Bitblocks - White Paper - Part 1

bitblocks (25)in #blockchain • 6 years ago

Starting this week we will publish the white paper of the bitblocks project.

INTRODUCTION

BITBLOCKS

BITBLOCKS is a business-oriented cryptocurrency directed towards entertainment, especially in video games and other areas that revolve around this current industry, such as championships, events, fairs, conferences, and game development among others. We know that this business is in rapid expansion worldwide and that video games have not ceased to be something exclusively marketed to target age groups. The climbing value of the gamer world has reached such a point of professionalism that there are currently athletes and video game teams, tournament achievements that are transmitted in real time on the internet and even on television.

MARKET OVERVIEW

This market produces billions of dollars annually and presents an unquestionable expansion trend. According to Forbes Magazine, this industry is forecast to move around $128 billion in 2018 through sales of games, accessories, consoles, new technologies, fairs and events around the world. In the US alone, gross sales for 2017 were $36 billion. According to the report prepared by Consulting NPD Group and the Entertainment Software Association this number represents an increase of 18% when compared to the previous years’ scores. The BBK has its field of activity in this billion dollar market, contributing in the promotion of the commercialization and development of new technologies, strengthening this area and effectively raising its own value as a digital asset.

TECHNICAL SPECIFICATIONS

Algorithm: Quark

Type: POS + Masternodes

Default port: 58697

premine: 160m

Max supply: 584m

Address letter: B

Transaction fee: 0

Transactions per second: 346 TPS (approximate)

Block size: 2mb

Block Time: 30 seconds

TECHNOLOGIES

ZERO FEES

The Bitblocks network has been built to reword its network supporters via block rewards (Staking / Masternode reward). By utilizing this Proof of Works Network BitBlocks is able to provide nearly zero transaction fees for each transaction. This means when using BitBlocks more of your actual investment is kept in your pocket instead of it being spent through the sending of coins from one wallet to the next.

PRIVATE SEND

Bitblocks has a privacy feature which makes it possible to send anonymous transactions. This means a user can choose traceable or anonymous. Bitblocks is a fork of PIVX which is built and improved from Dash code. Dash, also is a fork of bitcoin core with privacy feature implemented. In essence, Bitblocks can be spent public or private. This privacy feature is reached by using joint payments. This is basically by merging transactions together and splitting them up again, thus, making it difficult or near impossible to trace transactions from specific wallet address to another.

INSTANT TRANSACTIONS

Bitblocks transactions are instant like PIVX and Dash. That is; the person receiving the transaction is able to see from the sender the moment the funds are sent. This makes Bitblocks an excellent means of making transactions. Thanks to its fast speeds this allows numerous transactions to be sent over long distances without the worry of waiting for your funds to be available or even waiting for confirmations to go through as needed with a lot of cryptocurrencies.

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