Bitcoin Parallel, found online at BitcoinParallel.org, is a bitcoin-based project launching in mid-February. Find out how it works today in our review.
What Is Bitcoin Parallel?
Bitcoin Parallel describes itself as “the next generation global decentralized parallel crypto ecosystem.”
The “ecosystem” will consist of “parallel” versions of major world currencies, including the US Dollar (BUSD), and the Japanese Yen (BJPY). However, the first core components of the project will be the main chain (BCP) and sidechains (BCPC). Users can build alternative currencies on the sidechain using BCPC.
Bitcoin Parallel announced itself on February 9, 2018. Users can claim their BCP and BCPC tokens until mid-February.
How Does Bitcoin Parallel Work?
Bitcoin Parallel is not a fork. Instead, it’s a brand new public chain. There’s a total supply of 21 million BCP tokens – just like bitcoin.
The overall goal of Bitcoin Parallel is to create “parallel” versions of bitcoin to solve various problems. In a press release announcing the project, the creators explained that today’s bitcoin forks are mostly designed to solve one or two problems. However, bitcoin is faced with dozens of different problems.
With that in mind, Bitcoin Parallel wants to launch a new decentralized “global parallel blockchain ecosystem.”
The platform will have the 6 main traits of blockchain functionality, including a shared ledger, consensus mechanisms, traceability, tamper-proof, immutability of completed transactions, and smart contracts.
The project “inherits the idea of Satoshi Nakamoto”, but uses a different proof of work (PoW) algorithm. Specifically, Bitcoin Parallel uses the CryptoNight algorithm. The use of CryptoNight will discourage the formation of large mining pools, including mining pools that contrl over 51% of GPU hash power and taking control of the blockchain.
BCP also plans to raise the block generation speed from 10 minutes to 2.5 minutes.
Bitcoin Parallel (BCP) will be the main chain of the ecosystem. However, there will be parallel chains as well.
Bitcoin Parallel will introduce “Bitcoin Parallel Clearing”, or BCPC. There will be a total supply of 46.6 billion coins. These coins will initially be based as ERC20 tokens on the Ethereum blockchain. In the future, however, the team plans to implement a completely new public side chain consisting of proof of importance (PoI), voting rights, consensus mechanisms, mining nodes, and smart contracts.
BCPC will have a block generation time of just 3 seconds, with the ability to support 3,000 transactions per second.
The entire ecosystem will be managed by the Bitcoin Parallel Foundation. The foundation’s goal is to maintain the stability of the BCP system, including the ongoing work of the BCP ecosystem.
Another unique thing about Bitcoin Parallel is that it can “collide” with the core bitcoin (BTC) chain. Bitcoin Parallel collided with BTC at block height 507000, which took place on January 30, 2018. This collision released “energy coins”, including BCP and BCPC at the same time.
What Problems Does Bitcoin Parallel Seek To Solve?
Bitcoin Parallel aims to solve a number of major problems with the bitcoin ecosystem, including all of the following:
- Slow transaction speed
- High transfer fees
- Inability to work with “real world” financial institutions and businesses
- Bitcoin Parallel aims to solve these problems with an improved transaction speed, reduced transfer fees, and increased partnerships with financial institutions.
Bitcoin Parallel Features
Bitcoin Parallel’s core features include:
Fast Transactions and Low Fees:
Bitcoin Parallel has a block time of 2.5 minutes. BCPC, meanwhile, has a block time of 3 seconds and can process 3,000 transactions per second.
Bitcoin Parallel uses the CryptoNight algorithm to achieve “true” decentralization and prevent 51% attacks.
Bitcoin Parallel will eventually adopt PoI, voting rights, IMO, and leasing mechanisms, along with smart contracts. Today, however, the blockchain uses PoW (the CryptoNight consensus mechanism).
Bitcoin Parallel will improve main chains and side chains over time, and the use of side chains is expected to lead to better overall scalability for the project.
BCP and BCPC can be mined on the same machine. You can mine the main BCP chain and the BCPC side chains simultaneously.
Convenient Conversions to Fiat Currencies:
BPC plans to “cooperate with traditional financial industry to make it more convenient to convert between fiat currencies and cryptocurrencies.”
Who’s Behind Bitcoin Parallel?
Development of the BCP project started in June 2017. Beta testing began in December 2017. The BCP Chain collided with the BTC blockchain at block height 507000, which took place on January 30, 2018.
The BitcoinParallel.org website doesn’t feature any information about the development team or who’s behind the project. However, the press release from February 2018 announcing Bitcoin Parallel features a contact email address for Roger Li: [email protected]
Bitcoin Parallel BCP ICO Conclusion
Bitcoin Parallel is a bitcoin-related project that aims to solve problems in today’s bitcoin ecosystem. Bitcoin Parallel is not a hard fork. Instead, it’s launching on a new public chain. There are two core components to that chain, including the BCP main chain and the BCPC side chains. Future side chains could include parallel chains like BUSD, BEURO, BJPY, and others.
Ultimately, Bitcoin Parallel appears to be in the early stages of development, and there’s limited information available online at this time. However, you can learn more by visiting online at BitcoinParallel.org.