With over millions of transactions a day, one of the major issues that Bitcoin network is currently facing is reduced transaction speeds and increased transaction costs. Bitcoin scalability is currently the top priority challenge for its developers in order to meet the huge surge in investor participation.
A team of developers has initiated a new project called as Lightning Bitcoin (LBTC) by having a hard fork in the Bitcoin network at block number 499999. The main aim behind this hard fork is to make Bitcoin transfers at lightning-fast speeds with a maximum of 24 million transactions a day. In order to make this project successful, the project backers have used DPOS (Delegated-Proof-of-Stake) mechanism.
There been quite a debate and discussion over the POW mechanism which is said to be a major cause of network congestion due to mining centralization. Daniel Larimer, author of Delegated Proof-of-Stake Whitepaper has long argued that the miner community controls the block time in order to maximize their interests. This will ultimately result in all POW systems being controlled by the fiat systems.
With the DPOS mechanism in place, all the token holders get a voting right which prevents any one particular group to get control of the system. As stated on the official website, “The DPOS consensus will significantly reduce the number of participating verification nodes and help LBTC reach consensus in seconds and boost the transaction speed to really be as FAST as lightning.”
The project hasn’t disclosed the name of people in the development team, except for one name Jack Zhang – a leader of the Chinese community. However, on its official website, one can see that the team has collaborated and received support from many exchanges like BTCC, Huobi, OKex, gate.io, Yobit and etc.
The latest rage as seen in the crypto markets is creating derivatives from Bitcoin split-off also known as “Forkcoins” or “Initial Fork Offerings”. This trend started from the generation of the first Bitcoin derivative – Bitcoin Cash – resulted from the first hardfork in the Bitcoin blockchain. Bitcoin Cash is ranked within the top 3 cryptocurrencies by market cap as per the data available from CoinMarketCap.
The arrival of Forkgen has made it further easy for anyone to create their own fork coin just with a click of few buttons. Forkgen has created a very user-friendly website on which users just need to enter parameters and some other parameters to create their own Bitcoin offshoot.
One of the pseudonymous developers behind the creation of Forkgen said that they aim to democratize the process of creating of Bitcoin forks. While talking to BitcoinMagazine, the developer said “Even leading developers have shown it is too hard to create forks of the Bitcoin blockchain without making critical errors. Forkgen creates a level playing field where anyone can easily create working forks. Then it reduces to a much simpler problem of marketing your new altcoin. More people are good at that part.”
He further stated that “Forkgen is the embodiment of Satoshi’s True Vision™ where if big blocks are good for scaling then many chains are even better.”