Most of the exciting new projects featured over the last year in the Crypto investment community have been ERC 20 tokens on the Ethereum network. This week’s crypto spotlight featured asset is a little differentas we precent a coin on its own blockchain, introduced with a fair mining distribution. We are featuring Bismuth, (BIS) a project that was coded entirely in Python to make the codebase accessible to a much wider audience of developers.
Since Bitcoin first launched with the mining of its genesis block in 2009 a whole industry has been born of new players entering the market with innovations piggybacking on top of the original open source nature of its codebase. Several of the most notable achievements are:
2011 Litecoin released, boasting faster transaction times than bitcoin and ASIC resistance (for a time).
2014 Monero released, building upon the CryptoNote codebase implementing the obfuscation of transactions and allowing a higher degree of anonymity and fungibiluty of the currency.
2015 Ethereum is released, allowing a scripting language to be integrated into the currency for the ability to implement decentralized applications or dApps
In 2017, a little known project from an experienced developer with a several year background in cryptocurrencies was quietly released, built from the ground up, that implemented all of these features and more (having been in development since 2015). More impressively, the entire codebase was coded from scratch in Python, eschewing the C++ of all the blockchain currencies that came before it. Instead of being a copy of a copy of a copy like virtually every other new blockchain in existence, the developer, Jan Kucera AKA @tezosevangelist, took all the functions of a cryptocurrency and implemented them all in Python, thus making the coin open to a much wider demographic of developers globally. In his own words [https://medium.com/@Panama_TJ/cryptointerview-with-tezosevangelist-b45cbb72e414], “Bismuth is trying to be the blockchain lego, so I hope it will attract a lot of young people (maybe even 5 year-olds?) who are not seasoned programmers but always wanted to be a part of the crypto scene. Bismuth is trying to be modular, extensible and as simple as possible with only about 2400 lines of code. If you want to work with it, you can take inspiration from the many operational open source projects and use them as reference to develop your own.”
The project has numerous solutions that are extremely elegant to make it able to handle all the ambitious functions it attempts to provide. For one, not every node need run all the dApps or functions that are available in the whole Bismuth ecosystem. For example, last fall the slowdown that Ethereum users found their network virtually unusable due to the heavy burden of transactions experienced at the peak of the CryptoKitties hype. This grinding to a halt wouldn’t have occurred if CryptoKitties had been utilized on the Bismuth platform. With Bismuth, several dedicated nodes shoulder the burden for a specific function and allow the rest of the network to handle other features, applications and functions. Another example of this modularity is not every transaction need be anonymous, but if one wishes to utilize it, cloaking analogous to Monero’s is available.
Amongst other features implemented are: “a working on-chain casino,… [an] on-chain HTML browser, [and an] un/encrypted messaging and integrated alias system inspired by Ardor/NXT.”
GPU mining was just recently introduced in the last 3 months so that means that the distribution was fairer than many mined coins having been CPU only for a majority of its early existence. On their roadmap for the next 8 months, they plan to integrate masternodes with a proof of staking mechanism to allow the nodes to participate in the mining and certifying of transactions.
With all of the novel innovations and functionality plus the availability to a new cross section of developers that had previously been unable to partake in crypto, it looks like Bismuth has a chance at a bright future. Definitely a project worth paying attention to.
Basic Data on BIS
Current Market cap: ~$11 million
Current Price: ~$1.40 USD / BIS
Current Exchanges: Cryptopia
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