Monero to Undergo Hard Fork

All Monero holders as of block 1529810 will become owners of MoneroV on March 14
21 February 2018   1614

MoneroV is a private cryptocurrency fork of the Monero blockchain. A split will occur at block 1529810 when MoneroV miners will start to create blocks on the MoneroV network.

The new MoneroV blockchain will contain the history of all transaction up until block 1529810 and all Monero coin holders will receive 10x their XMR balance amount as MoneroV coins (XMV) after the fork.

MoneroV hard fork roadmapMoneroV Roadmap

Features:

  • Decentralized peer-to-peer blockchain transaction consensus
  • Using lower transaction fees and advanced modification to the core mechanism in the way MoneroV calculates transactions and balances
  • Sending and receiving addresses are obfuscated, as well as all amounts being transferred in all transactions, and the identity cannot be linked or traced to a transaction on the MoneroV blockchain

Specifications:

  • Coin Supply - Capped at 256 Million XMV. Smooth emission decline until minimum
  • Circulating Supply at Hard Fork - ~158 Million XMV (10x circulating XMR supply as airdrop)
  • Proof of Work - CryptoNight (to be changed)
  • Difficulty Retarget - Every block, adjusted difficulty initially after Airdrop
  • Block Time - Every 120 seconds
  • Block Reward - Minimum of 6 XMV per block at 184,467,440 XMV in total emission
  • Block Size - Dynamic, max 2xM100

Monero holders prior to the hard-fork split that will occur in block 1529810 will receive 10 times their holdings in MoneroV coins.

No official statements regarding the support of the fork by exchanges were made yet.

Monero Team to Kill Coin Burning Bug

A scenario of a hypothetical attack described by one of the participants of Monero's subreddit helped to identify the bug
26 September 2018   295

Developers of the Monero cryptocurrency have eliminated a bug that could allow intruders to "burn" funds in organizations' wallets, while sacrificing only a small amount in the form of transaction commissions. This is reported in the official announcement of the project.

A scenario of a hypothetical attack described by one of the participants of Monero's subreddit allowed to identify the bug.

Practically speaking this bug is exploited as follows. An attacker first generates a random private transaction key. Thereafter, they modify the code to merely use this particular private transaction key, which ensures multiple transactions to the same public address (e.g. an exchange's hot wallet) are sent to the same stealth address. Subsequently, they send, say, a thousand transactions of 1 XMR to an exchange. Because the exchange's wallet does not warn for this particular abnormality (i.e. funds being received on the same stealth address), the exchange will, as usual, credit the attacker with 1000 XMR. The attacker then sells his XMR for BTC and lastly withdraws this BTC. The result of the hacker's action(s) is that the exchange is left with 999 unspendable / burnt outputs of 1 XMR.
 

dEBRUYNE at Get Monero

Monero developers note that this method does not allow the attack organizer to directly receive the XMR coins deposited in this way. However, an attacker can withdraw XMR through bitcoins, and the exchange will remain with 999 non-consumable or "burned" outputs from 1 XMR.

The created fix was privately distributed to exchanges and large merchants, in order not to attract unnecessary attention to the time of elimination of problems. According to the developers, the exploit was not used to perform real attacks.

In early August, because of the critical bug in the code of Monero, which allows to manipulate the amount of transactions, Livecoin suffered losses exceeding $ 1.8 million.