoavoidhavingabodythatcontrolsthemoneysupply,completelyrestrictingfutureinflationanddevaluationofBitcoincoins.
Basedonthismeritalone,MonerowouldneverbeabletocompetewithBitcoinastheworld'sbestdigitalcurrency,sincetheideaofinfinitecoinsupplyistheincorrectintuition.
MoneroVadherestocoreAustrianschoolofeconomicsprinciplesandcapsthetotalamountofXMVcoinsthatcanbecreatedto256million.
Theinitialcoinamountincirculationatthetimeofthehard-forkwouldbe10timestheamountofXMRcoins(~158Million).
XMRholderspriortothehard-forkwillreceive10-timestheamountofXMVcoins.
3.
Scale&FeaturesDevelopmentAlthoughaconservativeapproachforfeaturedevelopmentinMonerocouldbeseenasastrength,forexampleofprivacyconcerns,suchanapproachalsopreventsitfromintegratingcrucialfeaturesthatcoulddifferentiateitfromothercryptocurrenciesintermsofmassuse.
MoneroVtakestheapproachoffastdevelopmentandfeatureintegration.
Monerodoesnotscale.
Asofthetimeofthiswriting,Monero'smediantransactionsizeexcludingcoinbasetransactionsis51.
2timeslargerthanBitcoin'smediantransactionsize(13.
21kbvs258bytes).
IfMonerowastohandlethecumulativetransactionsamountsofBitcoin,itsblockchainsizewouldbehigherthan7.
7Terabytes(incomparisontoBitcoin's155Gigabyteblockchain).
Inturn,thefearfromanimminentbloatedjuggernautblockchaincomeswithhighermediantransactionfeesthanBitcoin.
MoneroVplanstotacklethescalingissues,whichisthemainsourceofproblemsinMonero,andinallcryptocurrencycoinsforthatmatter,andintegratetheMimbleWimbleprotocolsothattheblockchainsizewillbeboundtothenumberofusersusingMoneroV(notthenumberoftransactionsbeingmadeinthenetwork).
Thiswillsignificantlyreducebothtransactioncostsandblockchainsize,permanentlysolvingthescalingproblem.
MoneroVwillalsotakeamorepragmaticapproachwhenitcomestoend-userapplicationsandusageforexample,introducingalightMoneroVwalletbydefaultsothatuserswillnotbeaskedtodownloadthewholeblockchainiftheydonotwantto.
Userswithhighprivacyconcernswillstillhavethestandardprivacywalletbydefault.
Thesedevelopmentfeaturescannotbeachievedinatimelymannerbysolelyfundraisingfromthecommunity.
MoneroVwillissuebountyprogramsfortop-tierdevelopersandresearcherstorapidlydevelopallaspectsoftheMoneroVnetwork.
4.
MoneroV&MoneroComparison:MoneroVMoneroMaxcoinsupply256millionXMVInfiniteXMRCoinsincirculationathard-forkblock~158millionXMV(10xXMR)inAirdroptoXMRholders~15.
8millionXMREmissionperblockSmoothemissiondeclinewitha6XMVminimumuntilmaxsupplyreach.
Smoothemissiondeclinewitha0.
6XMRminimumforinfinity.
Startingblock1564965(whileasnapshotofallpreviousblockswastakenfromMonero'sblockchain)0(Genesis)Blockinterval120seconds120secondsDifficultyadjustmentEveryblockEveryblockDifficultyalgorithmImprovedLWMASimpleaverage(N=720)PoWalgorithmCryptonightV7CryptonightV75.
Hard-ForkSplitMonero,likemanyothercryptocurrencies,isbasedonadecentralizedconsensusmechanism.
MoneronodesrunsoftwarethatisrestrictedtocertainconsensusrulessothatnodesnotcomplyingwiththeseruleswouldnotbeincludedintheMoneronetwork.
OthernodesintheMoneronetworkcheckifacertainblock,whenitismined,complieswiththeseconsensusrules.
Itiseitheracceptedbyothernodesintheblockchainifitdoes,orrejectedincaseitdoesnot.
Ahard-forkoccursasaresultofMoneroV'sdeviationfromthecurrentMoneroconsensusrules.
MoneronodesandMoneroVnodeswillstillcomplywiththesamerules,validatingeverythingthattookplaceontheblockchainbeforeblock1564965.
Butfromblock1564965,MoneroV'snewrulescomeintoeffect,whichwillcausenodesofMonerotorejectblocksthatwereformedwithMoneroVrulesandMoneroVnodestorejectMonerobasedblocks.
Thus,thenetworkwillsplit.
TheMoneroblockchainwillcontinuetoaddnewblockstoitsblockchain;however,fromblock1564965,MoneroVwillbegincreatinganewbranchofblockchainthatdivergesfromMonero.
MoneroVandMonerowillsharethesamehistoryoftransactionsandbalancesupuntilthatpoint.
Thisnewbranchwillrepresentanewcryptocurrency:MoneroV.
ThenewconsensusrulesimposedbyMoneroVwillcomeintoeffectatblock1564965.
Fromthispointforward,minersontheMoneroVnetworkwillbegintoaddblockstothenewbranch:MoneroV'sblockchain.
Monero(XMR)holderspriortoblock1564965willautomaticallyreceivetheequivalentoftentimestheamountoftheirMoneroholdingsinMoneroV(XMV).
6.
MoneroV(XMV)AirdropToacquireMoneroV,yousimplyneedtoholdMoneropriortothefork,ensuringyouwillreceiveautomaticallytheequivalentof10timesXMVtheamountyouholdinXMR.
Awalletwiththesameaddress,privatekeys,andmnemonicphraseyouhadinMonerowillbecreatedforyouandyourXMVholdings.
IfyouownXMRonanexchangeoranyotherthird-partyserviceanddonothaveexclusiveaccesstoyourprivatekeys,thenitisuptotheseproviderstosupportMoneroVafterthefork.
Inthiscase,youshouldcheckifthethirdpartythatholdsyourXMRsupportsMoneroVandwillissueyourXMVholdingstoyouraccount.
WestronglyadvisetotransferyourXMReithertoaservicethatwillsupportthesplit,ortoyourprivatewalletpriortothefork,asyouwillnotbeabletoreceiveyourXMVholdingsafterthatpoint.
7.
Hard-ForkReleaseTimeline7.
1MoneroBlockchainForkWhenMoneroreachesblocknumber1564965,asnapshotoftheMoneroblockchainwillbetaken.
TheMoneroVnetworkwilllaunchafewdayslaterwiththefirstMoneroVblockaddedontop.
Monerowillkeepaddingblockstoitsblockchain;butwhenMoneroVislaunchedafewdayslater,itwillbeginaddingblockstothesnapshotthatwastaken.
ThedelayintheforkisneededsothatMoneroV'sseednodes,worldwidefullnodes,andtheRPCwallet,CLIwalletandGUIwalletwillallbetestedandcompiled.
Wheneverythingisreadyaftertesting,thepeer-to-peernetworkwillbegin.
MoneroVfullnodeswillonlyacceptthenetworksignatureofMoneroV.
Block1564965willbethefirstMoneroVblockminedsolelyontheMoneroVnetwork.
Atthispoint,theMoneroVcryptocurrencywillbecreatedwhileMonerocontinuesaddingblockstoitsblockchain.
7.
2MoneroVBlockchain,WalletRPC,CLI&GUIreleaseAllcoins,transactions,fees,andbalanceswillberepresentedinMoneroVas10timestheamountoftheirMonerocounterpart.
Essentially,everyvalueontheMoneroblockchainwillbemultipliedby10.
Forexample,block1intheMoneroblockchaincontainsacoinbasetransactionwithanoutputof17.
592169267200XMR.
Thus,coinbasetransactioninblock1oftheMoneroVblockchainwillgotothesameoriginalminerwhominedtheoriginalblockinMonero.
Hewillreceive175.
92169267200XMVforthattransaction.
Inthesamemanner,ifyouhadabalanceinyourMonerowalletof,say,3.
1415926535897XMRpriortothefork,thenyouwillreceive31.
415926535897XMV.
Thiswasdonetodifferentiatethetwocryptocurrencieswhilemakingthetwocryptocurrencywallets–MoneroV'sandMonero's–torejectoneanother'sblockchain.
IfyouownXMRatthetimeoftheforkandhaveaccesstoyouprivatekeys,youwillbeabletospendyourXMVattheratioof1:10atanypointinthefuture.
Ifathird-partyserviceisholdingXMRonyourbehalf,thentheywillreceivetheXMV.
Exchangesoranyotherthird-partyservicesarenotobligatedtocredityouwithyourXMVintheratioof1:10.
Therefore,youmustmakesurebeforehandthattheywilldoso,ormoveyourXMRtoaprivatewalletbeforethefork.
8.
DevelopmentFinanceThefirstblockthatwillbeminedontheMoneroVblockchainwillhaveacustomizedcoinbasetransactionamountthatwillallowthedevelopmentteamtomineitinacontrolledmanner,usingitforfuturedevelopmentofMoneroV.
TheMoneroVdevelopmentteamwillmanage5.
859375%ofthetotalsupplyofMoneroVcoins,usingittoenhancethedevelopmentofallfutureworks.
ThiswillenableMoneroVtorapidlydevelopmanyurgenttasksintheformofdeveloperbounties,addingmanypaidfull-timedeveloperstotheteam.
66.
6%ofthefundsminedbythedevelopmentteamwillbeproportionallydistributedtoallteammembersandcontributors.
33.
3%ofthefundsminedbythedevelopmentteamwillbetransferredtoamulti-signaturewallet,withtheprivateviewkeybeingreleasedtothepublic.
Allfutureexpensessuchasstoragecostsanddeveloperbountieswillbedetailedandtransparent.
Mostofthebountieswillgotodevelopersandthird-partyservices,likestorageandsecurityservices.
ThecoremissionofMoneroVistorapidlyaddfeaturesandfixthecurrentMonerodrawbacks.
AlthoughmarketforceswilleventuallypriceXMV,wehavebroughtmanyexpertdevelopersonboard,andarewelcomingmanymoretojointheteampriortothelaunch.
Futuredevelopment:Webwallet&LightwalletPoWmodificationMimbleWimbleintegrationInfrastructure:Servers:WebsiteserverBlockexplorerserverOnlinewalletserverPoolserver10+initialfullnodes5+Checkpointservers5+DNSseedsDNSfeesSystemadministrationandDevOpsSecuritytestingConclusionMoneroVisaglobalopen-sourceprojectpromisingtodeliveratrueprivatecryptocurrencyadheringtocoreAustrianschooleconomics.
Itisaimedformassadoptionandscale.
MoneroVwasnotdevelopedtocompetewithMonero,butratherwithBitcoin.
MoneroVfacilitatesthedesiretohaveatrulyprivateanddecentralizedcryptocurrencythatisalsoquickandeasyforeverydayuse.