On October 24th Bitcoin Talk announced Bitcoin Silver, the alleged new Bitcoin fork for December.
What is Bitcoin Silver?
Bitcoin Silver is a fork of the Bitcoin blockchain that will occur in December. At the predetermined block height, Bitcoin Silver miners will begin creating blocks with a new proof-of-work algorithm, 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 of this process, a new cryptocurrency will be born (BTSI).
What is the purpose of Bitcoin Silver?
The purpose of Bitcoin Silver is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in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 Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Silver blockchain. Thus, Bitcoin Silver will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision.
How can I get Bitcoin Silver?
The Bitcoin Silver (BTSI) initial coin distribution method is exactly the same as that used by Bitcoin Cash (BCH). All Bitcoin holders who possess BTC private keys in December (block still to be decided) will receive Bitcoin Silver on the rate of 1 BTC = 1 BTSI (If you have 20 BTC you will receive 20 BTSI). You need to control BTC private keys in order to make Bitcoin Silver transactions.
Features of Bitcoin Silver:
Bitcoin Silver implements a new PoW algorithm, Equihash, that makes mining decentralized again. Special computer hardware designed for BTC mining (ASICs) is obsolete for mining BTG, giving ordinary users a chance to mine with ubiquitous GPUs.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 Silver has implemented full replay protection, an essential feature that protects users coins from being spent accidentally.
Bitcoin Silver is a free open source software project that is built by volunteer developers and supported by a rapidly growing community of Bitcoin enthusiasts that stretches across the globe.
Supply : 21 Million
PoW algorithm : Equihash
Mining Hardware : GPU
Block Interval : 30 sec
Block size (actual) : 1M (2-4M)
Difficulty adjustment : Every block
Segwit : Yes
Replay protection : Yes
Unique address format : Yes
Bitcoin Silver is already trading on the Coincodex market, as BTCS (not as BTSI), without having been born yet, without a website, wallet, public repository or equipment yet published. We will follow the track to see how this new fork unfolds.
The difficult thing is not to learn, the difficult thing is to know how to teach.
Editor and coordinator of the free book “La era de las BLOCK punto COM”
CEO of bitcoiner.today