What is BitcoinPoS (BPS)?
BitcoinPoS is a revolutionary peer-to-peer payment network that is driven entirely by its users, with no central authority or intermediaries. BitcoinPoS combines Bitcoin with proof-of-stake consensus, one of cryptocurrency's crucial technological breakthroughs. BitcoinPoS is not a fork of the Bitcoin Network. It is a decentralized cryptocurrency that is flexible, quick, and permissionless, with no need for third-party providers or a central authority.
As per the whitepaper, BitcoinPoS seeks to address Bitcoin's centralization issues by swapping the Bitcoin proof-of-work method with a Bitcoin proof-of-stake algorithm. BitcoinPoS is less reliant on electricity and has lower entry barriers in hardware. Moreover, it is more available and readily decentralized. The platform is considered eco-friendly due to its mild electricity utilization. It is more immune to 51% attacks due to its decentralized-by-design architecture. Bitcoin PoS decreases energy usage by 99% by adopting the POS algorithm. The platform aims to introduce the Mutualized proof-of-stake (MPoS) consensus function to further prevent an attacker from disrupting the Bitcoin PoS network. For hostile actors, MPoS presents an unreasonably high cost barrier.
Proof of stake protocols are simple and do not impose enormous technical expectations on stakers. Thus Bitcoin PoS reduces the need for a mining setup. A primary purpose of Bitcoin PoS architecture is to reduce the pressure on network participants. Public and private-key signatures are used in Bitcoin PoS transactions. After a public key is validated, the sender signs a private key. Bitcoin PoS transactions are considered safe because of double-spending attacks while maintaining the fundamental Bitcoin transaction infrastructure.
BPS is the native token of the Bitcoin PoS network. Token holders receive rewards according to their stake size. Bitcoin PoS collects transaction fees and utilizes the funds to compensate stakers for securing and verifying the network.
The Bitcoin Proof-of-Stake team is dedicated to improving blockchain technology, starting with making Bitcoin green. BitcoinPoS strives to be a world-class financial asset offered on the Bitcoin market.
History of BitcoinPoS (BPS)
The total supply of BPS tokens is 21 million coins.
