Bitcoin Forks December 2017 – January 2018


Super Bitcoin (SBTC)

Super bitcoin is an improvement to bitcoin and is scheduled to launch on December 17 (block 498 888). SBTC will have a total supply of 21 210 000, of which 210 000 will be pre-mined. The 210 000 pre-mined tokens will be managed by the SBTC Foundation and are mainly used to encourage early developers, invest in the super bitcoin ecosystem and ensure the operation. The original bitcoin holders will be compensated with one SBTC for every BTC held.

SBTC will include the following elements:

  • Introduction of Smart Contracts, similar to the way the Ethereum cryptocurrency is using on its blockchain
  • Lightening Network
  • Zero-knowledge proofs to maintain complete anonymity. The Z-Cash crypto currency also has this principle
  • Larger blocks than currently planned in the Bitcoin community (max. 8Mb)

All these features will be launched within a year. For example, smart contracts will be added by March 2018, while zero knowledge proofs will be added by May.

I suppose the main goal is to improve Bitcoin. The development team believes Bitcoin has lost a tremendous share of the cryptocurrency market given aggressive competition. The bitcoin community has therefore gathered a group of enthusiasts and developers who share the goal to revitalize the bitcoin dominance.

Lightening Network will allow making transactions more quickly and with low-cost, increasing the number of transactions per second. Smart contracts will make SBTC an ideal platform for decentralized apps, while bitcoin does not have decentralized apps. However, it remains to be seen if the development team can accomplish these ambitious goals (the project still has no whitepaper).

Bitcoin Platinum (BTP)

Bitcoin Platinum is a hardforked coin from Bitcoin with no premine and was launched on December 12 (block 498 533). BTP has a total supply of 21 mln. The original bitcoin holders will be compensated with one BTP for every BTC held. At the predetermined block height, Bitcoin Platinum miners will begin creating blocks with a new proof-of-work algorithm Equihash, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result, a new cryptocurrency will be born.

BTP will include the following elements:

  • Equihash as mining algorithm
  • Expanded block size to 2Mb
  • Block time will be reduced to 2.5 minute
  • Replay protection

I believe the main goal of BTP is to make mining more decentralized. Now the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole. By changing algorithm to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Platinum blockchain.

Bitcoin Platinum will provide an opportunity for new people to participate in the mining process with widely-available consumer hardware. Special computer hardware designed for BTC mining (ASIC) is obsolete for mining BTP, giving ordinary users a chance to mine with ubiquitous GPUs. A hard fork of Bitcoin is the most fair and efficient method of creating and distributing a new digital asset. Coins that are created from a new genesis block always have ownership concentrated among a smaller group of people. In order to ensure the safety of the Bitcoin ecosystem, Bitcoin Platinum has implemented full replay protection, an essential feature that protects users coins from being spent accidentally.

Comparison table:

Bitcoin Cash Plus (BCP)

Bitcoin Cash Plus is a hardforked coin from Bitcoin with no premine and is scheduled to launch on January 2, 2018 (block 501 407). The original bitcoin holders will be compensated with one BCP for every BTC held. Bitcoin Cash Plus transactions use a new signature hashing algorithm. These signatures are not valid on the Bitcoin Legacy network. This prevents Bitcoin Cash Plus transactions from being replayed on the Bitcoin blockchain and vice versa.

Bitcoin Cash Plus is identical to Bitcoin Cash in every way but one: the developers plan to use the Equihash algorithm to take power away from the hands of centralized mining corporations. This is the same algorithm used by Bitcoin Gold.

Thus, BCP will include the following elements:

  • Equihash as mining algorithm
  • Expanded block size to 8Mb
  • Replay protection

I believe the main goals of BTP is to improve Bitcoin, making mining more decentralized, reducing transaction cost and accelerating transaction time. The only real difference between Bitcoin Cash Plus and Bitcoin Cash is the use of the Equihash algorithm, which is the same one introduced by Bitcoin Gold in an effort to take power away from huge centralized mining corporations.

As Bitcoin Platinum, Bitcoin Cash Plus will provide an opportunity for new people to participate in the mining process with widely-available consumer hardware. Moreover, merchants and users are empowered with low fees and reliable confirmations.

Bitcoin Silver (BTCS)

I would express my uncertainty about this Bitcoin fork, considering them a scam due to (1) dead site (2) undisclosed block number and (3) lack of whitepaper.
Analyzing bitcointalk.org, the mechanics, reasons and implication are mostly the same as Bitcoin Platinum, except Block Interval, which would be reduced to 30 seconds.

Bitcoin Uranium (BUM)

I also believe that BUM is a scam due to (1) dead site (2) undisclosed block number and (3) lack of whitepaper.
Nevertheless, according to bitcointalk.org, Block rewards will be halved every 450 days with a max supply at 21 million BUM, Block Interval would be 1 minute. BUM would be launched on December 31, but I believe it will not happen.


Comments 1