Moving on to Higher Ground – BitcoinLatina will no longer support the Ethereum-based blockchain on: Sunday, March 18 at 11:59 pm EST – THEN we can focus 100% on our new dPoS blockchain and switching miners to new volunteer and delegate work!
Posted on March 13, 2018 | by The BitcoinLatina Team
Why is mining ending?
Mining is ending so the team can get back to the focus of building the best blockchain possible for the people of Latin America. In doing so we want to provide the most future-forward technology. We’ve come to the conclusion that the Ethereum software, which we hard-forked as our own blockchain, is no longer the best choice if we want to keep our Latin America blockchain at the front of the curve.
We are moving to a far-faster, more robust platform built on a blockchain that has the “miners” working together to confirm transactions rather than competing with each other, each spending money on hardware, electricity and time, to ultimately lose to large mining pools, those with faster equipment due to more access to capital, etc. In other words, the Ethereum PoW model and even the PoS model is not as good as the BitShares/EOS DPOS (delegated proof of stake) model. The difference is that of going from perhaps 200k transactions per second if all of Ethereum’s dreams come true to 4M transactions per second. We are intent on providing the most powerful and advanced blockchain and not something built on a past product that is already demonstrably not as good for the people of Latin America.
What is this new technology?
The powerful thing about a blockchain where the miners (called delegates or witnesses) are working together rather than competing is that there is a massive increase in the speed with which you can confirm a transaction and equally dramatic decrease in energy consumption.
A small group agreeing that a transaction occurred rather than competing for the right to solve a puzzle dramatically increases the speed of transactions and the performance of any decentralized apps that will exist on our new blockchain.
bitshares bcl eos
BitShares’ world record holding Graphene technology is being extended and scaled by Block.One and is available for people to build their own blockchains. Before creating Graphene, Dan Larimer was a founder of BitShares, which works on the same DPOS system. His father, Stan Larimer, as well as Michael Taggart, are founders at BitcoinLatina and are helping us with the movement to our new cryptocurrency. Our new cryptocurrency will be hosted on a hybrid chain using a combination of BitShares and EOS technology. That means it’s possible we could see the genesis block of our new DPOS cryptocurrency sooner than Block.One releases its first official version of EOS. The team of experts we are now working with literally invented this space.
We will cease to support Mining on Sunday, March 18 at 11:59pm EST.
The exact same method used last week to move coins will be used again. We will honor stragglers but will take a snapshot of the final block at the above cutoff time and won’t allow coins created after that date to be transferred to our new system. There will be no future association with the any coins mined after the cutoff time.
As to current miners who want to earn coins through volunteer efforts, we will have lots of work to do as we return our focus to banking the unbanked and teaching about decentralized blockchains and dApp skills to university students in Latin America. To volunteer login to our group on Telegram and let us know openly what your skills are and that you’d like to apply to earn coins as a volunteer. It’s possible by the time coins are due for distribution to volunteers again we could already be on the new blockchain.
Miners who are trusted members of the community can be voted in as delegates by all of those who own coins and can then earn coins without competing for the coins. We have at least two projects currently in need of trusted delegates. YOU ARE WANTED. Join the Foundation’s Telegram and let coin holding voters know who you are and what you can offer. You are in demand in our future building the Blockchain of Latin America.
How will the transition occur?
The last time coins were returned and reissued as coins on BitShares miners just filled out a form. Then at the given time the transfers were made. Stragglers were pretty much covered though we did cut that off too after the first twelve hours or so. We will do the exact same thing this final time. After this no more coins will ever be moved, so please do move 100% of your coins. You may randomly be asked to prove the coins in your wallet were actually mined by you.
HERE IS THE LINK: https://goo.gl/forms/ASwK9oWOaeD2rwUk1
The currently trading coin on BitShares (BCL) will later transition to the ultimate BitShares/EOS hybrid chain that is being developed. We hope to deliver an initial operational capability without waiting for the official EOS release and then continue to incorporate the latest EOS technology as it becomes available.
In the end this is about creating something of great value that can be shared by the students of Latin America. By moving to a much faster, more scalable operating system we move the people of Latin America ahead rather than starting their future with antique software.
Thank you for your help in this transition. We will provide tools to make the change as painless as possible. That said, we all know that nothing great ever happens without tremendous efforts and sacrifices, and if we are lucky enough to survive then we attain earned knowledge. If foresight gave us as much information and hindsight we could count our wishes as fishes and eat forever. But we learn through human error. We hope to fail fast, improve, grow, repeat.
WE WILL END THIS ON THE HIGHEST NOTE:
Our new law firm in D.C. has our retainer and has started work towards accomplishing the goals of our white paper. Our legal team is lead by an ex-SEC Chairman of the United States and his team is stacked with ex-DOJ and ex-US Attorneys. Stan and I spent very productive time in their office in D.C. last week with seven attorneys who all agree that we are doing our best to stay within the lines and they saw no glaring problems with what we’ve done to stay within the given lines. Having this team help us with our Regulation D and then A+ offering puts us ahead of the curve as the most-compliant coin in the world, or at least we are trying the hardest to be compliant based on what has been signaled by the SEC and CFTC.
WHY THIS MATTERS
I hope that gives you all a feeling of security as we enter the days where illegal Ethereum tokens and illegal exchanges fall by the wayside. Part of becoming a valuable organization and reaching our goals is our ability to outlast teams that did it wrong, who received bad legal advice, or the many in this space that knowingly acted maliciously towards the very communities who supported them. We hired this specific law firm and look to them for their ability to guide us through the regulatory space so that we can always say we did our best to protect owners of our coins.
Today is a great day and I personally do feel safe knowing these people are watching out for us and helping us reach the goals set out in our white paper.
WE WILL BE UPDATING THE LANGUAGE ON THE WEBSITE THIS WEEK TO REFLECT THIS CHANGE.
Cheers!
John Gotts & the BitcoinLatina Team
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