New Official Website: https://bitcoinscrypt.io
- Decentralize Transaction Mining
- Decentralize Development
- Roadmap Timelines
- Marketing Plans
- Frequently Asked Questions (FAQ)
After years of lacking a fulltime developer for the Bitcoin-sCrypt altcoin (BTCS), we are pleased to announce the addition of a fulltime development team to take over Bitcoin-sCrypt development.[i]
Bitcoin-sCrypt was released in 2013 and blocks have been mined continuously ever since (even though Bitcoin-sCrypt has not had a full time developer since 2015).
Now we have a full time development team on-board, we have updated the wallet client and added new functionality to make Bitcoin-sCrypt transactions faster and transaction fees lower than Bitcoin-core. The development team is also adding new features to make Bitcoin-sCrypt mining and development more decentralized than Bitcoin-core. Finally, we are putting together a marketing team for our upcoming social media marketing campaign.
Accordingly, welcome to the revival of Bitcoin-sCrypt!
Our mission is to fulfill Bitcoin-sCrypt’s original goals of decentralizing development and mining to return power back to the hands of the community.
Specifically, we will decentralize Bitcoin-sCrypt mining by moving from a pure Proof-of-Work consensus algorithm (that favors ASIC miner centralization), to a hybrid Proof-of-Stake consensus algorithm (that empowers coin holders and reduces energy usage).
Further, we plan to decentralize Bitcoin-sCrypt coin development by adding CryptoVoter blockchain voting functionality directly to the wallet client to allow for blockchain voting on development issues so that the community can vote on the direction of the coin.
A more detailed explanation follows…
Decentralizing Transaction Mining through a Hybrid Proof-of-Stake Consensus Algorithm
In response to the centralization of mining by Scrypt-ASIC’s, we will be moving from the current pure Proof-of-Work consensus algorithm to a hybrid algorithm that incorporates both Proof-of-Work and Proof-of-Stake to empower coin holders in the block verification process.
The annual POS rate will be 15% with a coin maturity of 6 hours.
This move will have the added benefit of reducing energy consumption because of a reduced reliance on the energy-intensive Proof-of-Work mining algorithm.
Decentralizing Development through Blockchain Voting
Based on the CryptoVoter White Paper published by Smokeasy,[ii] we will add blockchain voting functionality (e.g., CryptoVoter blockchain voting protocol) directly to the Bitcoin-sCrypt wallet client, which will allow users to vote on features and issues from within the Bitcoin-sCrypt wallet client itself…instead of having developers unilaterally decide development issues. Our community is priority.
CryptoVoter was initially featured in techcrunch magazine[iii] as a solution to Bitcoin-core’s blocksize debate by allowing coin holders to use coins to vote (without trusted-third-parties) on whether to increase the maximum blocksize.
So how does it work? It’s simple…
CrytpoVoter’s decentralized blockchain voting system leverages vanity addresses to enable coin holders to vote without trusted-third-parties. It works by creating vanity addresses in the user’s wallet that represent voting choices so that the user can send coins to themselves to publicly register a vote. After voting, votes can be counted by anyone using a blockchain-explorer. CryptoVoter voting is completely transparent and does not allow double-voting (e.g., double-spending).
But wait…there’s more.
In addition, we are developing a protocol that would allow users to propose vote questions from within the client itself, with the vote questions written directly to the blockchain so that the voting questions can later be retrieved uncensored by anyone running the Bitcoin-sCrypt wallet client.
Furthermore, to allow for decentralized vote counting, we will also be adding blockchain-explorer functionality to within the Bitcoin-sCrypt wallet client directly so users can also count votes from within the wallet client without the necessity of central servers.
This decentralized, end-to-end, blockchain voting solution will give the community an uncensored voting platform to propose and decide whether to add new features or functions to the blockchain.
A new white paper fully describing this end-to-end blockchain voting system will be released later this year.
Q3 2017: Bitcoin-sCrypt community announces request for a full time development team to take over and revive Bitcoin-sCrypt
Dec 2017: New development team added to Bitcoin-sCrypt
Dec 13 2017: First Announcement of the Bitcoin-sCrypt Revival
Jan 15 2018: Pre-release of updated Bitcoin-sCrypt wallet client with new features (e.g., added check/repair/zap wallet; added coin control; and updated logo, splash and icon). [Bitcoin-sCrypt v.1.5.0]
Jan 22 2018: Official Release of updated wallet client with new mining algorithm (e.g., added Kimoto Gravity Well). THIS UPDATE WILL BE A HARD-FORK REQUIRING A MANDATORY UPDATE. [Bitcoin-sCrypt v.1.6.0]
Feb 19 2018: Kimoto Gravity Well Hard-fork goes into effect. All clients must update to Bitcoin-sCrypt v.1.6.0.
Q2 2018: Migration to hybrid Proof-of-Stake consensus algorithm. THIS UPDATE WILL BE A HARD-FORK REQUIRING A MANDATORY UPDATE. [Bitcoin-sCrypt v.2.0]
Q3 2018: Release of blockchain voting White Paper fully describing our end-to-end decentralized blockchain voting protocol.
Q4 2018: Addition of CryptoVoter blockchain voting protocol directly to Bitcoin-sCrypt wallet client.
To increase awareness of the revival of the Bitcoin-sCrypt altcoin we are will be pursuing the following marketing plan:
- Redesign of Bitcoin-sCrypt logo [complete]
- Redesign of official Bitcoin-sCrypt website [complete]
- Creation of Telegram channel for Bitcoin-sCrypt [complete]
- Creation of Discord channel for Bitcoin-sCrypt [complete]
- Formation of official Bitcoin-sCrypt marketing team for social media campaign
- Social Media Marketing Push, including the creation of a Bitcoin-sCrypt subreddit.
- Development of a mobile wallet (IOS & Android)
- Campaign to get listed on more Exchanges
Frequently Asked Questions (FAQ)
Q: What is Bitcoin-sCrypt?
A: Bitcoin-sCrypt is a decentralized blockchain crypto-currency that utilizes the scrypt proof-of-work algorithm. Bitcoin-sCrypt was originally developed as a more decentralized alternative to Bitcoin-core.
Q: What makes Bitcoin-sCrypt better than other crypto-currencies like Bitcoin?
A: Bitcoin-sCrypt has the same number of total coins as Bitcoin, but has much faster transaction speeds and much lower transaction fees. Additionally, mining and consensus will become more decentralized through the introduction of a hybrid proof-of-stake consensus mechanism. Also, development will become more decentralized by allowing coin holders to vote on development issues with the addition of the CryptoVoter blockchain voting protocol to the Bitcoin-sCrypt wallet client. Finally, Bitcoin-sCrypt’s lower cost per coin is much more affordable than the other bigger crypto-currencies (…for now).
Q: Is Bitcoin-sCrypt (BTCS) a Bitcoin fork like Bitcoin Cash (BCH)?
A: No, Bitcoin-sCrypt is not a fork like Bitcoin Cash. The genesis block for the Bitcoin-sCrypt blockchain was mined on September 8, 2013.
Q: How long has Bitcoin-sCrypt been around?
A: Bitcoin-sCrypt has been around since its genesis block was mined in 2013 and the blockchain has continued un-broken from 2013 to the present day. The Bitcoin-sCrypt blockchain is approximately 487,000 blocks long.
Q: How many total coins in Bitcoin-sCrypt?
A: Bitcoin-sCrypt has the same total number of coins as Bitcoin-core (21 Million), and a similar number of total coins currently in circulation (16 Million).
Q: What is the upcoming hard-fork that the developers keep mentioning?
A: Bitcoin-sCrypt client update v1.6.0 changes the difficulty targeting algorithm by adding Kimoto Gravity Well. This change will take effect on the blockchain on Feb 19, 2018. After Feb 19, 2018, all users must switch to Bitcoin-sCrypt client v.1.6.0 (or later).
Q: Do we have to swap out Bitcoin-sCrypt coins after the hard-fork?
A: No. All Bitcoin-sCrypt coins existing before the hard-fork will continue to exist in their same wallets and addresses after the hard-fork…you just need to download the latest wallet client.
Q: Was Bitcoin-sCrypt pre-mined?
A: No Bitcoin-sCrypt was not pre-mined. The first Bitcoin-sCrypt genesis block was mined after Bitcoin-sCrypt was first announced on Bitcointalk on September 8, 2013.
Q: When was the wallet client last updated?
A: Prior to the current revival of Bitcoin-sCrypt, v.1.4.0 of the client was released in 2015. The newest version v.1.5.0 was pre-released on Jan 15, 2018. The next release v.1.6.0 will be released on Jan 22, 2018.
Q: Where can I download the Bitcoin-sCrypt wallet client (Windows, Linux and Mac)?
A: You can download the wallet client from the official website: https://bitcoinscrypt.io
Q: Where can I buy Bitcoin-sCrypt?
A: Cryptopia: https://www.cryptopia.co.nz/Exchange/?market=BTCS_BTC
Q: How do I mine Bitcoin-sCrypt?
A: You can currently mine Bitcoin-sCrypt at the following mining pools:
Q: How do I stake Bitcoin-sCrypt?
A: There is no staking until proof-of-stake is introduced later this year. After proof-of-stake is introduced, then there will be an option in the Bitcoin-sCrypt wallet client to stake your coins.
Q: Was Bitcoin-sCrypt ever banned from Bitcointalk?
A: Yes, in 2013 certain Bitcointalk moderators thought that another crypto-currency using the name “Bitcoin” would be too confusing:
It was soon unbanned after veteran Bitcointalk members enlightened the moderators to the foolishness of their ban:
Indeed, Bitcoin-sCrypt paved the way for other coins like Bitcoin Cash, Bitcoin Gold & Bitcoin Fast, to use the Bitcoin name.
Q: Is there a Bitcoin-sCrypt Discord channel?
A: Yes – https://discord.gg/EAXdR8j
Q: Is there a Bitcoin-sCrypt Telegram channel?
A: Yes – https://t.me/BitcoinScryptOfficial
Q: When will the hard-fork take place?
A: The v.1.6.0 hard-fork will take place on February 19, 2018.
Q: Is the Bitcoin-sCrypt cryptocoin (BTCS) the same as the Bitcoin-Silver token (BTCS)?
A: No. The BTCS cryptocoin is native to the Bitcoin-sCrypt blockchain, while the Bitcoin-Silver token is an ERC20 token on the Ethereum blockchain. Bitcoin-sCrypt is a cryptocoin while Bitcoin-Silver is a token.