The fierce Bitcoin scaling debate has ensued and intensified over the course of the last few months that has resulted in various solutions being proposed such as Bitcoin Cash, Segwit2x, and Bitcoin Gold. What if there was a scaling solution that already surpasses all the others? Bitcore is that solution and it is able to comfortably scale into the future while also implementing all of the latest innovations of the industry.
Beginning of the Bitcore Project
Bitcore was initially created on April 28th as an experimental scaling solution by the Bitsend development team that has continually provided their community with innovative and transparent development. Bitcore was started without an ICO but instead with a pre-mine that allows the development team to fairly and widely distribute coins to a rapidly growing community. The pre-mine was done in the form of a Bitcoin snapshot at block 463619. All Bitcoin holders, at the time of the snapshot, can currently claim their requisite Bitcore through the official website at a 1 to 1 ratio until October 30th. The claiming process is done without exposing a user’s private key so the claiming is far more security conscious than most other projects with snapshot claiming. In addition to the claiming, every Monday there are 3 percent weekly airdrops on all address balances greater than 10 BTX. The snapshot for the weekly airdrop is taken at midnight by CEST time. It is absolutely necessary to get your BTX into your QT wallet before this time to receive your weekly airdrop. The airdrop provides investors and users alike with an extra incentive to test and also hold Bitcore for the long term.
Bitcore Specifications and Advantages
Bitcore has a maximum total supply of 21 million coins and is mined through the ASIC resistant timetravel10 algorithm. Bitcore also has a 2.5 minute block time and the current mining reward is 3.125 BTX that matches the Bitcoin halving schedule. The real difference maker is that Bitcore has 10 MB blocks with Segwit enabled which allows for the network to handle about 17.6 billion transactions per year. To put this in perspective, the Bitcore network can handle an entire years worth of Bitcoin transactions, at the current rate, in only three days. To do another comparison, Bitcore nearly matches Paypal in transactions per second which is vastly superior to any other currency at the moment. The large transaction cap is further augmented by the speed at which transaction take place. Bitcore transactions are completed within seconds and that easily makes it as fast as or even faster than all of the top currencies on the market. The rapid speed and unrivaled scaling easily positions Bitcore to be able to act as an everyday currency in the future. If that was not enough innovation, Bitcore also has a unique difficulty algorithm called Bitcore 64_15. This algorithm ensures that there is no more than a 15 percent change in difficulty within a 64 block period. This innovative difficulty adjustment method prevents the block time issues that have plagued Bitcoin Cash. The last major selling point is that the Bitcore blockchain currently is only 150 MB which means running the blockchain requires very little storage space and can even be run on cell phones.
New Distribution Method on Oct. 30
On October 30th there will be a onetime 25 percent airdrop to all addresses that have 10 BTX or more in their personal wallets. On the same day, there will be an additional Bitcoin snapshot taken for the continuation of the Bitcore claiming. Bitcoin holders, at the time of the new snapshot, will be able to claim Bitcore for 40 percent of their Bitcoin balance by using the official website claiming service. There will also be a continuation of the 3 percent weekly airdrops until all of the remaining coins are distributed by roughly October of 2018. Additionally, the Bitcore development team will keep 10 percent of all unclaimed coins at the time of the snapshot for future development.
The development team is almost finished with a Bitcore electrum wallet and the next task at hand will be to potentially work on integrating into coinomi’s multi-asset wallet. The team is also experimenting with cross chain atomic swaps, lightning network, Schnorr’s Signature, and even more initiatives to stay on the cutting edge of technology. To follow current development please search for and subscribe to all of our social media pages which consists of Facebook, Twitter, Telegram, Slack, QQ, Bitcointalk, and the official Bitcore webpage.
Cointelegraph. 2017. Bitcore: A Lightning Fast Solution to the Scaling Debate. [ONLINE] Available at: https://cointelegraph.com/press-releases/bitcore-a-lightning-fast-solution-to-the-scaling-debate. [Accessed 16 November 2017].