It was Originally a hybrid fork of Bitcoin, and so Bitcore features a proof-of- work consensus mechanism, just like Bitcoin.
It also only has 21 milllion coins in it’s offering.
It didn’t have an ICO.
Not having an ICo could be construed as ‘unique’ in the day and age of ‘easy money’ of ICO’s, but perhaps this was a prudent move. ICO’s have lost their appeal to many people, as ICOs lead to an influx of wealthy private investors who “buy” their way into disproportionate power and influence into certain coins or over crypto communities.
Bitcore prefered to try to even out the coin availability over a wider and perhaps more ‘loyal’ fanbase with airdrops and sales.
This seems to have worked out well in their favour, and they certainly haven’t been seen as a ‘get rich quick and leave’ scam like a lot of other ICO offerings have been.
Bitcore, is fully compatible to the Lightning Network. Which means instant payments, as well as increased scalability as a side effect of instant payments, and lower costs, making this solution attractive for micropayments as well.
Which is a bonus, because that allows for cross-chain atomic swaps off-chain with heterogeneous blockchain consensus.
Other good things about Bitcore worth noting is that Bitcore’s low fees of around $0.003 USD per transaction makes it an attractive offer for payment systems around the world.
Bitcore sees itself as the “original community-driven, peer-to-peer digital payment solution” hoping to offer the world a reliable, cheap payment solution that is easy to use and accessible worldwide.
The whitepaper is freely available and worth reading if the information you have read so far interests you, You acan find the white paper here:
Official Bitcore Whitepaper Released - Read it here: https://bitcore.cc/white-paper/
But, for a very quick synopsis from the white paper, read below:
For a quick overview, the key technical specifications of Bitcore are summarized below:
Name Bitcore Ticker BTX
• Launched April 24, 2017
• Max supply of 21 million coins
• Blocksize 10MB (20MB SegWit)
• 2.5 min average blocktime
• Current blockchain size approximately 950 MB
• Timetravel10 (GPU) mining algorithm
• SegWit and Bloom online
• Smooth diff64_15 difficulty retargeting algorithm
• Fair distribution: BTC claiming and airdrops
• 21 million. This number was chosen deliberately to match the total supply of coins on the Bitcoin protocol
• Bitcore uses a proof-of-work algorithm just like Bitcoin’s
For further information or to find some of the team working on Bitcore ( it’s and opensource project so not all the people will be listed), look to this website - https://bitcore.cc/
If you’d like to promote Bitcore , here’s a retweet for you to post:
Retweet:
https://twitter.com/Bitcore_BTX/status/1020398891454337025
- Bitcore_BTX
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