BCX, or BitcoinX, is yet another version of bitcoin that recently appeared online. Find out what problems it seeks to solve today in our BCX review.
What is BCX BitcoinX?
BCX, found online at BCX.org, is a cryptocurrency that aims to “release the full potential” of the original bitcoin network. Like other new versions of bitcoin, BCX aims to build on the original BTC blockchain to create “X possibilities”.
BCX launched through a hard fork of the original bitcoin blockchain. That hard fork occurred at block height 498888.
Some of the goals of BCX include implementing zero knowledge proof, smart contracts, and DPoS consensus into the bitcoin blockchain.
Although BCX has already forked from the original bitcoin blockchain, the mainnet for BCX isn’t scheduled to launch until January 15, 2018.
Is BCX a legitimate project with legitimate support? Or is this just another unnecessary source of confusion for the bitcoin community? Let’s take a closer look at how it works.
How Does BCX BitcoinX Work?
BCX aims to improve the original bitcoin network by adding features like smart contracts – currently found on Ethereum – as well as delegated proof of stake (DPoS). The team also plans to implement zero knowledge proofs, allowing users to verify information in a P2P way without trusting each other (something we see with ZCash and similar cryptocurrencies).
Overall, the development team plans to build the “ideal bitcoin network that truly fits the future society.” Like all good cryptocurrency projects, the team is emphasizing scalability, safety, and stability.
Most of BCX’s unique features are scheduled for implementation in 2018 and 2019. The team plans to launch its mainnet by January 15, 2018, for example, which will include Lightning Network support, SegWit, and replay protection.
Before the end of Q1 2018, the team will add zero knowledge proofs to BCX. Smart contracts, sharding support, and DPoS consensus will all be added before the end of the year. In 2019, the team wants to implement cross-chain compatibility to BCX. As the website explains, cross-chain technology is important because “data communication between chains are the foundation of application eco-system” (whatever that means).
BCX Distribution Plan
Initially, BCX will be launched at a ratio of 1 BTC = 10,000 BCX. If you held a bitcoin private key as of block height 498888, then you automatically received 10,0000 BCX tokens.
The project hard forked from the original blockchain at block 498888 in December. Interestingly, that was also the block number listed by a project called “Super Bitcoin” – so two new versions of bitcoin were hard forked at that block height.
5% of BCX tokens will be reserved “for community development, projects’ development and promotion, in order to keep BCX well maintained,” explains the official website. The BCX mainnet is scheduled to launch on January 15, 2018. The hard fork apparently occurred successfully on December 12.
Who’s Behind BCX BitcoinX?
The BCX.org website features no information about the team or anyone involved with the project. The project became active online in early December 2017.
The team refers to itself as the “BCX Foundation”. They claim their goal is to “fulfill Satoshi Nakamoto’s vision without any compromises.” As of December 20, the BCX BitcoinX team has posted a handful of tweets on Twitter, although their other social media profiles are mostly quiet.
BCX BitcoinX Conclusion
BCX BitcoinX, which refers to itself mostly as BCX, is a new version of bitcoin that apparently achieved a successful hard fork on December 12, with a mainnet launching on January 15, 2018. The project aims to improve the original bitcoin (BTC) blockchain by adding Lightning Network support, smart contracts, delegated proof of stake, zero knowledge proofs, and more.
There’s no team information listed online, nor is there a whitepaper. The one-page BCX.org website features basic information about the project, but no specific technical details or other information to suggest it’s a legitimate project. The project also seems very similar to Super Bitcoin (they hard forked at the exact same block height), but it’s not clear how the two projects are connected.
Ultimately, you can decide for yourself if BCX is a legitimate project by visiting online today at BCX.org.