About Monero Classic Coin
Monero Classic price today is with a 24-hour trading volume of . It has a circulating supply of 0 XMC coins and a max supply of ?.
Monero Classic (XMC) is a hard fork of Monero (XMR), announced on 29th March. Part of Monero's development is that it hard-forks every 6 months, this is completely normal so not a surprise. After one of these scheduled hard-forks Monero retains the ticker symbol 'XMR' as well as the upgrades from the hard-fork; on the 6th April hard-fork it had changes including resistance to Cryptonight ASIC miners. If people disagree with these hard-forks, they can create their own versions of Monero. The strong financial incentives against this hard-fork, resulted in 4 different entities that each has created versions of Monero that still support ASIC miners, with their own new ticker symbols:
Monero (XMR), the coin supported by the core Monero development team
Monero Original (XMO), announced on 29th March
Monero 0 (ZMR), shared on Reddit on 31st March 2018
MoneroClassic (XMC), first Tweet on 4th April 2018
Monero-Classic (XMC), first Tweet on 5th April 2018
The main message of Monero classic is that we believe that the developers changing the proof of work creates more centralisation and harms decentralisation. So understandably people have looked at the situation in Bitcoin where one mining equipment manufacturer caused a lot of chaos on the bitcoin network. Bitmain has been accused of selectively selling their mining equipment to people on condition that they follow the wishes of bitmain. Also bitmain was accused of blocking protocol improvements on the bitcoin network.
Understandably when bitmain announced they have new mining equipment for monero, many people were upset and afraid that bitmain would end up causing chaos and controlling the Minero network. So the developers decided they would change the proof of work every six months in order to prevent ASIC manufacturers from making miners on monero. However this just creates an alternative and more harmful form of centralisation. The Minero developers are saying that they can and will change the consensus rules whenever it suits them and the community seems to be conditioned into following the wishes of the developers.
However with mining there is always competition. we can see this in action because the first people to announce ASIC miners for Monero, was the company Baikal. Then within days Bitmain, and now Halong Mining. So already there are three separate mining equipment manufacturers for this coin. That’s how the consensus mechanism is supposed to work. There is economic incentive to remain honest and follow the most profitable strategy. This is why there are now three separate mining equipment manufacturers for Monero. But instead the developers have a cut short the incentive mechanism by declaring unilateral control over Monero.
Around 80% of the current Monero hash rate agrees with our stance and refuses to follow the POW change. That is why we declare in advance that we will maintain the original software which follows the original rules. We reject centralised developer Control and we believe that’s voluntary participation for both users and miners Will uphold the principles of decentralisation.