Bismuth — Project Review
On this Wednesday we’re going to be hitting hump day with an absolute monster currency in Bismuth. The project has quite a bit going for it and has been gaining a lot of traction lately, so I wanted to see what all of the fuss was about. That being said this review is going to be short for one of mine as I’m trying to focus on the main points and streamline this article for a simple read. Also I cannot for the life of me find a whitepaper for it. In the article I’ll be covering the details regarding its blockchain, its primary features, and its outlook going forward.
As I alluded to in the introductory paragraph, Bismuth itself has a lot going on. The dev team seems very hard at work developing features for its blockchain to make it a fantastic project. As I have gone through many projects in the past couple of months one of my criteria that continues to become more important to me is a transparently active dev team and Bismuth has that. On top of that plus, the team built their blockchain and systems all from the ground up. Another feat that earns anyone respect in the crypto world and for me showcases the skill of the team.
On top of those “intangibles” I guess I’ll call them the Bismuth blockchain has some fantastic features. First off it is developed in Python, which has a massive supporting library, and was coded with the ideas of modularity in mind and efficiency. Furthermore, the blockchain already has working DApps and also also has privacy features with Tor integration, a system called “hyperblocks” for reducing the blockchain size and reducing memory, messaging systems, and a unique model for processing contracts. Before I get into all of those let’s go over the technical aspects of the blockchain.
The blockchain itself is coded entirely from the ground up by the Bismuth developers. What that means is the code base is unique and the coin was not a fork of any existing projects like Bitcoin, DASH, or Ethereum like so many are today. Like Bitcoin, however the coin has been mineable as a Proof-of-Work (PoW) cryptocurrency. It makes use of the Hashing algorithm SHA224 and has a transaction size of around 650 bytes plus the data fees.
Rewards for mining a block are tapered off. The reward began at 15 for block 1 and will decrease over time to a final reward of 0 at block 10,000,000. Current block height is 696,860, so the project hasn’t even gone through 10% of the blocks that will generate rewards at this time. Block difficulty for mining is calculated every block and the algorithm takes into account the previous difficulty as well as the amount of blocks that have been mined per day. Lastly, the Bismuth currency has 8 decimal places and requires 1 confirmation before respending is allowed.
Here is where we come to the most interesting aspects of the Bismuth blockchain. The code for the blockchain itself is unique and built from the ground up by the team and therefore the project was not a fork of Bitcoin or any other project. For me that feature is incredibly impressive because many projects take a route of forking a project as opposed to building their own. This route is much more difficult but also offers the Bismuth blockchain many advantages.
With Bismuth being unique they are able to build all of their own features with their own vision that cannot be readily copied by another project. It’s also a safe bet that the team has a firm understanding of blockchain code, since its much more difficulty to build your own blockchain than start with one already made.
Furthermore, Bismuth was coded in python as opposed to C++ like Bitcoin or other blockchains. Bismuth is the first python coded blockchain and is probably one of the reasons why a fork was completely out of the realm of possibility, there was nothing to fork. With the python code the team focuses on offering a series of features for the Bismuth blockchain including dApps, Tor support, on-chain messaging, and data storage.
There are several dApps that come with Bismuth right out of the box to be enjoyed or hosted by anyone. The Bismuth blockchain is meant to be integrated into any system for use whether that’s another platform or a business solution. It is intended to make Bismuth incredibly accessible and help with adoption. Those goals are possible thanks to coding in Python which has an extensive amount of libraries and packages as well as the dev team’s design of coding with the ideas of modularity and efficiency at the forefront.
Another feature that Bismuth employs is their unique structure for processing smart contracts. The Bismuth team looked at how Ethereum was processing the smart contracts on their blockchain and believed a better system could be employed, so they built it.
My understanding of the model is that with the Ethereum model, unnecessary node power is used to execute and verify smart contracts due to its decentralized nature. With Bismuth, each smart contract has an independent interpreter that is used for the smart contracts.
In other words, in Ethereum each smart contract is run through multiple nodes for execution in order to get an output, but with Bismuth, one node can process several smart contracts that is run through an independent interpreter, so only one node’s power is needed to process them. That model is explained in the image below. Make note of the node labeling in the first column.
Lastly, Bismuth does not overlook security and privacy options. As already mentioned, the Bismuth blockchain employs Tor support and also has transaction mixing decentralized apps for privacy. In addition, the on-chain messaging and data storage that is possible with Bismuth has both public and encrypted options available.
The Bismuth roadmap functions as a running log of sorts or a to do list for the project as well as a manner for updating the public about different areas of the coin that have been worked on. The most recent roadmap update for Bismuth was in February of 2018 and is broken down into four section of accessibility, improvements, newly added features, and future features, development, and research. The accessibility section of the most recent update is provided below.
One of the two most recently added features was a “Transaction Identification Standardization” which appears to have set a standard TXID system for Bismuth. That system consists of the first 56 symbols of a transaction signature, has been added to the block explorer, and should help in identifying issues with movement of funds to and from exchanges or any transactions in general. A couple of exciting features that are being developed include multi-address support within the wallet and masternodes for the entire project. The ETA for masternodes was not specified within the roadmap update. Overall, the project is chugging along nicely and I’m excited to see the effect of masternodes on the project’s marketing and awareness.
BIS is currently trading at a price of $1.16 or 17,190 Sats. The total supply of the coin is 11.1 million coins and the current circulating supply is 10.5 million coins. The market capitalization of the project is at $12.4 million. Trading volume over the past day was right under $50k.
Exchange information about BIS is easy since it is only traded on one exchange listed on coinmarketcap under one pairing. That exchange is Cryptopia and the pairing is with BTC. The Bismuth website also states that BIS can be purchased off of Octaex, but based on what has been developing recently with people being unable to withdraw ARO from Octaex I would recommend that Cryptopia is used for any purchasing of the Bismuth coin.
To learn more about the Bismuth project please see the following links.
Website — https://bismuth.cz/
Twitter — https://twitter.com/bismuth_cz
Dev Twitter — https://twitter.com/bismuthdev
The Bismuth blockchain has a lot of features in developement and a straightforward and solid design approach for the project as a whole. I hope that this article will serve as a primer to Bismuth as I’m not able to do a truly deep dive into the documentation of the project due to my own technical understanding limitations. In the future, I plan on focusing on that aspect of my understanding and will be revisiting Bismuth. For the record I am a holder of the Bismuth currency.
Thank you for reading today’s article. It took a bit for me to publish this one, so I apologize for that wait time. Tomorrow I will be posting an article about a new gem I believe I found that I’m incredibly excited for. Release time for that will be sometime in the late evening. As always, follow me on here or on Twitter @thant1194 or on InvestFeed at Thant11 in order to stay up to date on all articles that I’m releasing. Thank you to everyone who has followed me and supported me over these past couple of months! I have to return some video tapes.