BitcoinX or simply BCX cryptocurrency is known to be as another version of Bitcoin that has recently made an appearance in the crypto community. Let’s find out more about the BCX cryptocurrency.
What is BitcoinX – BCX Cryptocurrency?
BitcoinX or BCX cryptocurrency has recently appeared in the crypto community. As per its official website, it has been designed to ‘achieve X possibilities’, building an ideal Bitcoin system for the future by releasing the full potential of the original Bitcoin network.
The journey of BitcoinX started off with the hard folk of the original Bitcoin blockchain. The hard fork occurred at the block 498888.
BCX cryptocurrency was launched with an aim to unleash the full potential of the original Bitcoin network. BCX comes with a lot of new features and with the help of them, this cryptocurrency aims to achieve a lot more.
Some of the major goals of BCX include adding zero-knowledge proof, smart contracts, and DPOS consensus into the bitcoin blockchain network. When these features will get implemented into the BCX network, it will turn out to become more environment-friendly, reliable, and much easier to use with the greater level of efficiency.
How Does BCX Cryptocurrency Work?
The implementation of smart contracts (which are currently found in Ethereum) and delegated proof of stake (DPOS) consensus into the BCX network will provide high expandability and scalability. Its zero-knowledge proof system (which can also be found on ZCash and other similar cryptocurrencies) will protect your privacy on the blockchain network, providing you complete safety and stability.
Therefore, it wouldn’t be wrong to say that BCX has the ability to build an ideal Bitcoin network for the future.
According to the road map displayed on the BCX’s website, we come to see that most of this cryptocurrency’s exclusive features have been set for implementation in 2018 and 2019.
The BCX team launched its Mainnet successfully on 15th January 2018 which included replay protection, SegWit update, GPU mining, unique address format, and Lightning Network support.
By the end of Q2 2018, the team had planned to add smart contracts into the BCX blockchain network. The team had also planned to add zero-knowledge proofs to BCX before the end of Q3 2018. As far as the sharding support is concerned, it was scheduled to be added by the end of Q4 2018.
The cross-chain update and DPOS consensus are scheduled to be implemented in 2019. While we’re at it, let us explain what cross-chain technology is all about. For BCX, cross-chain technology holds importance because data communication between blockchains is the foundation of application eco-system.
BCX Cryptocurrency Distribution Plan
From the information we gathered from BCX’s website, we came to find out what would be the mechanism of the initial BCX issuance. After BCX completed a successful hard fork at block number 498888, all the people holding Bitcoin received a corresponding amount of BCX at the ratio of 1 BTC = 10,000 BCX.
Moving towards the use of preserved BCX, we learn that BitcoinX Foundation will reserve 5% of BCX for community development, projects’ development and promotion, in order to keep BCX well maintained.
Now, comes the most asked question: can BCX cryptocurrency be mined? The answer is, yes. This cryptocurrency supports GPU mining. BCX can be mined using your laptop or PC.
Is BCX Legitimate?
If we look up for BitcoinX on Google, we really don’t come across much information apart from its official website https://bcx.org/. The website only displays basic information about the cryptocurrency which has been nearly disclosed in this post. However, there is no technical information shared on the website which may able to tell you if BCX is legitimate.
The project bears a striking resemblance with Super Bitcoin as they both hard forked at the same exact block height but no information can be found on whether they have any connections to each other.
If we look for BitcoinX on coin market cap, we find that, at the time of writing, its price is set at $0.010271 USD and is ranked on the 1418 position, which is far away from the other cryptocurrencies.
Let’s wait and watch until we get hold of more information on the BCX cryptocurrency.