ROME, ITALY, October 8, 2021 /EINPresswire.com/ — A peer-to-peer crypto-currency design derived reverently from Satoshi Nakamoto’s BTC. Proof-of-stake replaces proof-of-work to provide most of the network security in Bitocoin blockchain ecosystem. Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run. Security level of the network is not dependent on energy consumption in the long term thus providing an energy efficient and more cost competitive peer-to-peer crypto-currency.
The concept of decentralized digital currency, as well as alternative applications like property registries, has been
around for decades. The anonymous e-cash protocols of the 1980s and the 1990s, mostly reliant on a cryptographic primitive known as Chaumian blinding, provided a currency with a high degree of privacy, but the protocols largely failed to gain traction because of their reliance on a centralized intermediary.
In 2009, a decentralized currency (Bitcoin) was for the first time implemented in practice by Satoshi Nakamoto, combining established primitives for managing ownership through public key cryptography with a consensus algorithm for keeping track of who owns coins, known as “proof of work”.
Currently, Bitcoin (BTC) is the dominant cryptocurrency, despite the fact that it is experiencing inherent flaws. Most fears in the crypto-world are not only exacerbated by wild price fluctuations, but also lack of security and privacy of the crypto-investors. Our point of the argument lies in the elucidation of what is lacking in Bitcoin and other major cryptocurrencies such as Ethereum, Litecoin, and Ripple, and how Bitocoin seeks to solve these issues.
Bitocoin BTO guarantees privacy and anonymity of its users by introducing the novel blockchain technologies and improving the current state-of-the-art. The development has integrated the latest privacy standards into Bitocoin’s technology stack.
It is our belief that nobody should have their finances or identity scrutinized by financial authorities, Government entities or any other individual or group because privacy is an inherent right. We are working to offer the latest technology that will protect the user’s privacy
The key innovation of Bitocoin is it’s invention of proof-of-stake, an alternative consensus protocol to Bitcoin’s proof-of-work. Proof-of-work blockchains are secured by proving the consumption of a costly limited resource: electricity.
Proof-of-stake replaces this expensive security protocol by utilizing an organic alternative scarce resource: time. Bitocoin is capable of allowing any network connected computer to participate in the blockchain’s security process. This efficiency strengthens Bitocoin by growing the number of security providers and ensuring that security can be sustained over the long-term.
Bitocoin is benefitting its users with enhanced performance than its counterpart Bitcoin. Its more enhanced scalability is putting Bitocoin on top of other cryptocurrencies. Potentially greater network stability via collateral benefits, such as incentives for maintaining always-online nodes.
Another extremely essential issue in today’s environment is security. Users are always anxious about their data and transactions. Bitocoin provides a secure payment gateway to its users.
Bitocoin provides greater protection against majority attacks by requiring PoW miners and PoS validators to depend on each other.
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