“Free the Fast Bitcoins!”
The August 1st Bitcoin hard fork has come and gone and we now have two Bitcoins, Bitcoin (BTC) and Bitcoin Cash (BCH). As of writing this article, the two tokens have a combined market cap of over 50 Billion dollars. There is a third Bitcoin however that is waiting in the wings and it could be a total game changer.
Bitcoin United is one of the boldest projects in the cryptocurrency world, using a “pitch fork” instead of a hard fork. This involves pitching the old code and upgrading to something better able to handle the future transaction load. This upgrade, comes in the form of a quantum leap for Bitcoin by hosting the new currency BTCX, on the super-fast BitShares platform. BitShares is built with Graphene technology, capable of reaching 100,000 transactions per second!
BTCX aims to provide a solution so innovative and appealing that it will dominate through pure attrition, becoming known as “the fast Bitcoin”.
Here are some of the major fixes BTCX provides:
- 10,000 transactions per second and 3 second confirmation times
- BTCX will use Delegated Proof of Stake (DPOS) instead of the currently used Proof of Work (POW). DPOS eliminates the need to pay miners and the need to add to the supply.
- BTCX has no operating costs and DPOS will remove the need for energy consumption used for mining.
- Bitcoin United will unite BTC and hundreds of other assets on the same blockchain, where they can trade at the speed of light and without the need of a corruptible third-party exchange.
The process to launch Bitcoin United began on August 1st when Bitcoin Cash (BTH) and Bitcoin United (BTCX) were born as twins in the same Bitcoin block snapshot. The snapshot will be used to determine how much BTCX each Bitcoin owner will receive. Now that the fork and snapshot have occurred, all that is left is to determine how the coming “share drop” of BTCX will be carried out.
Right now, there are ongoing discussions between BitShares witnesses on a plan to “Free the Fast Bitcoins!”.
Stan Larimer the President of Cryptonomex and the man responsible for Bitcoin United, recently posted an article on Steemit giving us a glimpse into the plans for BTCX.
“BTH has already set the precedent — You can have two bitcoins and gain value from slight changes. Imagine the value of lightspeed Bitcoin. But it’s got to be an upgrade to bitcoin not a clone.”
“Now that Bitcoin is multi-platform, the door is open to adding a super platform”
All that remains is to determine the best method for the share drop and this new Bitcoin super platform can come alive. Then all you will need do is import your bitcoin keys into the BitShares wallet and claim your BTCX! Until consensus is reached on a plan, chants of “Free the Fast Bitcoins!” will grow louder!