Monero Classic
Crypto Overview
Overview
Monero Classic (XMC) emerged in 2018 as a hard fork of the original Monero (XMR) cryptocurrency. It was created when some community members rejected a change in Monero's mining algorithm that was designed to prevent ASIC mining.
Purpose and Utility
The stated purpose of Monero Classic is to serve as a privacy-focused digital currency while maintaining ASIC compatibility for mining. Like its parent project Monero, it employs ring signatures and stealth addresses to obscure transaction details.
Current Usage and Adoption
The project has seen very limited adoption and development activity since its creation. Trading volumes are minimal, and there is little evidence of active development or community engagement. The project's official communication channels and development repositories show minimal recent activity.
Business Model Analysis
The core technology inherits Monero's privacy features and mining mechanism. The project doesn't involve lending, interest, or explicit gambling features. The primary use case remains as a medium of exchange with enhanced privacy features.
Token Distribution
As a fork of Monero, the initial distribution was based on existing Monero holdings at the time of the fork, which suggests a relatively fair distribution model without pre-mines or founder allocations.
Crypto Impact
To assign a comfort level investing in Monero Classic from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Monero Classic.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.