Having turned the financial world upside down with the principle of decentralization and total tansparency, cryptocurrencies still remain just constructs of humans, and consequently, their designs are limited. Bitcoin was considered as the world’s top-cryptocurrency. Yet, after a few years, the community started debating on its technology being limited in the long run and the changes needed for it to adapt.
Whenever there have been an issue of a cryptocurrency falling short of its original objectives, sometimes there are disagreements within the community governing it. If an agreement can not be reached, the community can split the cryptocurrency into two, where one type continues to follow the original programming and coding, while the coding of the other type is changed to reflect the new instructions in it. This causes a fork in the proverbial road, hence the name.
Bitcoin, the first cryptocurrency, has already seen a number of hard forks. Currently, there are 9 significant hard forks and roughly 25 more scheduled for this year. FoxBTC is one of the planned forks of Bitcoin.
FoxBTC aims to empower company-based forking in the crypto markets by enabling users to store and exchange any airdrop. Users will be rewarded on a 3,6 and 12 month basis through the FOX airdrop program.
Having analysed Bitcoin’s current coding, the team members behind the fork have identified its lackings and, according to them, underlined specific objectives: Hybrid System, Larger Block Size and GPU Mining.
Hybrid System means that FoxBTC will deploy not only Proof of Work, the mining system used by Bitcoin to generate new blocks, but also Proof of Stake. This would allow users, who put their coins for stake, to earn 6% annual incentive. The Proof of Work system will give 50 coins per block, with no plans of reducing it.
By increasing the size of Block to 10MB, the team plans to improve scalability for transaction volume, allowing for a minimum of 3 minute block interval.
Since the current mining of Bitcoin has become so processing power intensive, a normal user cannot mine them anymore. FoxBTC developers intend to solve this with the help of normal GPUs.
Scheduled to execute at block number 520419 of Bitcoin, the fork is planned by Z-Magnetars and is currently set on April 30, 2018. Similar to Bitcoin, it will also have a limited supply of coins. Only 16,500,000 FoxBTC will be in circulation, with 5,500,000 of the coins dedicated for the hybrid Proof of Work and Proof of Stake system. 5,000,000 will be set aside for their airdrop. 1,000,000 of the coins will be held in reserve for the Z-Magnetars team.