BitcoinStake is a peer to peer digital currency that’s built around the Script network. It previously started out as a Proof Of Stake and Proof Of Work model. Over time, it has adopted the Proof Of Stake system. This cryptocurrency seeks to reward early adopters of the currency with free airdrops starting October 2017.
Bitcoinstake Key Features
At the start 70% of the coin was held by the developers which is an important thing in a PoS model. This helps give the coin some form of stability which is often a struggle for many coins. By initially centralizing BictcoinStake, users can have a stronger coin in the long run.
Distribution of the coin was done through a clear set of guidelines availed to all interested parties. The distribution relied heavily on user’s seniority positions on bitcoin talk forum. Those that have been on the forum for long have experience about cryptocurrencies. The distribution process was announced in details at the launch helping foster transparency.
The PoS percentage is set at ten percent ; this is until the coin’s supply reaches 21 million. On doing so, the ledger will rely on transaction fees for maintenance. BitcoinStake believes that setting this parameter at 10% acts as an incentive for the ledger to remain stable while still shielding the coin from inflation/deflation.
One of the major issues with PoW cryptocurrencies such as bitcoin is its negative impact on the environment. PoW systems rely heavily on energy more so electricity which impacts heavily on environment. Since BitcoinStake uses the PoS system, it’s considered to be energy efficient adding to its stability.
BitcoinStake Coin Specs
Here’s a breakdown of the BitcoinStake coin:
- Algorithm: Scrypt
- Type: PoS
- Coin name: Bitcoin Stake
- Ticker: BCS
- Address letter: B
- Block reward: 15 coins
- Total supply: 21,000,000
- Coinbase maturity: 100 blocks
- Q4 2017 – Coin launch, block explorer, website launch, publication of the whitepaper, exchange listing, campaigns on social media
- Q1 2018 – Bitcoinstake marketplace, web wallet, dedicated exchange
- Q2 2018 – BitcoinStake pay, start of a wave of corporate partnerships, marketing campaigns on mainstream media
- Q3 2018 – Another wave of corporate sponsorships, Bitcoinstake branded hardware, sports sponsorships
The exchanges expected to list BitcoinStake include CoinsMarket, TradeSatoshi and Yobit. The trading pairs include BTC/BCS, ETH/BCS, DOGE/BCS and WAVES/BCS. The faucets and tools available for Bitcoin stake are Block Explorer Sir Bond. The wallets for BCS include Windows, MAC OS, Raspberry PI and source code.
BitcoinStake being a Proof of Stake coin already gives investors the advantages associated with the system such as energy efficiency. The fact that BitcoinStake was initially decentralized also helps give confidence to investors that the coin is stable and growing strong as time progresses.
However, most people are used to the Proof of Work system as is used by Bitcoin. Therefore it will take some time for those not used to the Proof of Stake System to familiarize themselves with it. The airdrops for these coins were quickly finished and brand new accounts created after October 2017 aren’t eligible.