Coin of the month: Bitcore (BTX)
Bitcore was one of the worst performing coins in the last months it lost ~96 % from its ATH ($ 38.12), and is currently trading at $ 1.56. One of the main reasons of the price drop is in our opinion the recent market sentiment of all cryptocurrencies and the final airdrop of BTX.
We had a chance to talk to the developers of Bitcore at the “Blockchainhotel Conference” in Essen, Germany. We were very impressed with their technical knowledge and their fair approach of coin distribution.
Bitcore was created in April 2017, by the developers of Bitsend. From the beginning on new technology was combined with real case usage in mind.
Bitcore is one of the first known cryptocurrencies to use the hybrid fork method to distribute BTX to Bitcoin holders.
Instead of forking Bitcoin at a specific block and copying the blockchain, Bitcore created a new coin with an empty blockchain. On November 2, 2017 they took a snapshot of the bitcoin blockchain (block 463619) and sent to every wallet with more than 0.1 BTC – 0.05 BTX (0.5 BTX = 1 BTC).
The developers have tried to solve Bitcoin’s scaling issues with a new approach and are striving to be the #1 payment coin. Bitcore has 10 MB Segwit enabled blocks that make the network capable of handling 17.6 billion transactions a year or 48 million transactions per day.
To put this in perspective, the Bitcore network can handle an entire years’ worth of Bitcoin transactions, at the current rate, in only three days. Transactions are completed within seconds. The rapid speed and scaling possibilities give the project a very interesting perspective as a coin that will be used for purchases.
Moreover, Bitcore uses timetravel10 consensus algorithm which is resistant to ASICs. This means that centralization of mining power is not possible as the playfield is levelled and everyone has an equal opportunity more or less.
Some Key Facts of Bitcore:
Max. Supply: 21 M
Distribution: Mining,claiming and airdrops
Mining Algorithm: timetravel10 (GPU)
Max. Blocksize (segwit): 10 MB (20 MB)
Max tx/day: ~48 M
Bitcore has an excellent team with Jon, Chris, Steve and many more. We are excited to watch their progress of becoming the number 1 payment coin in the world, if their mission will succeed is another question as there is a lot of competition in the space, but even if they can only grab a small percentage of the market, Bitcore will have a bright future. Please keep in mind that this article is intended for informational purposes and is not investment advice.
