If you’ve been a part of the crypto community for some time, you will probably agree with me that the time we are is indeed an interesting period in the crypto world. The Bitcoin community is in an interesting period once again following Bitcoin ultimatum(BTCU) planned hard fork on the Bitcoin network comes October 27th, which is exactly 9 days from now. A lot of people may be wondering, what this means. A hardfork is coming on the Bitcoin blockchain and the resulting coin that will be born from the hardfork is called Bitcoin ultimatum(BTCU), a cryptocurrency meant to solve all the problems accustomed with Bitcoin blockchain. You might again be wondering, how can this be different from the original Bitcoin. Bitcoin ultimatum will be a newer version of Bitcoin and a new cryptocurrency that is completely split from the original blockchain. There will be no interactions between the original Bitcoin blockchain and the newer version after the hard fork.
What to know about BTC Ultimatum(BTCU)
BTC Ultimatum (BTCU) is an update to the Bitcoin software meant to change the way the Bitcoin's blockchain protocol and the network operates, causing a split in the network. A new coin born from the Bitcoin blockchain to a separate blockchain and network. According to the developer of BTCU, this will inadvertently bring changes to the Bitcoin's mining energy consumption, scalability, and transaction anonymity which makes it more efficient.
It is evident among crypto enthusiasts that the bitcoin network has been struggling to handle the problem of scalability and other issues such as mining centralization and transaction anonymity. This situation has lead to so many forks down the line in a bit to solve the problems. Consequence upon the above comes BTCU.
So what's the difference?
⠀According to the developer of BTCU, the coin is meant to be totally different from the original Bitcoin in many ways.
BTCU comes with an increase in the size of Bitcoin blocks to solve the problem of scalability and handle large amounts of transactions using a high bandwidth. Accordingly, with the use of PoA protocol to validate transactions this will increase the bandwidth of the blockchain to get a speed of 200 tps and a possibility to scale up to 10,000 tps. Currently, the bandwidth of the Bitcoin network is about 3,8 tps.
Interestingly, the BTCU also aimed at solving the issue of mining centralization in the Bitcoin network, making it more transparent by removing expensive and powerful ASICs that has been a bone on Bitcoin. It will also interest you to know that the BTCU newwork offers users anonymity with a feature that enables users to conduct transactions privately within the network. Through this option, users who value privacy can switch between public and private ledgers while making transactions.
Additionally, the BTCU network will also come with smart contract using atomic swap technology on the blockchain. This is to make sure users are secured and protected from scammers.
sales and initial distribution
Upon it launched comes 27th October, an airdrop will be distributed to all users of the Bitcoin network having wallets compatible to the BTCU network in the ratio of 1:1, that is to say, users get BTCU equivalent to the BTC balance on their wallet. Using BTCU required a switch from a branch block to your own address in the BTCU network.
This initial supply and distribution will be conducted via airdrop which is the first event at the start of the fork. Going by this, Coinsbit, a cryptocurrecies exchange in partnership with BTCU launched a token - Coinsbit Bitcoin Ultimatum Token (CBU), and an airdrop campaign to all its users. Each user is to receive CBU tokens in the amount of $500 (5000 CBU tokens) after fulfilling requirements for the airdrop. There are other token give alway in addition to the airdrop for activities such as making a post or a review about the BTCU hardfork coming up on the 27th of October 2020.
To join the airdrop interested person should register on Coinsbit.io website. If you are a new user to Coinsbit you will need to Pass KYC on Coinsbit to verify your account. All the information about the airdrop can be found on the home page of coinsbit.io website.
Note
The Airdrop will last from 10/10/2020 to 30/11/2020, then the distribution of token to your coinsbit account within 2 weeks after the Airdrop.
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Wow thanks.. another hard fork
I tried to sign up but it says my email add is already taken, but when I tried to log in, the credentials don't exist 😅