Bit Payment (BTP) is a super credit operator project jointly initiated by two teams focusing on Bitcoin payment: Bitcoin Pay and Bitcoin Flyer. In the joint credit of digital currency, a powerful cross-chain smart contract is established to serve the entire blockchain network, aiming to widely apply blockchain technology and serve the society.
BitPay UTC+1 time December 16, 2017 at the bitcoin block height of 499,345 to execute a fork, to match bitcoin assets with 1 bitcoin = 10 bit payment, complete data migration, the total amount is 210,000,000, continue the bit The coin's POW algorithm adopts the GPU mining mode (no pre-mining), and expands to a large block of 8M; supports isolated verification, lightning network, zero-knowledge proof, strengthens privacy protection, and uses two-way replay protection at the same time.

Tracing back to the source

The concept of Bitcoin was first proposed by Satoshi Nakamoto in 2009. According to Satoshi Nakamoto's ideas, the design and release of open source software and the P2P network built on it. Bitcoin is a P2P form of digital currency.
According to the saying that one day in the currency circle is one year in the world, the originator of Bitcoin is more than 3,000 years old. After such a "long" time, the current market value has exceeded 100 billion US dollars. Bitcoin has created a new world and created a new myth!
And this year, the old originator is also busy like never before, busy with soaring and forking.

Reason for project fork

With the sharp rise in value, the original block setting will cause a slow and congested situation. The reason why Bitcoin will fork is because the Bitcoin community advocates "Bitcoin expansion" Inconsistent. Some people proposed to increase the maximum value of this field. For example, BitcoinClassic software will adjust the maximum value of this field to 2M, and there are plans to take the median of the previous 2016 block sizes and multiply it by an agreed multiple. Determines the upper limit on the size of the next batch of blocks.
Because different concepts have spawned N kinds of expansion schemes, the inability to unify the various schemes will lead to forks.
Forks are also divided into hard forks and soft forks.
A hard fork is a relaxation of protocol rules. After the new rules are deployed, if there are nodes that have not been upgraded, the nodes that have not upgraded the block for the new rules will consider it illegal. At this time, the old node will give up following the chain containing illegal rules, even if it is the longest chain. In this case, the non-upgraded nodes will actively split out. Then everyone continues the chain they think is correct, so they are divided into two chains.
A soft fork is a tightening of protocol rules. In this way, after the new rules are deployed, the new rules are a subset of the old rules, and nodes that have not been upgraded will not consider the blocks of the new rules to be illegal. So simply think, nodes that do not upgrade in soft forks will not actively split out, and still follow the longest chain rule.

Fork statement

1. No premine.
2. In order to consider the distribution of Bitcoin holders to be fair, there is no kidnapping of other currencies for distribution, and it is only distributed to BTC holders.
3. The team said that it will be launched on more than a dozen well-known trading platforms around the world.

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*The above content is organized by YouToCoin official. If reprinted, please indicate the source.