Bitcore (BTX) is a Cryptocurrency project that arose from the recent Blockchain Unlimited vs. SegWit debate, and it offers a combination of both sides´ ideas by implementing what they have come to call a “Hybrid fork” of the original Bitcoin. The primary goal is to offer super-fast transactions and massive scaling capabilities.
Another one of Bitcore´s main objectives is reaching true centralization. To achieve this, the platform uses a Proof-of-Work algorithm called TimeTravel10 that is resistant to mining by using ASICs and can instead be mined by using graphics cards.
Bitcore also employs a custom difficulty algorithm called Diff64_15 that limits difficulty changes to no more than 15% within any 64 block period. There are several wallets compatible with Bitcore and various pool options for mining BTX.
Bitcore supports Segregated Witness (SegWit) and Bloom by default and offers a maximum 20 MB Block size (10 MB + 10 MB SegWit) which means the network could have the capacity to process up to 17.6 Billion transactions per year. Transaction times are designed to be fast and are expected to be in the few seconds range. The platform is developed by the Bitsend team which has been active on the Bitcore project since around April 2017.
The project has some of the same specifications as the BTC platform as the same maximum number of coins: 21 million, with around 16 million already in circulation as of December 2017. Block times are about two and a half minutes.
The Bitcore Blockchain
The platform is supported on its own Blockchain called the Bitcore Blockchain which is designed to be very light, less than 200 MB in size as of the end of 2017. Bitcore also supports several other features like Lightning Network, Private Transactions, Schnorr Signatures and more.
Bitcore did not hold an ICO but instead started with a pre-mine. People who owned at least 0.01 BTC or more in their wallets in time for the BTX genesis snapshot of the original Bitcoin Blockchain (Block 463619; minted on 2017-04-26 at 17:10:01) could claim their BTX through the project’s website (Bitcore.cc). Users would then obtain 0.5 BTX for every BTC held at the moment of the snapshot.
BTX can also be obtained via “Airdrops” where the system rewards users weekly for keeping a certain amount of BTX in their wallets with the intention of stimulating the user base. The Bitcore team proved the high throughput capacity of their network by completing the pre-mine coin distribution to every participating address from the Bitcoin platform in just a few days.
For the future, the Bitsend team is working on two wallet options for BTX: An Electrum-based wallet and Integration into the Coinomi multi-signature wallet.
Given its massive scaling capabilities and very fast transaction times, Bitcore has every feature it needs to become one of the strongest competitors in the Cryptocurrency market of the future.