FoxBTC aims to unleash the full power of decentralization by hard forking bitcoin on April 30. Find out everything you need to know about the hard fork today in our review.
What is FoxBTC?
FoxBTC is a proposed bitcoin hard fork scheduled to take place at block height 520419. That block should take place on April 30, 2018.
The goal of the hard fork is, as the website explains, “to unleash the full power of decentralization”. Unique features of Fox BTC include a hybrid PoS and PoW consensus mechanism, a 10MB block size, and a fixed supply of 27 million coins.
Another unique feature of FoxBTC is the ability to store, exchange, and withdraw any airdrop coins through the FOX airdrop program. This will help users have full access and control of forks and airdrops, allowing users to enjoy the true benefits of decentralization.
FoxBTC emphasizes all of the following features:
Store and Exchange Any Airdrop:
FoxBTC makes a big deal out of its “airdrop banking” function. With Fox BTC’s airdrop banking, users can store, exchange, and withdraw any airdrop coins through the Fox BTC airdrop program. Rewards will be distributed through this program every 3 months, 6 months, and 12 months.
Hybrid PoS and PoW Consensus Mechanism:
FoxBTC is based on a hybrid proof of stake and proof of work mechanism that offers a 6% annual incentive for staking. In other words, users who stake their Fox BTC tokens will receive 6% ROI every year.
10MB Block Size:
FoxBTC uses a large 10MB block size to “ensure unparalleled scalability of the transaction volume.” FoxBTC also has a block interval of just 3 minutes. In comparison, legacy bitcoin (BTC) has a block size of 1MB and a block interval of 10 minutes.
FoxBTC will efficiently mine blocks through GPU power. There will be an incentive of 50 coins per block.
Fixed Coin Supply:
FoxBTC will have a total supply of 27 million coins. 5 million of the coins will be pre-mined, including 4 million allocated for an airdrop and 1 million for the team. 5.5 million coins, meanwhile, are reserved for PoS and PoW rewards, while 16.5 million are put into circulation (approximately the same number of BTC currently in circulation).
FoxBTC Release Date
FoxBTC is scheduled to be released at block height 520419, which should take place on April 30, 2018.
Who’s Behind the FoxBTC Hard Fork?
The FoxBTC hard fork project was announced by a tech company called Z-Magnetars. The company announced the proposed hard fork in early April 2018.
We can find limited information about Z-Magnetars available online. The company, however, appears to be based in the United Kingdom.
We’re at a point where the bitcoin blockchain has gone through several dozen hard forks since the Bitcoin Cash (BCH) hard fork in August 2017. Some of the hard forks – like Bitcoin Cash and Bitcoin Gold – have captured their own slice of the market and remained relatively strong. Other hard forks – like pre-mined cash grabs using the bitcoin name – disappeared soon after being released.
It’s unclear where FoxBTC will fall in the history of bitcoin. As of mid-April 2018, there’s limited information about the hard fork available online. The official website, FoxBTC.io, doesn’t feature a whitepaper or detailed information about the project. Instead, all we really know is that the hard fork will increase the block size to 10MB, reduce block intervals to 3 minutes, allow users to participate in airdrops more easily, and use a hybrid PoS/PoW consensus mechanism.
Stay tuned for more information about Fox BTC as we get closer to the April 30 launch date.