Cryptocurrency - a word that has hit the world by storm is oozing out new avenues of growth, development, and change. One of the most significant revolutions brought forth by it is economic transformation. It was in 2008 that Bitcoin was unveiled and today we are sitting on more than 1000 cryptocurrencies and still counting. It was only after the discovery of Bitcoin that the world realized that all the financial activities have relied on a central authority. The breakthrough innovation led to the surge of decentralized digital currency exchange. And thus came in the concept of cryptocurrency, peer-to-peer exchange. Before this, the security of our funds in the bank was contingent on the security and economic health of the bank or financial institutions. But, now the scenario has changed, we have seen the growing inclination towards the cryptocurrencies especially Bitcoin. Bitcore, the latest addition to the digital currencies is the hybrid fork of Bitcoin. It means that it is inspired by Bitcoin and has been improvised to remove the drawbacks of Bitcoin which will be highlighted later in the blog.
What is Bitcore?
Well, if you ask people about Bitcoin or another cryptocurrency you would hardly find a person having complete insight on this concept. Probably, this is entirely new and has not penetrated the mainstream market. Shifting our focus to Bitcore; it is a cryptocurrency that is a hybrid fork of Bitcoin that was launched in April 2017. When talking about Bitcoin, then the two popular name surfaces, Bitcoin Gold and Bitcoin Cash. These are Bitcoin hard forks. However, Bitcore is a hybrid fork. Making use of Bitcoin technology and source code, Bitcore created a completely new blockchain. The objective behind the development of this cryptocurrency was to come up with blockchain which is faster than Bitcoin and offers better scalability.
To put it simply, Bitcore is the first digital currency to be the hybrid fork. Apart from being developed differently, it has tried to improve Bitcoin and solves issues that plague it like time consumption, blocks size and technical aspects. Bitcore makes use of time travel 10 consensus algorithm which resists ASICs. It also has an additional 10 MB SegWit enabled blocks which empower this network to handle 17.6 billion transactions a year or 48 million transactions a day.
How is Bitcore different?
When compared with its contemporaries like Bitcoin Cash and Bitcoin Gold which are the hard fork of Bitcoin, Bitcore is a hybrid fork. Whereas the Bitcoin Cash and Bitcoin Gold copy the Bitcoin blockchain, the Bitcore, on the other hand, is a new coin with an empty Blockchain making it a new entity altogether. The distribution of Bitcore took place in three stages:
1. One-to-one claiming
2. Hybrid Fork
When we shift our focus to the functional aspect of Bitcore, then its working is similar to Bitcoin. You get the wallet, buy the currency and use it online. However, the difference in using the two is that Bitcore is faster than Bitcoin. The block time of Bitcore is only two and a half minutes whereas Bitcoin consumes 10 minutes. Secondly, the block size of Bitcore is 10 MB which is also higher. Thus, making this altcoin faster, cheaper and efficient.
Technical Aspects Unboxed-
As mentioned above, Bitcore has its blockchain, with some assets of Bitcoin and its technology, Bitcore offers a series of benefits. Taking into account the technical solutions provided by Bitcore, here are a few notable features:
1. It has its algorithm, Timetravel10
2. The block size is 10 MB
3. It has 21 million coins
4. The Block time is 2.5 minutes
5. The block size increased to 20 MB with SegWit technology ensuring better capacity
6. Additionally, it has a successful integration with SegWit, Bloom, and Diff64_15
7. Bitcore uses InstantX for lightning-quick transactions.
Whats the catch?
As illustrated above Bitcore is making tall claims, it's easy to use, finds more comprehensive application, transactions are a multitude of times more than Bitcoin and it is a technically advanced cryptocurrency. But amidst there is the catch, when Bitcore announced Airdrop it received many comments stating that Bitcore looks more of scam and this became evident when we got to know that Bitcore holder needs to share their private key to claim BTX. Sharing private key is questionable; it is like announcing your CVV number in public.
What pros and cons Bitcore has stored for us?
1. It has a small blockchain which means it is light on machines
2. It is resistant to ASICs
3. Weekly Airdrops encourages the developers to work continuously.
1. Despite Bitcore using Airdrop, it still hasn't received much acceptance.
2. Not much uniqueness
Well, Bitcore appears to be a more on-paper concept than being practical. Although, there are a whopping 48 million transactions a day, when it comes to its more extensive application and popularity, then Bitcore loses the race with its contemporaries. However, it still holds a promising future.
**This post is sponsored by https://www.cryptoprofile.com.**