What Is BitCore (BTX)?
BitCore (BTX) is a cryptocurrency that is a UTXO fork of Bitcoin (BTC). The BitCore ecosystem being a hybrid fork of Bitcoin, wants to improve and resolve existing problems of the Bitcoin blockchain. UTXO refers to an amount of unspent digital currency left after making a cryptocurrency transaction. The BitCore platform aims to leverage the cutting-edge source code and technology of Bitcoin to create a new blockchain with shorter block times and higher scalability.
BitCore utilizes a proof-of-work (PoW) consensus mechanism while employing all the BIPs (Bitcoin Improvement Proposals) for a future-proof Bitcoin version. The BitCore project offers decentralization and user-empowerment components such as the following: The website states BitCore uses a MEGA-BTX consensus algorithm, an ASIC (application-specific integrated circuit) resistant algorithm. This algorithm boosts community participation while standing against centralization effects in mining. The Bloom filter application of BitCore allows for a reduced storage size to run a full blockchain node. Bloom filters are known to speed up synchronization of SPV (simplified Payment Verification) or light wallets for empowering new user participation for BitCore. BitCore has deployed SegWit to help make its blockchain faster than Bitcoin. The website states that the platform has 10 MB SegWit-based blocks to enable the network to handle 48 million transactions per day.
BTX is the native token of the BitCore network and has 16.2 million BTXs pre-mined by the platform. The platform token is distributed in the following ways:
One-to-One Claiming: In the first phase of BitCore, the project allowed Bitcoin to exchange to BitCore at a 1:1 ratio. This way, BitCore was able to distribute 590,000 BTXs.
Hybrid Fork: If BitCore addresses whose corresponding addresses on Bitcoin hold 0.01 BTC, then the platform fills them with 50% in BTX. The funding ratio is 0.5 BTX to 1.0 BTC. This way, BitCore distributed about 8 million BTXs from 16.2 million.
Airdrop: 90% of the remaining BTXs are distributed to the community via airdrops. 10% is saved for the future development of BitCore.
History of BitCore (BTX)
According to the website, Chris and Jon are the founders of BitCore and launched the platform on April 24, 2017. BitCore held the one-to-one claiming event with Bitcoin from April 2017 to November 2, 2017.
The BTX token has a maximum supply of 21 million tokens.
