BTCU blockchain enables smart contracts to facilitate decentralized applications and all crypto transactions across a peer-to-peer network.
Headed by Nikolai Udianskyi, the software developers team of Coinsbit crypto exchange will work on introducing a new Bitcoin fork, identified as “Bitcoin Ultimatum (BTCU)”.
The crypto developers team assumes a critical mission of building the BTCU consensus network and developing new innovative technologies, that aim to fix the major challenges facing the cryptocurrency users.
Embedded on Ethereum-Based Smart Contracts
The way BTCU works is the same as the principles behind the functionality of Ethereum, the second main crypto by capitalization. Similar to Ethereum, BTCU blockchain enables smart contracts to facilitate decentralized applications and all crypto transactions across a peer-to-peer network. The crypto developers team is working on building the codes of smart contracts and deploying atomic swaps to enable transactions conducted not just in a single blockchain consensus protocol framework, but also to allow interaction with other external components and protocols.
Just like the way Ethereum works, the BTCU consensus protocol will operate on the LPoS (leasing proof-of-stake) consensus algorithm mixed with PoA (proof-of-authority). The validators, distributors, and regulators in the BTCU consensus network will be crypto firms, blockchain firms, and crypto consultants that will have the power of controlling over the network master nodes.
The crypto developers’ team said that such a decision was reached to offload the consensus protocol network and also to avoid traditional, highly energy-intensive mine-consuming systems.
The BTCU developers team stated:
“Crypto users have become more learned daily, transforming their perspective in preference towards encouraging the environmental preservation and making use of more environmentally-friendly mining protocols.”
This is the reason the BTCU consensus protocol network will operate on the LPoS algorithm mixed with PoA, whereby the use of LPoS (leasing proof-of-stake) is meant for mining activities by users while the use of PoA is designed for transaction validations. With the BTCU fork, airdrops can be conducted, therefore allowing crypto users to get BTCU coins in a ratio of 1:1 to the balance at the time of the hard fork. All crypto users will be able to access the BTCU coins on the BTCU network, the same way they can access the BTC blockchain network. A user can access the BTCU coins by entering his address in the BTCU network.
The BTCU consensus network requires 20 crypto validators to enable the initiation of the BTCU cryptocurrency transactions. To ensure decentralization, 50% of the crypto validators would be selected by the crypto team while the 10 largest crypto holders will determine the other 50%. The PoA consensus algorithm will enable validators to transact the process having the ability not only to change, but also selected by crypto holders, but their number is subject to remain unchanged.
The PoA consensus network will enable validators to reach bandwidth at a high level of transaction throughput rate of 200 transactions per second, with scaling capacity running up to 10,000tps. The BTCU consensus network will ensure secure transactions by using smart contracts, which would save crypto users from extra work of looking for other ways or middlemen to protect themselves from online scams.
Anonymity is one of the most significant aspects of any kind of blockchain network, particularly in the issue of transactions. Therefore, the BTCU developers’ team introduced the ability to perform private transactions within the BTCU network, thus keeping BTCU crypto users anonymous while making cryptocurrency transactions.
Moreover, the BTCU developers’ team intends to introduce a decentralized crypto multicurrency wallet that will enable the transferring of BTCU coin and other cryptos by smartphones. The developers’ team will also release a desktop version or window PC for this mobile wallet.
Striving to Be the Center Stage of Crypto and Blockchain
The BTCU developers’ team seeks to continuously build innovative solutions for crypto users and intends to enhance and advance its cryptocurrency product. This remains vital because as time evolves, crypto competitors, scammers, and blockchain innovative technologies continue advancing. The BTCU consensus network project, therefore, strives to keenly follow industry news and developments and to become more effective and efficient annually to remain competent and relevant in the industry.
Nikolai Udiansky, a famous blockchain and crypto entrepreneur, is the head of the Coinsbit crypto exchange in charge of overseeing the BTCU project. Coinsbit crypto exchange recently won a blockchain award of the best project of the year 2019 in Singapore and hence climbed to be among the leading 10 biggest blockchain firms in Asia.
Nicholas is a tech journalist.