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The scaling debate among the Bitcoin community has been particularly intense over the course of the last few months. We have seen many proposed scaling solutions such as Bitcoin Cash, Segwit2x, and Bitcoin Gold that have fragmented the Bitcoin Core community. Bitcore, which is not a fork from Bitcoin, offers a scaling solution that is superior to any currency on the market while also offering unparalleled transaction speed.
Founding of the Bitcore Project
The project was started as an experimental digital currency that mainly focused on massive scaling and lightning fast transaction speed. The project was started by the distinguished Bitsend development team that has a proven track record of fair distribution and transparent development. Bitcore was not started with an ICO but rather has a pre-mine that was equivalent to the Bitcoin circulating supply at block 463619. The pre-mine, with exception to 10 percent going to the development fund, will be distributed through a combination of a onetime drop to Bitcoin holders and also continuing weekly airdrops to Bitcore holders. Lastly, the primary focus of the Bitcore team is to continue to provide the most advanced technological solutions to our user base.
Bitcore has a maximum total supply of 21 million coins and is mined through the ASIC resistant timetravel10 algorithm. Our ASIC resistant algorithm promotes the decentralization of mining that is so critical to the security and therefore trust of any currency. Bitcore also has a 2.5 minute block time and the current mining reward is 3.125 BTX that also matches the Bitcoin halving schedule. The real difference maker is that Bitcore has 10 MB blocks with Segwit enabled which allows for the Bitcore network to handle about 560 transactions per second which is roughly 25 percent of Visa’s transaction throughput. To put this in perspective, the Bitcore network can handle an entire years worth of Bitcoin transactions in a modest three days. The large transaction cap is further augmented by the rapid 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 renown currencies on the market. If that was not enough, Bitcore also has a unique difficulty retarget 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 unique difficulty adjustment prevents the block time issues that have been a major problem for Bitcoin Cash. The last major selling point is that the Bitcore blockchain is currently only about 150 MB which means running the blockchain requires very little storage space and can even be run on cell phones. Bitcore, due to all of the features listed above, is clearly well positioned to become an everyday currency in the future.
New Distribution Method on October 30th
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 also be an additional airdrop to Bitcoin holders at a rate of .5 Bitcore to 1 Bitcoin. Additionally, there will also be a continuation of weekly airdrops that will start at 3 percent and increase 1 percent for every subsequent month. Lastly, the Bitcore development team will keep 10 percent of all unclaimed coins at the time of the snapshot for future development.
The current focus of the development team is to increase integration into different wallet platforms, distribute the pre-mined coins in a fair manner, obtain listings on additional exchanges, and lastly integrating into payment processors for real world usage. The development team recently integrated Bitcore into Coinomi’s multiplatform wallet and an electrum wallet is nearly finished. In addition to wallets, 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 fintech. To follow current development please subscribe to all of our social media pages which consists of Facebook, Twitter, Telegram, Bitcointalk, and the official Bitcore website.
Bitcore Website: https://bitcore.cc/