Anonymous developers will fork Monero network today

• A new coin will be created as a result of the fork.
• Experts believe that the project may be a scam.

Monero network will go through a hard fork that will give birth to a new coin – Monero Ring. The team of the project promises to solve the main issues of the original coin, like unfriendly user interface, low transaction confirmation speed and lack of scalability.

The fork will take place on February 28 at block No. 1781500. The developers plan to issue 30 million tokens and distribute 70% of them via airdrop to original Monero holders at the ratio of 2:1.

However, cryptocurrency experts warn that the project looks suspicious and may turn out to be a scam. Thus, the blockchain of Monero Ring is copy-pasted from the original network. Moreover, there is very little information about the project and the upcoming fork in social media.

There are other red flags like a ticker XRM which is very similar to the original XMR and an anonymous team, the dubious airdrop process and no essential improvements to the protocol. Monero Ring’s Twitter is virtually dead.

Meanwhile, there are no announcements of the upcoming fork on Monero network apart from the one scheduled on March 9 to resist ASICs miners. Monero’s lead developer Riccardo Spagni announced this fork.