Bitcoin Cash Reference

 

It seems there are several forks of the bitcoin cash concept. In fact there have been at least three different forks that have come into existence in quick succession. This has resulted in some confusion and a need to sort through all the information. I'll discuss each of the three separate forks below.

The original concept of this virtual currency was based on the work of the bitcoin architect Ulrich Schnorr. His plan was to use the analogy of traditional currencies to explain how buyers and sellers would be able to handle trades on the network. Users would conduct transactions with one of several selected agents who held a unique digital "keys" that allowed them to sign off on a particular transaction. The agent would then create a new transaction and post the keys together with the other details. Transactions could then be created between buyers and sellers operating on the network.

The next major piece of news involving this alternate form of payment is the development of the handlekrypto project. This project implements a proof-of-work model called "proof-of-burn" (poB). The idea behind this system is to implement proof-of-life into the bitcoin ecosystem. Basically, this means that if you burn your bitcoins you will get a certain amount of money back called a "burn fee".

The third major Bitcoin Cash Reference is the bitcoin reference client (BTC). This is basically an upgraded version of the current bitcoin wallet client which allows users to make use of the much more powerful elliptical trading platform. This upgrade allows users to make deposits as well as spend funds from their account in this fully automated trading system. This project is in fact the second major technological leap forward for the digital currency.

In the past the only real way to secure a portion of one's funds in the event that the entire network went down was to coordinate with various government agencies for an international Marshall plan. Unfortunately, many of these government agencies are currently split between competing agendas and funding plans, leaving them unable to agree on a plan to provide long-term security to investors. Fortunately, the bitcoin community made a decision to institute a long-term effort to design and develop an effective solution for securing investor's funds using multiple full nodes and the prove-chain infrastructure funding plan.

One of the most unique aspects of this technology is that it uses a Proof of Burn strategy. This would allow investors to burn their existing funds and at the same time have the opportunity to have their burned funds added to the proof-of-burn pool. This concept is similar to what happened when the Internet discovered that people could collectively burn their unused bandwidth and storage space in order to free up capacity. Now you can consider this a parallel to traditional storage space utilization and burn policies, only it is executed via the Internet. With a decentralized autonomous organization, the ability for individuals to control the distribution of their own money is now at a truly global scale.