What is BitCore?
BitCore (BTX) is a cryptocurrency that was created as a UTXO fork of Bitcoin (BTC). This means that it leverages the code and technology of Bitcoin but with a focus on resolving the existing problems of the Bitcoin blockchain. The BitCore platform aims to create a new blockchain that is faster and more scalable than Bitcoin.
BitCore utilizes a proof-of-work (PoW) consensus mechanism while incorporating all of the Bitcoin Improvement Proposals (BIPs) for a future-proof version of Bitcoin. The BitCore project is designed to offer decentralization and user-empowerment components, such as the MEGA-BTX consensus algorithm. This algorithm is ASIC-resistant and promotes community participation while fighting against the centralization effects in mining.
Additionally, BitCore employs the Bloom filter application to allow for a reduced storage size for running a full blockchain node. Bloom filters are known to speed up synchronization of Simplified Payment Verification (SPV) or light wallets, empowering new user participation for BitCore. The platform also uses SegWit to make its blockchain faster than Bitcoin. According to the website, the platform has 10 MB SegWit-based blocks to enable the network to handle up to 48 million transactions per day.
The native token of the BitCore network is BTX, with 16.2 million BTX pre-mined by the platform. The token is distributed in three ways. First, the platform allowed Bitcoin to exchange to BitCore at a 1:1 ratio in the first phase of BitCore, enabling the distribution of 590,000 BTXs. Second, if BitCore addresses whose corresponding addresses on Bitcoin hold 0.01 BTC, the platform fills them with 50% in BTX, distributing around 8 million BTXs from the 16.2 million. Finally, 90% of the remaining BTXs are distributed to the community via airdrops, while the remaining 10% is reserved for future development of BitCore.
According to the website, BitCore was launched on April 24, 2017, by founders Chris and Jon. The platform held the one-to-one claiming event with Bitcoin from April 2017 to November 2, 2017. The maximum supply of BTX tokens is 21 million.
In conclusion, BitCore is a cryptocurrency designed to improve upon the Bitcoin blockchain by offering faster transaction times, higher scalability, and improved user-empowerment components. The platform leverages the source code and technology of Bitcoin while incorporating cutting-edge features to offer a more efficient and user-friendly blockchain. With its native token, BTX, BitCore aims to offer a fair distribution model and support for future development to drive wider adoption and growth of its platform.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
Stay ahead of the competition by accessing high-quality data, advanced tools, and expert research.Try for Free