BitCore: An Innovative Blockchain-based Community-Driven Payment Solution
The BitCore project was initially brought to light as an experimental scaling solution by the Bitsend development team. According to their White Paper, BitCore is “the original community-driven, peer-to-peer digital payment solution, adapted to the needs of tomorrow.” Seen as a better alternative cryptocurrency to help facilitate some of the use cases for cryptocurrency that aren’t currently achievable using existing blockchains, mainly the Bitcoin protocol, some of the key team members of BitCore have confirmed that “BitCore is a cryptocurrency designed to make the original Bitcoin vision future-proof”.
Established in the first quarter of 2017, BitCore was described by many blockchain enthusiasts as the pioneering solution for direct payments. The project’s core value proposition is centered around its capability to offer some of the lowest transaction fees on the market while striving to provide the best on-chain scaling solution in the crypto domain.
BitCore is a hybrid fork of Bitcoin that features a proof-of-work consensus mechanism and implements all of the Bitcoin Improvement Proposals (BIPs) of the Bitcoin protocol. BitCore is the first known cryptocurrency to use the hybrid fork method to distribute BTX to Bitcoin holders.
· BitCore supports multiple wallets
· Windows Wallet
· Complete Windows Wallet with Blockchain
· Linux Wallet
· Mac Wallet
· iOS Wallet
· Android Wallet
· Electrum Wallet
· Zeltrez Wallet
· Crypto Bridge
· Trade Satoshi
As an open source project that has collaboration at its core, is freely shared and transparently published, BitCore is developed to be a community tool and asset rather than the property or business of a single entity, BitCore was initiated without utilizing the initial coin offering (ICO) crowdfunding mechanism but rather through a structure in which a pre-mine was set up to enable the development team to fairly and widely distribute coins to the fast growing community.
Features & Benefits
BitCore is fully compatible with the Lightning Network and therefore able to support instant payments as well as micropayments. With an average fee of $0.0003 USD per kilobyte and a median fee of $0.0002 USD per kilobyte, BitCore ’s fees are markedly lower than the fees of other major cryptocurrencies.
Some of the advantages BitCore is hoping to make the basis of the strength of their project include:
· Lightning Network Compatibility
· Increased scalability
· Lower costs
· Cross-chain atomic swaps off-chain
· Livingroom of Satoshi
BitCore is more agile than other coins in implementing necessary innovations thanks to its lean structure and active community. The rate of decision making and progress is significantly faster for example, on the BitCore blockchain, Segregated Witness (SegWit) was activated nearly 5 months earlier than on the Bitcoin blockchain, making it fully compatible to the Lightning Network.
Instead of forking Bitcoin at a specific block and copying the blockchain, BitCore created a new coin with an empty blockchain. The maximum number of coins that will be created on the BitCore platform is fixed at 21 million. This number was chosen deliberately to match the total supply of coins on the Bitcoin protocol. BitCore is the first known cryptocurrency to use the hybrid fork method to distribute BTX to Bitcoin holders.
· BitCore pool
The BitCore Blockchain
BitCore uses a proof-of-work algorithm similar to Bitcoin’s, however, the adjustment of difficulty is solved in a smart way rough employing the Core Shield 64_15 difficulty retargeting algorithm. A notable difference between Bitcoin are BitCore is the reduced block which make BitCore both more usable and more secure. This will allow for faster confirmations.
· 2.5 min average blocktime
· Current blockchain size approximately 950 MB
· Timetravel10 (GPU) mining algorithm
· SegWit and Bloom online
· Core Shield 64_15 difficulty retargeting algorithm
· BitCore Specifications and Advantages
· BitCore has a maximum total supply of 21 million coins and is mined through the ASIC resistant timetravel10 algorithm.
· BitCore has 10 MB blocks with Segwit enabled which allows for the network to handle about 17.6 billion transactions per year.
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