Bitcoin Candy, found online at BitcoinCandy.one, is yet another bitcoin hard fork. Find out how it works today in our review.
What is Bitcoin Candy?
Bitcoin Candy is yet another bitcoin hard fork. However, this time, instead of forking from the BTC chain, Bitcoin Candy is forking from the Bitcoin Cash (BCH) chain. The currency will be listed under the symbol CDY.
The goal of Bitcoin Candy is to improve the BCH code base in multiple ways. The chain launched at block height 512666, which took place on January 13, 2018. However, as of mid-January 2018, the mainnet for Bitcoin Candy still hasn’t launched: it’s scheduled to launch towards the end of January.
There’s no whitepaper for Bitcoin Candy, and there’s limited information about the project available online overall.
How Does Bitcoin Candy Work?
Like Bitcoin Gold, Bitcoin Candy will use the Equihash mining algorithm. However, the platform will not offer SegWit support. Anyone who holds BCH at the time of the fork will receive 1,000 CDY per each BCH they own. The currency is being airdropped at the time of the hard fork.
Bitcoin Candy, like many other bitcoin hard forks, will protect against quantum attacks. It also offers an increased block interval of two minutes and a total supply of 21 billion. Bitcoin Candy will also scale the block size to 8 MB.
As of now, the Bitcoin Candy hard fork is only supported by a single cryptocurrency exchange – CoinEx. However, that might change in the near future. January 13, 2018 was the projected day of the Bitcoin Candy hard fork block (512666). However, the mainnet isn’t scheduled to launch until the end of January.
The overall goal of Bitcoin Candy is to create a better version of Bitcoin Cash that’s more resistant to quantum computers. The currency promises to be safer than both BCH and BTC. Plus, the use of the Equihash PoW algorithm encourages decentralization, because it reduces the power of massive mining conglomerates.
Out of the total supply of 21 billion CDY, 210 million have been pre-mined to motivate early developers and to promote the currency.
Bitcoin Candy Tech Specs
Bitcoin Candy advertises all of the following tech specs:
- Hardfork Height: 512666 on the BCH blockchain (took place on January 13, 2018)
- PoW Algorithm: Equihash (GPU)
- Total Supply: 21 billion (1% will be pre-mined)
- Distribution Ratio: 1:1000 (if you hold 1 BCH at the time of the fork, you’ll receive 1,000 CDY)
- Block Interval: 2 minutes
- Replay Protection: Yes
- Block Size: 8MB
- SegWit: No
- Difficulty Adjustment: DAA (Difficulty Adjustment Algorithm)
The Bitcoin Candy website doesn’t give many further details about the difficulty adjustment procedure, aside from labeling it as a difficulty adjustment algorithm (DAA).
Who’s Behind Bitcoin Candy?
Bitcoin Candy is led by Shifeng Zhao (Initiator, Angel Investor, and Bitcoin Investor), Yang Tan (Doctor of Cryptography, Blockchain Senior Researcher), Jiahui Chen (Doctor of Cryptography and Researcher at the National University of Singapore), Niu Liu (Doctor of Cryptography), and Zhiniang Peng (Doctor of Cryptography and Cyber Security Researcher).
Although all of these names are listed on the official website, there is no additional information about any single individual. We don’t have images of these individuals, nor do we have a link to any type of social media profile.
Bitcoin Candy CDY ICO Conclusion
Bitcoin Candy is a Bitcoin Cash (BCH) hard fork that aims to make BCH stronger and faster. The hard fork reduces the block time to 2 minutes, increases the total supply to 21 billion, and uses the Equihash PoW algorithm to reduce centralized mining power. The block launched on January 13, 2018. If you held BCH at the time of the fork, then you can receive 1,000 CDY.
Ultimately, there aren’t many details about the project available online – like their future goals or development plans. There’s no whitepaper, for example, and there’s only basic information listed about all of the team members. The currency is also only supported by one exchange as of January 2018: CoinEx.
To learn more about Bitcoin Candy, visit online today at BitcoinCandy.one.