Bitcoin Platinum describes itself as “the world best blockchain network that can ever be.” Find out more about this awkwardly-worded project today in our review.
Bitcoin Platinum, found online at BitcoinPlatinum.github.io, is a proposed bitcoin hard fork scheduled to launch on December 12, 2017. On that date, “a group of miners, developers, investors, and bitcoin users” will upgrade the bitcoin protocol to Bitcoin Platinum, or BTP.
Like other hard forks, Bitcoin Platinum claims to be preserving Satoshi’s original vision of bitcoin as decentralized electronic cash. Legacy bitcoin (BTC) has been criticized over the last few months for refusing to implement any type of scaling solution. This has led to long transaction times and high fees – both of which defeat the usefulness of cryptocurrency.
Is Bitcoin Platinum a legitimate solution to bitcoin’s scaling problem? Or is this yet another unnecessary hard fork with limited value to be added? Let’s take a closer look at how Bitcoin Platinum works.
How Does Bitcoin Platinum Work?
Most of the Bitcoin Platinum Github page is filled with information that can apply to any version of bitcoin. The developers describe BTP as “open source” and claim that “nobody owns or controls Bitcoin Platinum”. They describe how it uses blockchain technology to send money worldwide. Obviously, these are the same features as any cryptocurrency – so what makes Bitcoin Platinum different?
The ultimate goal of Bitcoin Platinum is to make bitcoin faster and cheaper than legacy bitcoin. It reduces the block time to 2.5 minutes (down from 10 minutes on BTC) and implements Segwit2x, increasing the blocksize to a default of 2MB with a possible upgrade to 4MB or 8MB.
There’s a fixed total supply of 21 million Bitcoin Platinum (BTP) tokens.
Bitcoin Platinum Features
Some of the key features include:
When a token is pre-mined, that means a certain number of tokens have been released before the blockchain has officially launched. Bitcoin Platinum claims to have no pre-mine. Here’s how they describe the benefit of that decision: “Without premine, a coin can provide you more valuable currency without any possibility of fraud or centralization.” Again, the website is filled with awkward wording.
Decreased Block Time:
Bitcoin Platinum will decrease the block time from 10 minutes to 2.5 minutes.
Bitcoin Platinum claims to use ASIC-resistant technology (Equihash) to decentralize mining, similar to what we’ve seen with Zcash and others.
Bitcoin Platinum claims to have integrated Segwit2x, which means the default blocksize has been raised to 2MB. However, the website also mentions a block size of 4 to 8MB.
Every block (compared to every two weeks with BTC).
21 million (same as bitcoin)
Who’s Behind Bitcoin Platinum?
Bitcoin Platinum launched with an announcement on the Bitcointalk forums in October 2017. The announcement thread was titled, “Make Bitcoin Decentralized Again”. That thread was launched by a user named shoeonyourhead. The Github page for the Bitcoin Platinum project features three other people, including chalkman, Esup, and WJ Cloud.
It’s unclear if Bitcoin Platinum is linked to Bitcoin Gold. One of the repositories on the Github page features a “Rebrand Gold to Platinum” folder, where they change all mentions of Bitcoin Gold to Bitcoin Platinum. Aside from this basic information, we have virtually no information about the development team behind Bitcoin Platinum
Bitcoin Platinum Conclusion
Bitcoin Platinum is apparently scheduled to launch on December 12, 2017, although the currency appears to be a work in progress. The developers want to implement a new PoW mechanism (Equihash) into the bitcoin blockchain in order to make mining decentralized again. The project also implements SegWit2x.
In any case, Bitcoin Platinum is preparing to launch on block 498,533, at which point they will fork from the bitcoin mainnet. Stay tuned for more information about Bitcoin Platinum as we get closer to launch. Even now, just one week before the launch, there’s limited information about the project or what it seeks to accomplish.