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Looking back the development of Bitcoin in the past 9 years, there have been problems such as privacy protection, slow transaction speed and high transfer fees due to increased users and network effects. The scalability debate in recent years has greatly slowed the development of the Bitcoin community.
Though a number of Bitcoin forks claim to be addressing some of the problems, most focus on one single problem. By diving into Satoshi Nakamoto’s white paper and reflecting on the existing ecosystem with the envision of the blockchain ecosystem in the future, we put forward Bitcoin Parallel, a concept of virtual currency ecological chain in parallel blockchains.
Bitcoin Parallel, or BCP for short, a brand new public chain rather than a fork, is the next generation of decentralized global parallel blockchain ecosystem with a total supply of 21 million. With the six major characteristics of blockchain: shared ledger, consensus mechanisms, traceability, tamper-proof, immutability of completed transactions and smart contracts, BCP completely inherits the idea of Satoshi Nakamoto, but adopts a more optimized algorithm for PoW (Proof-of-Work). With the same 21 million circulation limit and the same 4-year reward halving mining schedule with BTC, BCP raises the block generation speed from 10 minutes to 2 and half minutes. It also plans to utilize an optimized CryptoNight algorithm that will revolutionize the current crypto system. Instead of having large mining pools of over 51% GPU hash power threatening BTC, there will be a BCP society and opportunities will be given back to the global P2P individuals with CPU. As the main chain, BCP undertakes the asset routing function of the entire ecosystem.
Bitcoin Parallel Clearing, or BCPC for short, with a total amount of 46.6 billion coins, is temporarily running on Ethereum’s public chain (ERC20 Tokens). In the next phase, we plan to implement a completely new public side chain of POI + voting rights + leasing mechanisms + IMO mining nodes with smart contracts and to achieve the compatible mining (mining of two coins using one machine) of main chain BCP and side chain BCPC. The block generation time of a BCPC block will be 3 seconds, which can support a transaction speed of 3,000 transactions per second enabled by high scalability. In the entire BCP system, it plays an important role as a media of circulation. With its strong support for fast transaction capabilities and the use of the main chain currency (BCP), BCPC will be able to achieve rapid micropayments. In the future, BCPC will work with the BCP main chain to achieve the interconnection of transaction records and statistical data and provides transaction trails for the financial industry in the real world. Users can experience a smooth exchange of virtual currencies and mainstream fiat money through BCPC.
Side chain technology is characterized with independence and flexibility. Since the data on the side chain is independent, the transactions will not cause data explosion and become a burden to the main chain. In that sense, it is actually a natural sharding mechanism which is able to support more transactions and address the requirements to build the ecosystem. All blockchain parameters such as block intervals, block rewards and flows of transaction fees can be customized to expand the application scope and innovation dimension of blockchain technology. In this way, the blockchain technology can create various smart contracts easily and achieve the goals of cryptocurrency financial ecology in a better and integrated way. As BCP develops, a series of value services will be provided in the future.
To ensure the stability of the BCP system and facilitate the BCP ecosystem, the Bitcoin Parallel Foundation is estimated to deliver energy coins BCP and BCPC at 507,000 block height to Bitcoin holders. But you’ll need to claim your energy coins on our website by yourself. It’s estimated to start at Feb. 4th 14:00 GMT 2018 and the specific time is up to the block network. BCP will be delivered at the rate of 1 BCP to 1 BTC and BCPC of 1,000 BCPC to 1 BTC. The Bitcoin Parallel Foundation reserves the right of final decision on the interpretation of the things mentioned above.
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Author: Bitcoin.com PR