Bitcoin Flash is yet another bitcoin hard fork. Find out everything you need to know about this upcoming hard fork today in our review.
What Is Bitcoin Flash?
Bitcoin Flash, found online at BitcoinFlash.io, is a bitcoin hard fork scheduled to launch at block 508000, which should take place on or around February 1, 2018.
The main benefit of Bitcoin Flash is faster transactions: the digital currency offers instant transactions and instant confirmations. With the ordinary bitcoin network, you need to wait 10 seconds to confirm a transaction. With Bitcoin Flash, transactions occur instantly.
The project was first announced online on December 25, 2017. The project has a lot of connections with Dash – it uses Dash’s InstantX technology, for example.
Bitcoin Flash is listed under the symbol BFT.
How Does Bitcoin Flash Work?
Bitcoin Flash is a fork of bitcoin core. The fork supports instant transaction confirmations. Other currencies specialize in fast transactions, although bitcoin has always been one of the slowest cryptocurrencies in terms of transaction processing times.
Bitcoin Flash lets you send and receive your bitcoin instantly, with all transactions confirmed in under one second. The platform also claims to have double spend protection.
The secret behind Bitcoin Flash’s success is its Dash InstantX technology. Dash is known for its fast transaction times, and Bitcoin Flash wants to bring a similar system to the bitcoin blockchain.
And, just like Dash, users can earn rewards just by maintaining a copy of the blockchain, running a node, and performing various services on the network. You don’t need to maintain costly mining equipment to earn a reward. You can get a reward just by running a masternode on your computer.
Bitcoin Flash also has a masternode system, where different nodes receive different rewards. Blocks on the Bitcoin Flash blockchain are superblocks. They contain separate rewards for miners, masternodes, and a development fund. The community votes on proposals. Then, when a consensus is reached on the proposals and budget amounts, Bitcoin Flash tokens from the development fund are unlocked and sent to the author of the proposal automatically. This system is already in place in the Dash ecosystem.
Overall, Bitcoin Flash sees itself as a retail ready version of bitcoin. Instant transactions make it possible to checkout in physical retail stores more easily. It’s a more usable form of bitcoin.
Bitcoin Flash Tech Specs
- First Block: 508000
- Fork Date: ~February 1, 2018
- Block Size Limit: 16MB
- Retargeting Algorithm: Dark Gravity Well
- Masternode Collateral: 1,000 BTF
- Masternode Consensus: 10 Nodes
- Replay Protection: Strong Two Way Replay Protection
Who’s Behind Bitcoin Flash?
Bitcoin Flash’s development is led by an organization called the Bitcoin Flash Foundation.
Instead of a pre-mine (which isn’t possible, because the chain has already been mined), Bitcoin Flash will use block rewards in various ways to further development activities. The first block of the Bitcoin Flash chain will get to be mined by the Bitcoin Flash Foundation. That first block contains an augmented reward of 0.7% of total supply. This will be used to fund the initial masternode infrastructure and pay for bounties to developers helping to improve the code.
How To Claim Your Bitcoin Flash
You can claim your BTF in two ways:
The hard way is to compile your own Bitcoin Flash node from the Bitcoin Flash Github. Then, in your Bitcoin Core client, enter the command: dumpprivkey 1AddRessWhereYourBitcoinCoreIs
Copy the private key over to the console of Bitcoin Flash, then enter importprivkey LThePrivateKeyYouGotFromPreviousStep
You’ll see your Bitcoin Flash, then be able to send transactions after the fork is complete.
Keep your bitcoin on any crypto exchange that supports Bitcoin Flash. Or, buy more bitcoin there. At the time of the fork, the exchange will credit the same amount of Bitcoin Flash to your account. So far, we can’t find any exchanges that have publicly announced their support for Bitcoin Flash, but that could change in the coming weeks.
Regardless of which method you choose, you will receive Bitcoin Flash at a 1:1 ratio with your bitcoin.
Bitcoin Flash Conclusion
Bitcoin Flash’s team recognized a problem in the market: Dash and other currencies are easier to use than bitcoin. They have faster transaction times and the same level of security. However, bitcoin has the first mover advantage, and that’s why it remains the number one cryptocurrency by market cap. Bitcoin Flash’s team is solving this problem by bringing Dash’s instant confirmations to the bitcoin blockchain. By launching Bitcoin Flash as a hard fork of bitcoin core, the team can add Dash’s functionality to bitcoin.
To learn more about the project, visit online today at BitcoinFlash.io.