Bitcoin Ultimatum: A New Fork to Solve Old Problems
The concept is a reflection of the famous Ethereum cryptocurrency.
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Prof-it blockchain development team has come up with a new fork, Bitcoin Ultimatum (BTCU). This is under the support of one of the prominent players of cryptocurrency exchange called Coinsbit co-founded by Nikolai Udianskyi.
The developers are making efforts on improving the Bitcoin blockchain and introducing advanced technologies to help fix the key errors in the crypto community.
The concept designed for BTCU is a reflection of the second cryptocurrency by capitalization—Ethereum. To offer major functions for executing DAPP applications and transactions, BTCU has designed a concept that is highly similar to Ethereum. Its team is setting a possible chore in terms of building the direction of smart contracts and applying atomic swap technology to the blockchain protocol to enable transactions to interact with several other protocols. This execution would come up with a huge expansion in the technological sector.
BTCU is against implementation of classic mining. Ethereum developers usually own a positive approach with accounting for the goal of stopping the LPoS mining algorithm combined with PoA. The distributors and holders in the standard BTCU network would play the role of advisers whereas crypto exchange and blockchain companies would anticipate an optimistic balance over the master nodes. This decision was initiated to unload the network and avoid classics.
That is the reason its blockchain would depend on the PLoS mining algorithm associated with PoA, where PLoS will be put to use for mining by the users. When this fork is launched, an airdrop would be held for all users of the Bitcoin network to get airdrops in their wallets identical in BTCU network in ratio of 1:1 to the Bitcoin balance existing on branch block. After the branching all of the users will be able to find BTCU coins in their own network which would be balanced at the time of branching.
"The crypto community has become more & more erudite and is developing & growing every day, changing their point of view and perspective in favor of preservation of environment and using more of humane mining protocols," says the development team.
The blockchain of the new cryptocurrency would require 20 holders. To prevent centralization and get control over the network, half of the holders will be selected by the team itself, and the second half will be determined by the community based on the PoA principle. They will be determined by 10 holders who holds the largest share of coin, who themselves can be holders of the master nodes. The PoA algorithm would be personalized and would diverge from the actual model. Transaction holders would be able to and it would be chosen by the cor-coin holders irrespective of changing their numbers.
Anonymity is the ultimate truth of any given blockchain network as it engrosses an individual with the absence of any commissions and mediators when crypto payments option is chosen over the classic
The BTCU experts adjoined the ability to perform confidential transfers within their own network to support its users to be anonymous while making transactions.
The PoA transaction verification protocol would allow developers to comprehend the blockchain throughput at level of 200 transactions recorded per-second up to the 10,000 transactions-per-second level. The BTCU blockchain would further permit the handling of smart conventions from having to look up for intermediaries to guarantee its user's protection from scammers.
The BTCU plans to broaden and launch the concept of a decentralized mobile with multi-currency wallet along with its desktop version which would further facilitate sending and receiving crytocurrencies through one's phone digits.
The BTCU's nucleus squad plan to further advance and expand its merchandise to have universally recognizable solutions for crypto community. The world of blockchain applied science would always abide to be evenly relevant and the forecast is requisite to scrutinize whole industry's updates and become more opportune every year.