Smart Bitcoin team is proud to announce that they will carry another BTC fork around April 26th at the height of 520,000, named as SBC(SmartBitcoin), the team is fully prepared for this fork, the wallet, test chain, blockchain explorer and other fundamental preparations are completed, the main network is expected to be LIVE on May.
Compared to the BTC, the SBC aims to improve the BTC in the following ways:
I. Performance
BTC： BTC can handle only 3–7 TPS, causing traffic congestion, which no longer fits the dynamically changing needs of bitcoin. Moreover, the transaction confirmation may take 1 hour, which undermines the future of the digital payment.
SBC：
- SBC is capable of handling up to 3000 TPS, this meets the explosive growth of demand in Bitcoin transaction, this processing capacity can be further improved as the technology advances.
- With the SBC technology, small amount transfer can be completed within seconds, while larger amount within minutes.
II. Fees
BTC: The transaction fee might be up to dozens or hundreds CNY per transaction. The users usually have no choices.
SBC：The transaction fee can be reduced to under 0.1 cent USD, or less than 1 cent CNY. This fee can be further adjusted through a voting mechanism.
III. Energy Consumption
BTC：The BTC mining requires significant energy consumption, the expensive electricity bill has an adverse impact on the Bitcoin ecosystem. Currently, about 650 000 Bitcoins will be mined every year, this fixed output may lead to high inflation of the BTC.
SBC：
- By adopting the DPoS consensus, SBC can reduce the energy consumption significantly, its main costs consist of CPU/Storage/bandwidth, etc. currently, due to its mature and stable performance, its algorithm has already been verified by many projects. It is also possible to purchase computing power/storage/bandwidth with the PoW mining fees to improve the processing capacity of the system.
- The SBC can reduce the inflation pressure because its output can be adjusted by voting mechanism, only 70 000 SBC will be mined per year, this small production decreases the sale pressure.
IV. Decentralization
BTC：There are about 10 major Bitcoin mining pools with global influence across the world, they claim the vast majority of network hash power.
SBC：From the 101 initial full nodes, the SBC will expand to maximum 1001 nodes, it will be easier for small miners to compete so we have more decentralization.
V. Nodes Security
BTC：
- The main role of mining pool consists of distributing mining tasks among miners. To facilitate the connection of these miners, mining pools IP address are completely open, which is vulnerable and easy to attack.
- Mine machines are after all physical devices, it takes time and energy to transfer.
SBC： - Mining nodes are not open to the public, they can be hidden in multiple ways.
- Nodes transfer is easy and flexible, each mining node can provide backup nodes, if one node is under attack, it can switch to backup nodes within seconds.
VI. Distribution
BTC：Bitcoin holders need fast transaction services with lower fees, and these services must be updated in time when a better solution is available. Miners’ interest is in generating block as fast as possible, requiring high transaction fee (additional fees to speed the transaction), and in selecting favorable solutions for mining.
SBC： - SBC encourages all the network users to vote for the block-producing nodes, for those nodes who don’t comply with users’ interest, they will be forced to withdraw from the network due to lack of support.
- Each participant must improve the processing capacity of the system; hence, the system will become more and more valuable.
VII. Ecosystem
BTC: Most of the rewards go to the Bitcoin miners, while the other participants receive a small share of the benefits: for example, developers can only relegate themselves to some interest group.
SBC：
- Nodes classification
Block-producing nodes: new block production rewards
Public nodes: rewards for nodes
Self-use nodes: for self-use, no rewards - Developers: SBC will use the BM worker system that enables the developers to earn benefits or to get employed in the blockchain industry.
- Other participants: By using the worker system, other participants can also earn rewards through the voting mechanism.
VIII. Others - Smart Contract: SBC will add smart contracts on the basis of the secure underlying layer.
- Atomic cross-chain: SBC will support atomic cross-chain trading between EOS, ONE and SBC.
- Long addresses will be replaced by user-friendly username.