After Bitcoin Gold, Bitcoin Diamond and Super Bitcoin, another forked-coin Lightning Bitcoin is coming on the way. Initiated by a European team, Lightning, the project will become the first forked-coin that adopts the DPOS consensus mechanism.
Also Read: How to Calculate Bitcoin Transaction Fees When You’re in a Hurry
Fork at Block 499,999
The new project Lightning Bitcoin (LBTC) will fork at block 499,999 on or around December 23, 2017. Why lightning? The team aims to make Bitcoin transfers as fast as lightning, or at a maximum of 24 million transactions a day. How can that happen? The answer is the DPOS mechanism, according to the project’s proponents.
The POW mechanism has long been discussed as the cause of mining centralization and network congestion. Daniel Larimer, author of Delegated Proof-of-Stake Whitepaper explained that miner tycoons control block time to maximize their interests, which will ultimately along with all POW systems be controlled by the fiat system. As such, the Lightning team employs DPOS mechanism that gives voting rights to token holders to avoid control of the system by any party. According to its official website,
The DPOS consensus will significantly reduce the number of participating verification nodes and help LBTC reach consensus in seconds and boost the transaction speed to really be as FAST as lightning.
Who is Behind the Project?
The project hasn’t revealed its development team today, except for the Chinese community leader “Jack Zhang”. But on its website we can see that they already got support from exchanges BTCC, gate.io and Coldlar wallet.
The Initial Fork Offerings Craze
Since Bitcoin Cash came out, Initial Fork Offerings have become a trendy way for new blockchain projects to receive funding. Now we have witnessed the success of Bitcoin Gold(BTG) and Bitcoin Diamond(BCD). Despite concerns about its security problems, BTG ranks in the top 5 for market cap. And the newcomer BCD has been listed at over 30 exchanges worldwide. With these successful examples, there will be more projects bearing the name of Bitcoin to save listing and advertising fees.
Will the Initial Coin and Fork Offerings evolve to Infinite Offerings? How will it impact Bitcoin? Leave your thoughts on the comments section below.
Images courtesy via Shutterstock and Lightning Bitcoin
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