A star is born

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Avatar for nghiacc
3 years ago

On November 15th, a new breed of Bitcoin was born. As with previous splits, this time the new chain has a new mission. It aims for unifying network resources to build a lasting and sustainable economy.

Bitcoin system works on incentives. The miners' incentive via PoW has created one of the biggest computing network in the world, securing the chain for people to store and transaction value. It has also created one of the most specialised equipment, the ASICs are much better at producing hashpower than any other hardware ever produced, even from computing giants like Intel, AMD, Apple, Nvidia.

However there was no incentive for the developers at start. It was the right things because the developers were passionate with new technologies, they learned a lot from the founder. But since Satoshi left the team, so with all the passions of the Core team. There was no lead so there were many leads, and the position was up for grasp. The fight exhausted the core team, with many core members left the team, Gavin Andersen, Mike Hearn. That is understandable as they no longer have the passion to work under corporate influence and internal fighting. It eventually led to the famous split in 2017, the core team, under Blockstream sponsorship, won the ticker, aim to become the Digital Gold focusing on SoV, resulted in BCH together with the remaining implementations. Fast forward, and there was another split, resulted in BSV, pursuits its missions for corporate blockchain solutions.

And the history repeated itself, a new chain is born with ambition to address the fundamental issue in Bitcoin, which may potentially complete the incentive models.

The new model aim to address the weak links between Developers - Users and Developers - Miners, so that Security and Utilities are constantly improved for the reliable and lasting SoV, and also the best MoE. It has the advantage to put everything on chain to incentivise Miners to secure the network more. Transacting off chain as current BTC model will discourage the Miners as they are not rewarded for transaction fees. So let's see what benefits from the new model...

Benefits for Miners

Some might thought the new coinbase funding will disincentivise the Miners because they have to share the coinbase reward with Developers. However, the reverse is true.

Due to difficulty adjustments and switch mining, all SHA256 miners will be contributing to #BCH #Coinbase #Funding, whether they mine BCH or not. All miners have similar ratio of profit due. However, only BCH miners have access to 4% #Coinbase fund via Global Network Council.

Originally the Miners position was designed so that they would make key decisions the the network. However, for all the past splits, the contrary is true. Surprisingly the Miners have had too little influence on the network development and consensus. They may signal and do something, but eventually they would mine any chain that has value. They have become just miners, so little voice in the system. Yet, they had to pay for Developers via sponsorship and got the free riders issues that have been under community discussion for years without any resolution.

The brilliant idea from the GNC is now giving Miners the right position they deserved for. By having their voice to decide on the 4% coinbase, they are contributing to the network development collaboratively without worrying on the free riders.

Users' benefits

The coinbase funding brings paramount benefits to the Users. With stable funding and with a team in charge, they will now rest assured their fund are safe for their life time and their next generations. Should they have any issues, they know where to reach out too. The chain is now well maintained, fully supported and aim to provide innovative and cutting edge experience to the Users. They will not be scared in case of any issues with the software, and not worried by some technical nerds shouting at them because of their lack of technical knowledge. They are now looked after by a professional team, paid directly by the Users via Coinbase funding. SoV is not just about Hash. Reliability, maintenance and support play a big part in ensuring the top and lasting security. Would you rather pay the developers for their support and maintenance rather than storing your lifetime saving in a chain that does not pay for its developers, has no vision, no roadmap and no team in charge to solve your issues when you have problems with your fund or your software? You will be lucky to find someone helpful, at worst scam and shouting matches.

They will also not worry about the pump and dump scheme when Developers materilize from market high due to unsustainable funding with a fixed amout of coins in hand, leaving the network unfinished. So what happen if the Developers with coinbase funding still leave the team or doing something malicious to the network? With 8% of coinbase at stake, other Developers will keenly grasp the network to provide better services! So Users fund are safe and looked after again.

And the best part is, with GNC, they will be able to voice their opinions in how the fund will be distributed, without worrying on free riders again. The GNC will also do the job to filter out the noise, scams, beggars and social manipulations.

Developers' benefits

What about Developers? Did you know that cost for software maintenance is often 4x more than its development cost? Developers prefer new tech rather than boring jobs, which require high skills, knowledge and patient, even with much lower pay.

Without sustainable funding, developers, who passionate with the technologies, have risked their living conditions, even their lives, under threat, stress and terms posed under corporate sponsorship or donations.

With stable income, clear vision, well defined roadmap, strong leadership and high coding standards, the developers will work in harmony to #BUIDL an integrated and innovative eco-system, profiting the Users and Miners so that they will continue support the Developers in return. The fund is paid out every 10 minutes, if Users and Miners are not happy, Developers will get less money because of price decline as Users leaving the network.

For the first time ever, Developers can now develop their favourite crypto project with love and passion, and form the three Pillar of the Bitcoin eco-system governed by GNC, a foundation for future growth and adoptions, addressing many fundamental issues in the past.

Will a small but nimble team under strong leadership be able to achieve their dream? With a strong foundation, they might have a shot.

Link to the developers' website:

https://www.bitcoinabc.org/

https://t.me/joinchat/HCYr50mxRWjA2uLqii-psw

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Avatar for nghiacc
3 years ago

Comments

Bitcoin is one of the best things introduced in this world!

$ 0.00
3 years ago

I love BCH..so I saving my money on BCH ..I bought some BCH and hold for long time..

$ 0.00
3 years ago

Am really interested in bitcoin especially in this time where it's price is always going high

$ 0.00
3 years ago

Iam a bitcoin lover . Bitcoin cash has become very popular nowadays . Read cash too

$ 0.00
3 years ago

Oh great, a new baby is born into the bitcoin family, hope it's gonna be a great one just as the other siblings

$ 0.00
3 years ago

wow the journey of bitcoin

$ 0.00
3 years ago

heaeigula jene onek valo laglo ,but sotti bch or btc sob cheye beshi pochondo kori..

$ 0.00
3 years ago

Nice article friend

$ 0.00
3 years ago

Personally Bitcoin cash is very useful for me it's help for my financial situation . Yeah it's a new star Bitcoin cash 😃😃

$ 0.00
3 years ago

I really appreciate this post

$ 0.00
3 years ago

No sé cuántas bifurcaciones vendrán en los próximos años. El mundo estará lleno de monedas, la gente se confundirá al usarlas

$ 0.00
3 years ago

Bueno el mundo ya está lleno de monedas, cualquiera puede hacerse la suya. La pregunta es cuál vale la pena usar? Obviamente siempre habrá mucha gente confundida no es tan fácil entrar en este mundo y eso mantiene a muchos alejados que solo de nombre conocen el Bitcoin

$ 0.00
3 years ago

Don't worry about it....... if you want to live worry free

$ 0.00
3 years ago

wow wonderful i love that crypto and now also helpful for me too know deeply about that.

$ 0.00
3 years ago

It is the first time in a long time ago that I am going to have to be careful

$ 0.00
3 years ago

Nowadays bitcoin cash has become very popular. I love this article . Good luck dear

$ 0.00
3 years ago

Thanks a lot! Good luck to you too! Yes Bitcoin Cash is still very popular, and read.cash is good too.

$ 0.00
3 years ago

Welcome 😊 iam a new user . If you support , i will also support you

$ 0.00
3 years ago

I was a little worried about the future of the world

$ 0.00
3 years ago

Another chain split and BCH doesn't come any closer than before to be what we dreamed 'a peer to peer decentralized electronic cash'. Good luck for BCHA but it has very low support.

$ 0.00
3 years ago

Appreciate your comments. They do have a smaller team, however they are quite focused and have stable funding. Hope there will be more support in the future, the team needs to prove themselves first.

$ 0.00
3 years ago

Godd luck

$ 0.00
3 years ago

Thanks!

$ 0.00
3 years ago

This is very helpful post. Thanks for the post.

$ 0.00
3 years ago

Good luck with that.

$ 0.00
3 years ago

Thanks for your wish!

$ 0.00
3 years ago

I don’t know, how many fork will come in next few years. World will be full of currencies, people will confused to used them.

$ 0.10
3 years ago

Don't worry about it. If you want to live worry free just use the one that works for you and have the services you use. BCH is BCH and read.cash uses BCH just like before :-)

$ 0.00
3 years ago

I see. I believe the GNC will unify all stakeholders so that they collaborate to avoid network split. Multiple implementations do often lead to splits, which is still an issue with BCH/BCHN. Hope they can have other solution to avoid chain split though.

$ 0.00
3 years ago

Hope that they will reduce so much chain split. :/

$ 0.00
3 years ago

That is inherent with multiple node implementation. If chain split is not for use, choose a chain with single node implementation

$ 0.00
3 years ago

Ow I see, but I can assure that, a star of future born, hail to BCH

$ 0.00
3 years ago

Good things with split is that everyone has a new star!

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3 years ago

Interesting article keep it up

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3 years ago

Very informative and we'll detailed. Thanks dear for sharing

$ 0.00
3 years ago