We interviewed exclusively Nick Dooley, promoter of a new fork that will be held in January 2018 on the Bitcoin Core blockchain, which he defines as a “decentralized savings community” for his new Bitcoin Interest project (BCI).
Who is “Nick Dooley”
Nicholas Dooley is a self-taught programmer, blockchain investor, internet marketer, and entrepreneur. Nick founded and sold his software company at the young age of seventeen and used the proceeds to start an international ad agency that generated upwards of 50 million dollars within its first seven years of operation.
Why a new fork?
We are forking Bitcoin to further adopt cryptocurrency into the hands of the average user, we feel that we need to create a new coin that is safe, simple and familiar. Bitcoin Interest brings a familiar financial service to the blockchain by simply allowing users to earn interest payments on their Bitcoin Interest coins (“BCI”). Users can choose to park their BCI coins and earn interest payments on a weekly or monthly cycle. Parking coins has zero risk to the user because they are not required to move their BCI coins outside of their wallets. The user can simply register their BCI address that contains the amount they would like to park to start earning interest payments.
Bitcoin Interest promotes a safer environment for investors looking to diversify themselves in a lower-risk opportunity because users are encouraged to save their holdings, instead of selling them, which in turn stabilizes the market as a whole. Bitcoin Interest is a safe harbor for virtual currency holdings. In the volatile and complex world of cryptocurrency investments, products that mitigate risk are critical.
When will you fork Bitcoin to create Bitcoin Interest?
The fork will happen on January 22nd, 2018 11:59 PM GMT, or at block 505083.
What kind of mining does it have?
We are utilizing the Equihash algorithm to make Bitcoin Interest ASIC-resistance, and our mix of what we call “Enhanced Proof of Work” which allows us to fill the interest pool without taxing miners.
Number of coins – 22,000,000
Pre-Mine of – 1,000,000
Wallet address: Starts with 1 or 3
Block Size – 1MB
SegWit support: Yes
Is it better than Bitcoin Cash and Bitcoin Core?
It is up to the community to see the value in Bitcoin Interest and make this decision for themselves. We are simply creating a coin made for investors looking to park their wealth in a low-risk, low-volatility coin.
Who supports you? Ex-developers of Bitcoin Core, Cash or others?
Our lead developer is Aaron Mathis, the creator of the Soferox blockchain. Aaron is a brilliant developer, and he has taken it upon himself to lead a three-person development team to finish the project as fast and efficiently as possible to meet the deadlines of Bitcoin Interest.
What exchanges will trade the Bitcoin Interest Coin (“BCI”)?
We have partnered with HitBTC, and we are currently negotiating with other exchanges to list a BCI trading pair.
How many nodes have assets or claim to have assets?
No Bitcoin Interest nodes will have assets. They will serve just to strengthen the network and keep the blockchain secure. We have possible plans to integrate master nodes in the future.
The current cryptocurrency market is extremely volatile and makes it hard for users to come to terms with depositing their wealth in cryptocurrency for long periods of time. Bitcoin Interest aims to change that by providing investors with a similar low-risk, the low volatility alternative that pays them interest payments for choosing to park their wealth in Bitcoin Interest coins (“BCI”).
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