BitcoinHot is a new version of bitcoin that launched as a hard fork on December 12, 2017. Find out everything you need to know about this project today in our review.
What Is Bitcoin Hot?
BitcoinHot, found online at BitHot.org, aims to create a better version of bitcoin. It’s a fast, decentralized payment system that recently hard forked off the original bitcoin blockchain.
BitcoinHot uses the acronym BTH. There are several major differences between BitcoinHot and the original bitcoin blockchain. However, none of these differences have been implemented into the BitcoinHot project thus far – they’re scheduled for implementation throughout 2018.
Let’s take a closer look at how BitcoinHot works – including whether it’s a legitimate project or just another unnecessary bitcoin clone.
Bitcoin Hot Features
What makes BitcoinHot different from bitcoin (BTC) and Bitcoin Cash (BCH)? Here are some of the core features and functions of the new digital currency:
- Total supply of 2.1 billion
- Distribution via mining and claiming
- BTHash algorithm (as opposed to SHA256 used by BTC and BCH)
- Block time of 1 minute (compared to 10 minute block times for BTC and BCH)
- 158GB blockchain size
- Dynamic difficulty adjustments
- Replay protection
- Anti quantum hash
- Lightning network
- Smart contract support
- Transaction amount is encrypted
How Does Bitcoin Hot Work?
BitcoinHot forked from the original bitcoin blockchain at block height 498848. The blockchain uses a new Proof of Work (PoW) algorithm to provide larger block sizes, faster transaction times, and a larger supply of coins (yes, the developers claim that they have 2.1 billion tokens because of their PoW algorithm, compared to bitcoin’s 21 million).
Why do we need BitcoinHot? The development team aims to provide a larger supply, cheaper transfer cost, and faster transfer speed.
Ultimately, none of the features listed above seem to be implemented in BitcoinHot right now. The new currency launched on December 12, but features like the Lightning Network and smart contracts aren’t expected to be implemented until late 2018.
The development team hasn’t posted any status updates or code outlining how they plan to achieve these things. As of now, BitcoinHot’s entire set of goals can be boiled down into a brief roadmap and website. There’s no whitepaper, and no proof that BitcoinHot has the technological ability to implement any of these features.
Who’s Behind Bitcoin Hot?
BitcoinHot’s website lists Derone Chow as founder of the project. Iron Lum is listed as a Co-Founder, while Zero Ye is listed as Lead Developer. None of the developers seem to exist. “Derone Chow” turns up no search results on Google, for example, and the website doesn’t link to any LinkedIn profiles, contact information, or biographical details.
Despite the total lack of transparency regarding the project, BitcoinHot claims that major exchanges like Huobi and QBTC have officially announced support for the project. We can find no evidence of this online (Huobi, by the way, ceased operations in September 2017 after China’s crypto ban).
Bitcoin Hot Conclusion
BitcoinHot is a mysterious project that purportedly forked from the bitcoin blockchain on December 12. The project aims to implement the Lightning Network, smart contracts, and other features into the bitcoin blockchain. However, none of these features have been implemented into the project as of now, and all of these features are scheduled for implementation throughout 2018.
Overall, there’s limited transparency about the project available online. The creators of the project haven’t released a whitepaper. The project’s goals are vague. There are no press releases explaining the future of the cryptocurrency or its development goals. For all intents and purposes, BitcoinHot doesn’t exist outside of Bithot.org.
To learn more about BitcoinHot and how it works, visit online today at BitHot.org.