What Is Bitcoin Vault (BTCV)?
Bitcoin Vault (BTCV) is a decentralized cryptocurrency that allows users to reverse a transaction on the blockchain. Such a feature seeks to secure the users' funds and solve the problems of cryptocurrency theft, hacks, frauds, errors or bugs, etc. Bitcoin Vault (BTCV) is a hard fork of Bitcoin Royale. A hard fork means an upgrade in the previous protocol where users must use the updated version. Here, the hard fork uses a private key along with two other keys ensuring security while making transactions. Therefore, the platform aims to use three key security solutions to eliminate threats and reverse the transactions. Standard transaction key seeks to look after the initiation of transactions and recover a wallet in case of theft. Users can cancel the transaction within 24 hours with the cancel transaction key. Besides, a fast transaction key aims to make it possible for users to perform a fast and secure transfer of BTCV. The cryptography keeps these keys secured on the blockchain.
Bitcoin Vault relies on the proof-of-work (PoW) mechanism. Further, with such development in the hard fork, the platform aims to enhance the safety features for the users' convenience and eliminate the upcoming challenges in the cryptocurrency world.
According to the whitepaper, the Bitcoin Vault ecosystem gives users access to three apps created to store and manage BTCV that provide transparency, higher security, and freedom. The gold wallet allows users to send, receive, and hold BTCV. The users can also perform secure and fast transactions and even cancel them. Users can generate public and private keys to carry out a protected transaction with a key generator. The users can store the keys offline for utmost safety. Electrum Vault is an open-source wallet for desktops that perform the same functions as the gold wallet.
BTCV is the native currency of Bitcoin Vault. The users receive BTCV as rewards through the ecosystem. The platform wants to make sure that community members receive rewards for the sustainable development of the platform. The time for higher block rewards has extended to 46 months.
By 2022, the platform plans to fully integrate the ecosystem into DeFi and develop decentralized apps (DApps).
History of Bitcoin Vault (BTCV)
Eyal Avramovich, CEO of Minebest, a leading operator of crypto mining, founded Bitcoin Vault and launched it in Q4, 2019.
The maximum total supply of Bitcoin Vault is 21 million BTCV coins.