$BTCR: The Real Bitcoin

in bitcoin •  7 months ago

In my time I have live to see lots of technological advancement, need I say I am lucky to have been in a generation with a lot of advantages as compare to others, truth be told the millennia held and still a lot of potential for everyone who is open minded. From technological advancement in areas of medicine, aviation, agriculture and just about anything to areas of finance especially currency.

The history of currency may be considered timeless of even look at as a time starting from the beginning of man. There was a need for an exchange of value as money took many shapes moving up the trend, recently and most popularly starting from a time as old as 5000 BC the introduction and use of the paper money became common place in the world. We saw the direct exchange of goods and service for this currency and thought as well it originally serve it purpose - peer to peer transactions - and nothing more.

But money is beyond just peer to peer, money is a tool for power, money shows the side power resides and so the power of the people could therefore be said to reside in the currency they use, however that wasn't the case until 2009 when Satoshi Nakamoto a Japanese mathematics came up with a true form of money using complex mathematics and cryptography technology created the first truly decentralized paperless money - Bitcoin.

Prior to bitcoin creation there was a need for a true money that holds true power and completely back by the community unlike what the dollar was. The exclusive right of the dollar lies within the power of the government who at will may choose to mint a new one as the gold wasn't backing the dollar anymore. Satoshi saw the problem of inflation and money losing its true value created the Bitcoin and Blockchain today can be said to be man biggest breakthrough.

The blockchain is a decentralized ecosystem that allows for trust-less transactions and completely secured giving the power to everyone, to the ordinary man out there in the street, to you and I. However there was a bit of some flaws which the bitcoin core dev team seem not to have taken into consideration in building the blockchain 1.0 which gave rise to several splitting to what we term "fork"

In a bid to improve on the current blockchains we have seen rise of the Ethereum Blockchain 2.0 and various other bitcoin projects but none have seem to solve the problem on a full scale, only taking some part of it and dealing with them why some vulnerabilities still occurs.

Such problem includes:

  • High usage of electricity because of PoW mining. The purpose of mining was originally intended to secure the blockchain as it answers concerns of security and decentralization. Essentially miners gets to mine coin and get rewarded for that which in turns keeps the network stable and ensure transaction happens, however they come with a huge cost, the high cost of power.
  • Low through-put of about 3-4 (theoretical max of 7) transaction per second (TPS) which is a very slow amount when compared to mainstream money transaction system already existing like paypal and mastercard which amounts to thousands of TPS. 
  • ASIC predominance and centralization of components required to mine bitcoin. Decentralization is one of the many benefits of the blockchain and allowing for centralization of the creation system of this decentralized money defeats the purpose as the centralized system may likely initiate a 51% attack or make bad moves just for the purpose of increasing profits, right now the two main  producers, Bitmain and Bitfury  are at greater power disposition to do just about anything.

The Needed Fork

Bitcoin Real follow the much debated and controversial statement 'code is law'. BitcoinReal is created as an answer to all who wishes bitcoin a good usability and wide spread adoption, using the universal approach, combining various other proves to make peer to peer transaction seamless, timeless and very secured, bitcoinreal would solve all of current blockchain problems making it a truly decentralized alternative to Bitcoin.

BitcoinReal will solve the following problems:

  • Reduce energy consumption as a means of verifying and securing the network to a much lower value and cheaper cost.
  • Reach high through-put by implementing bigger blocks and side-chains
  • Create a truly ASIC-resistant ecosystem that defeats centralization of source creation of bitcoin and reduces significantly a 51% attack.

Culled from https://bit.ly/2OKDHft the following are the full details of the BitcoinReal project:

 Bitcoinreal is one of the decentralized coin; Bitcoinreal’s  token symbol is BTCr. Unlike bitcoin it offers stability in prices due  to its ample supply and is secure enough using hybrid blockchain to  empower cheap withdrawals and transfers.   
 Coin Name Bitcoin Real   
Ticker: BTCR   
Network security: Assured by a hybrid network of Proof of Stake (PoS) and Proof of Work (Pow) with Masternodes    
PoW algorithm: X16r (ASIC resistant)    
PoS: algorithm  Slasher   
Masternode Collateral: 2'500'000 BTCR   
 Block size: 64MB   
Off-chain scaling solutions: Lighting Network, Side-chain and Drive-chain pegs   
On-chain scaling solutions: Bigger blocks, SegWit2X, Bellare-Neven signature aggregation, Smaller size of Schnorr signatures, Key Aggregation   
Off-chain scaling solutions Lighting Network, Side-chain and Drive-chain pegs   
Transactions-per-second (TPS) ~400’000 (Estimate based on many factors which considers a “worst case scenario”)    
Privacy Solutions ToR peers and remote nodes      
Blockchain size  After a month of full throughput in terms of transactions approx 30 GB    
Difficulty adjustment: LWMA (Every block), ddAI coordinated     
Total Supply: 10'000'000'000 + PoS Glaciation phase    
Block time:  6 seconds (Average)      
Decentralized development: Incentivized by mailing lists and BRIPs (Bitcoin Real Improvement Proposals)     
Additional features: PrivateSend and InstantSend     
Block Reward : Variable through time, check Block Reward table    
Premine: Premine 100% (Massive Premine for quick exchange listing)   

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