Bitcoin Faith BTF is a bitcoin hard fork that aims to improve bitcoin’s consensus mechanism. Find out how it works today in our review.
What is Bitcoin Faith BTF?
Bitcoin Faith, found online at BitcoinFaith.org, is an unusual project with limited information online. The official website is written in barely-legible English, and the project appears to be led by a Chinese team of developers.
It’s hard to understand anything about the Bitcoin Faith project. Here’s how the official website explains things in English:
“BTF, the abbreviation of Bitcoin Faith, Chinese name belief, is a new chain of 500000 forked at the height of the bitcoin block, developed by the Bitgo team. BTF is a new bitcoin fork currency. According to the BitGo team's statement, BTF will carry out hard forked test in December 20, 2017, so as to add new features of bitcoin and make bitcoin network more perfect.”
I don’t know about you, but I can’t understand any of that. There’s no whitepaper – so the official website is all the information we have about the project.
In any case, the chain was purportedly forked on December 20, 2017. The goal of the project is to add new features to bitcoin.
Let’s take a closer look at how Bitcoin Faith works.
How Does Bitcoin Faith Work?
Bitcoin Faith has a total circulation of 21 million BTF tokens – the same number as bitcoin. 1% of the total supply is reserved for the Bitcoin Faith fund.
The chain increases the block size to 8MB. Bitcoin Faith will also support smart contracts in the future – although this feature won’t be added until later in 2018.
The project was launched at 500000, which occurred on the bitcoin blockchain on December 19, 2017.
By March 31, 2018, the company hopes to add smart contracts (they describe them as “on-line intelligent contracts”). By May, they hope to launch the first blockchain-based application (a decentralized app) on the BTF network. By August, Bitcoin Faith will add zero knowledge proofs to the network, making all transactions anonymous and private. And on December 30, Bitcoin Faith will remove dynamic checkpoint protection.
Bitcoin Faith also mentions the Lightning Network – although it’s unclear when Lightning Network support will be implemented.
Who’s Behind Bitcoin Faith?
Bitcoin Faith is led by Joe Zhang, Ming Lee, Vic Yuan, and Feiyang Ren. All four are listed as “Foundation Members” of the project. Additionally, Huaiyang Zhu and Zheyu Sun are listed as “Investors”.
The official website claims that Bitcoin Faith is being developed by the BitGo team. BitGo is a popular cryptocurrency wallet maker. The official BitGo website makes no mention of Bitcoin Faith or any type of hard fork.
In any case, most documentation and social media information from the Bitcoin Faith team are written in Chinese.
Bitcoin Faith BTF Conclusion
Bitcoin Faith is a bitcoin hard fork launched in December 2017. The hard fork was built with the goal of making the bitcoin blockchain “more perfect” by implementing things like Lightning Network and smart contracts.
Right now, it’s unclear where the BTF project stands. There’s limited information about the project available online, and we can’t find much evidence to prove that it actually exists or is being actively developed. There’s no whitepaper, for example, and the website’s English translation is horrendous.
To learn more about Bitcoin Faith, visit online today at BitcoinFaith.org.