Created by the developers of (and now partner projects with) BitSend, Bitcore is a state-of-the-art new blockchain platform that claims to possess faster transactions, lower fees, and more scalability than other platforms. In essence, they hope to provide a simple value transfer token that is similar to Bitcoin in most ways except in regards to transaction costs and block size, as well as the mining infrastructure. They provide detailed descriptions of faster transactions due to a more efficient block size and creation time.
The developers were able to achieve all of this by creating effective on-chain scaling protocols that reduce the load to single points throughout the network, increasing the available space and processing power of the network at any given time no matter the load or transactional volume. Bitcore offers a new and improved wallet client as well along with multiple other internal functions that make it easier and more economically feasible to use throughout your daily activities.
What is Bitcore?
Bitcore, created by the developers of the BitSend platform, is a relatively new crypto platform that is aiming to provide a digital currency with more scalability advantages than any other cryptocurrency. Bitcore hopes to be the digital coin in everyone’s pocket that is used for anything ranging from groceries to paying for your insurance. In addition, Bitcore is also offering very lucrative incentives for early supporters of their platform. They are very confident in their product, but they also understand that there is a lot of competition in the space, and that they need to stand out from the crowd.
Bitcore is based on a blockchain that has set world records in the areas of blocktime, transaction fees, and transaction completion. The developers gained a lot of experience while working on the BitSend project, and have now focused their efforts on what they see as a leading crypto technology. They have some big dreams, and their roadmap even points to a planned ATM infrastructure to allow for worldwide access to BTX with a debit card.
The Bitcore Ecosystem
Bitcore is a value-focused cryptocurrency that involves liquid exchange, multiple wallet functionality, and SegWit infrastructure. Its aim is to comprise the main store of digital currency through their ease of access, low transaction fees, as well as their unique mining algorithms. Bitcore is actually born from Bitcoin’s code, making it compatible with bitcoin-based blockchains. This gives Bitcore the ability to participate in helping businesses transact easier, more cheaply, and more efficiently, all while operating on a faster and more lightweight blockchain. With compatibility with many different wallet services, exchanges, and soon to be ATM’s, the ecosystem of Bitcore hopes to drastically simplify how you manage your financial habits.
Blockchain Specs
Bitcore’s blockchain is very similar to that of Bitcoin’s and carries many of the same specs. Bitcore does work on its own, and it is reportedly smaller and faster with the added bonus of lower transaction fees with every block. Put simply, this is another cryptocurrency that you can use to exchange, invest in, or buy goods online and at participating retailers. The blocktime of this currency is two and a half minutes compared to Bitcoin’s is ten minutes, and the maximum block size is 10MB while Bitcoin’s is 1MB. These stats makes Bitcore more efficient and cheaper than Bitcoin, which is Bitcore’s main selling point.
There is nothing inherently new in the way Bitcore works, but the company that created this cryptocurrency is making themselves known through innovative and highly incentivized promotions.
The Bitcore Wallet Service
The key aspect of the Bitcore user experience, its SegWit powered digital wallet service, is a simple but effective digital service for users. Bitcore is running on wallet version 0.15.0.2 and is utilizing SegWit )from the Bitcoin protocol) and also Bloom activated since we launched the coin. Bloom is a decentralized credit score app that uses data and blockchain to provide a more fair and efficient credit report industry. The block size of transaction carried out through the Bitcore wallet are 20MB, smaller than that of Bitcoin.
Hybrid Fork
Bitcore is a new breed of cryptocurrency due to the fact that it was born of a hybrid fork, making it the first of its kind. Many have heard of the term “hard fork”, where a blockchain is forked away from and placed under an updated set of rules, code, guidelines, etc. This is usually done internally within a platform as a result of a hack, governance decision, or major update to the network. A hybrid fork can create a new entity, as it is a fork that maintains some characteristics of the prior chain, rather than completely changing it. Bitcore is a Bitcoin hybrid project, as it forked from the Bitcoin blockchain and maintains a lot of the infrastructure designed by Satoshi Nakamoto. It is simply a hybrid of the unique design pioneered by the BitSend developers to mold the Bitcoin system to be more lightweight and scalable to the masses.
Mining Algorithm
Bitcore uses a unique mining setup called “TimeTravel10”. This mode of mining is ASIC-resistant, meaning it cannot be mined more easily by more powerful computers. Anyone with a simple graphics card can participate in the mining of Bitcore. Bitcore also has a unique difficulty algorithm called Bitcore 64_15, and it is designed to not bog down the network when transaction volume spikes. This algorithm ensures that there is no more than a 15 percent change in difficulty within a 64 block period. This innovative difficulty adjustment approach prevents the block difficulty from jumping when higher hashrates suddenly are required.
Airdrops
One of the unique features of Bitcore is their Airdrop offering. Unlike anything a crypto platform like Bitcore has done before, the team is sending out free BTX to the first supporters of their platform. They are doing this at 1:2 ratio, where the holders of at least 1 BTX will be qualified for weekly airdrops of 1% profits. The airdrops will add a percentage to the quantity of coins you already have and will provide daily returns according to the company. This method is being used to create more users and to help them become active holders of this new cryptocurrency.
Bitcore is not reinventing the wheel, they are simply aiming to improve upon the original first-generation cryptocurrency and bring it to the mainstream faster. The team believes that the future is now, and Bitcoin will not be enabling the decentralized future they envisioned anytime soon due to the various scalability and infrastructure issues they have been facing in recent years. The developers are very talented and have set world records in blockchain performance and have also shown great ingenuity in marketing their product with the free airdrop implementation.
By directly dropping BTX into users’ digital wallets around the world, this currency can quickly gain adoption and convince more and more businesses worldwide to accept their currency. If Bitcore’s scalability claims are true, they have a very real chance of becoming a leader in pushing digital currency utilization into the mainstream.
