This is our second in a series of syndicated Huffington Post articles taking BitShares and the Hero to the mainstream.
In a previous Huffington Post article about the ongoing Bitcoin Civil War, we begged industry insiders not to split Bitcoin into multiple coins and ruin its unique status as The Gold Standard. We pointed out that it doesn’t need to upgrade, it just needs to cooperate with other supporting chains that can already do what classic Bitcoin will never be able to do – scale to meet global transaction speeds and bandwidth.
Alas, nobody listened. We may have dodged a bullet on August 1st, we’ll see, but this worry won’t go away. Another Time of Forking now looms in November and eventually we won’t be able to stop it. The system will grind to a halt and Bitcoin will break up in a forking crisis.
once and for all.
We are adding our own candidate to join the other “Alt-Bitcoins” in the ongoing forking Diaspora. We call it Bitcoin United (BTC-U) aka (BTC.BTS). The purpose of Bitcoin United to provide a solution so far advanced that there would be no reason to adopt anything else – thus avoiding a permanent breakup. Bitcoin will remain united through the sheer force of excellence of our long-proven, freely available technology.
A gift to the industry.
BTC-U will be gifted one-for-one to all holders of BTC at the last unforked “classic” block when the Time of Forking inevitably arrives (we won’t fork it over until somebody else breaks the taboo – then it will happen automagically). When that final fork up occurs, Bitcoin United will come to the rescue – providing a solution so much better than what we’ve been offered by the insiders and other special interests that there will remain only one true Bitcoin.
for some tiny, ineffective code changes anyway,
why not go all the way and fix everything at once?
Bitcoin United upgrades Bitcoin to the state of the art in blockchain technology, permanently solving more than just its intractable lack of scalability, but all twelve of Bitcoin’s most serious limitations. (More about that in a future article.)
And Bitcoin United gets an automatic free upgrade to EOS.io technology with unlimited bandwidth later that same year. But for now, we’ll settle for having all transactions under three seconds and scalability beyond 10,000 transactions per second – enough to skip Bitcoin’s next ten regularly-scheduled forking dramas.
The Great Bitcoin Dodecathon
Let’s look at how the “Alt-BTC” Olympians stack up against each other in the current Bitcoin Dodecathon. (Much nicer sounding than “Bitcoin Civil War,” don’t you think?) Here's a few of the twelve main events.
Transaction Bandwidth. BTC classic has just 7 transactions per second for the whole world to share. The other alts seek to double this once or maybe twice. Bitcoin United can cruise beyond 10,000 transactions per second without breaking a sweat. It frequently breaks its own record for transactions per day - beyond Bitcoin and Ethereum records combined.
Transaction Time. BTC classic can take an hour (or days) to complete one transaction unless you pay the premium Bitcoin must use to ration its bandwidth. Bitcoin United takes three seconds…tops. The other alt-BTCs merely stretch the rationing a bit.
Inflation Rate. Bitcoin United ends inflation the day it takes over. It uses DPOS technology instead of POW so there is no need to pay miners and no need to add to the supply. All other solutions keep POW to serve the needs of Big Mining, not the public. Who’s diluting what’s in your wallet?
Operating Cost. Bitcoin United has no operating costs, sipping green energy while the others guzzle hundreds of millions of dollars worth of coal-generated electricity annually.
Counterparty Risk. The only way to trade the other candidates is to risk them on a corruptible off-chain exchange. Bitcoin United unites Bitcoin holders with hundreds of other assets on the same blockchain where they can trade at the speed of light without counterparty risk. How many more hacked exchanges will it take before this sinks in?
How it Works
By now the expert reader has had enough clues to recognize that there is only one real-time industrial grade blockchain technology that can deliver this mix of performance and features. That’s right. Bitcoin United (BTC-U) aka (BTC.BTS) will be hosted on the BitShares platform as an olive branch to the Bitcoin community. After all, we’ve benefited from the ecosystem that Bitcoin built and it’s time to give back.
On the day the fork occurs, BitShares will grab a “snapshot” of the state of the Bitcoin blockchain. Shortly thereafter, BitShares will distribute matching BTC.BTS to every BTC owner on the BitShares blockchain. All you’ll need to do is import your bitcoin keys into the BitShares wallet and claim them!
Boom! Instant upgrade to light speed. From that point on, we’ll let the market set the price for slow vs. fast bitcoins. But at least everyone will have a choice!
What Makes Us Believe that Bitcoin United will be Adopted?
Well, the vested interests in old code and old hardware will never accept their own obsolescence, so we aren’t worried about that. But our Billion Hero Campaign is giving away a billion dollars worth of BitShares to mainstream user causes in the coming year – just to draw attention to Bitcoin United and our new HERO – a stabilized smartcoin that is programmed by smart contract to grow at 5% annually against the dollar.
on the same counterparty-free blockchain.
Then begins the rapid game of attrition. After the world gets used to green energy, low-cost three-second transactions and stably appreciating smartcoins trading on a single blockchain with robotically honest built-in exchanges, it will become increasingly clear that Bitcoin United has saved the industry from a forking disaster.
Thanks to our Billion Hero Campaign, the first things most new mainstream users will learn about in the coming year is Bitcoin, BitShares and the Hero. It will be our lightspeed bitcoins that they first experience.
Just sayin’...
Stan Larimer, President
Cryptonomex
The Godfather of BitShares and the HERO
Image credits: see embedded links
About the Author -- Stan Larimer
Follow Me On Steemit - The Social Media Platform That Pays
Please Connect To Me On Linkedin!
Greatest Hits
Bitcoin and the Three Laws of Robotics
Engineering Trust with Charles Hoskinson
The Origin of BitShares
The Hero from BitShares Island
Key Links
Here are some of the best links for inquiring about us:
The Original HERO Definition Post - “The Hero from BitShares Island"
https://steemit.com/bitshares/@stan/the-hero-from-bitshares-island-5
The Billion Hero Challenge Announcement
https://steemit.com/hero/@stan/the-billion-hero-challenge
The Avant Garde Magazine Special Issue
http://www.magcloud.com/browse/issue/1313226
The Video
By far the best resource for new people is our “TED Talk” in front of a live studio audience in Hollywood. Everyone loves it for some reason. There is no better way to know all about us in one sitting.
Read the version in the Huffington Post if you can. Michael greatly improved it.
Well thank you sir, I am here to assist as always :)
Exclusive interview with Moneymaker from the darknet
Hello.
Recently we contacted a person who works in the darknet and offered to give an exclusive interview to our project. Our man spoke with an anonymous user and it turned out quite interesting interview,
which is not a pity to assign a label for an exclusive interview. I hope that you will be interested......Only the latest news in the world of crypto currency!!! Subscribe to Forklog news..
"However it puts more strain on the blockchain" ... wrong!
http://www.FlippyCoin.com is the #1 Cryptocurrency Exchange! ... wrong again!
I think somebody above has confused BitcoinUnlimited with Bitcoin United, which are different things. In this post I examine why the UAHF is probably going to cause a short squeeze on Bitcoin this weekend leading into next week. You can make money on this, but it will be risky.
Why the $BCC Fork Will Cause a Short Squeeze in Bitcoin That Affects You
So... who has the cajones to put this on r/bitcoin and bitcointalk? There is a hornets nest that needs kicking :)
Here we go:
I've put it on /r/btc and /r/cryptocurrency:
Needs some upvotes and positive vibes, haha!
hahaha I will :p
Thanks for the extra heads-up on the article too, what a great job! Namaste :)
interesting! thanks
Excelente .. saludos desde venezuela..
Okay I will surely read thanx
Very good and interesting post.
Hey there... have a read of my Bitcoin poem... let me know what you think :) people have said it brought tears to their eyes.
https://steemit.com/bitcoin/@arthur-schopen/30-bitcoin-i-penned-a-poem-for-you-it-s-my-first-poem-ever-so-be-gentle-haha
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Exclusive interview with Moneymaker from the darknet
Hello.
Recently we contacted a person who works in the darknet and offered to give an exclusive interview to our project. Our man spoke with an anonymous user and it turned out quite interesting interview,
which is not a pity to assign a label for an exclusive interview. I hope that you will be interested......Only the latest news in the world of crypto currency!!! Subscribe to Forklog news..
I'm starting to get excited!
Upvoted. Re-blogged. Promoted/
Here we go..........................
Wicked news, thanks for sharing. I believe this consolidation is going to shake a few things alright. ;)
Namaste :)
@onceuponatime.. Everyone loves when you excited young man:) cheers!!!
And with good reason!
Great work! Thanks for the shout-out to my Steemit post, It's amazing how a discussion can evolve so quickly in the Bitshares community! :)
Hey there... have a read of my Bitcoin poem... let me know what you think :) people have said it brought tears to their eyes.
https://steemit.com/bitcoin/@arthur-schopen/30-bitcoin-i-penned-a-poem-for-you-it-s-my-first-poem-ever-so-be-gentle-haha
One post after another, the surprises keep on coming with more icing on top! It is hard to believe and can't wait to see the results of it as it propels itself into the crypto world. All for one and one for all! Namaste :)
This is an interesting and exciting potential PR win.
I would like to here more about the switch to DPoS from PoW. This is a pretty huge fundamental change that makes this not really bitcoin, no? Isn't it a little simplistic to say that PoW "serves the miners", since the intention was to simply create an incentive to secure the network?
Satoshi's intention has been hijacked by less than a dozen big mining companies. Since mining wastes hundreds of millions annually and is not needed, why are the leaders of bitcoin still using it?
Well, I guess the answer would be some people think PoW is more secure (or more something else) than PoS.
I'm not endorsing either view, but it's the only answer I know for your question.
Bitcoins electricity consumption and miner fees are certainly tiny compared to the expenses and salary of all the parasitic banks, no?
Nice article explains some of the forking issues from a Bitcoin perspective...
Bitcoin Forks Ulterior Motives
Stashing place for other links on the topic:
Bring on the Split
Bitcoin Community Cheers as Miners Back New Scaling Framework
These Bitcoin Wallets are Ready for a Fork
Government Sponsored Segwit is Dead on Arrival
Bitcoin Segwit2x Update War Coming
Segwit Vs Segwit2x Ready Bitcoin - Good summay
Bitcoin Cash - What You Need to Know
Sounds like another great idea from Team Bitshares!
can't say no to free money... this is better than byteball :)
Very good plan! I know a lot of people have lost confidence in Bitcoin because of this recent inability to reach an agreement. If there is a way to prevent this in the future we need to seriously consider it.
Bitcoin United. I like the sound of that.
Wait a cotton picking minute !!
Dos that mean I should buy some BitShares And Hero ?
I got to be the 100th voter for this article.
This is brilliant!
Me again, I am here to notify you that I have also translated this article to chinese to share to chinese community,hope you approve me to do so!
Upvote me if you like my action
link here: https://steemit.com/cn/@incrediblesnow/5knurq
Upvoted, followed, and resteemed! This sounds fascinating, looking forward to more info; thanks for sharing!
And the mining Cartels are just gonna stand by while good sense takes over? This makes too much sense, why hasn't this taken center stage?
Those 3 secs transactions would be a solo reason for mass adoption in the crypto. It's the best thing I've read today. If this goes live this will drastically fasten the crypto business market and economy. And in that case we could see it mainstream adopted too because avoiding price loss would be much easier.
Good work on that, Stan. Thank you for sharing and we're wishing you the best.
So many intersting developments!
Well written Stan and such a great solution :)
So glad to see that action is being taken to make this BTS option a reality! I do hope, however, that it is never needed.
Now that's one BTC "fork" I'd hold onto.
Interesting indeed... The bitcoin now have only one good side - network effect / wide adoption. So this BTS-U looks like more of PR for BTS than a real deal, but why not? This "bitcoin" is as much bitcoin as Abrams tank is Ranault-LT tank. They both a tanks, but that's it. )))
@stan can you please name the main reasons to fork BTC onto BTS-ecosystem, instead of doing a completely new asset witch may be better suit the role of "digital gold"? As far as I can see its:
As I mentioned in the article, its better for all coins to be on a counterparty free exchange. If bitcoin moves there, so will others.
I say it again Bitcoin is not going anywhere. this article just proves my theory.
I am so excited! Can't wait to see where this takes Bitcoin and other cryptos. Upvoted and resteemed!
Sounds awesome! Let's see!
This is actually ridiculous.
Basically taking away all the things about Bitcoin that make Bitcoin, Bitcoin and try and capitalize off the name.
Nonsense...
@kyle.anderson Don't you mean taking away all the bad things about Bitcoin?
What 'bad things' about Bitcoin?
Because DPoS is pretty bad as it is.
Very low transactions per second, energy inefficient, mining companies having way too much influence? what's so bad about DPoS?
Well the Tx/s needs to improve.
Energy inneficent - I would argue entropicly secure.
Mining companies have exactly as much power as they should.
DPoS is a tradeoff. Period.
It might not be a bad tradeoff in all cases, see steem. But for sound money, Bitcoin got it right with PoW.
That said, the world really only has a place for 1 maybe 2 PoW 'things'. PoW has very well studied concepts of finality.
Finality in DPoS is ehhhhhhhhhhhhhhh.
Kyle, can you elaborate or point me to something I can read about why DPoS is bad?
Well bad is clearly not the right word.
There are tradeoffs when talking about DPoS, Naïve PoS, Slasher PoS, PoW. Sure you get some speed and consistency features with DPoS with the tradeoff of less security. It is much more nuanced than this and there are many unknown unknowns.
Stay tuned for a more in-depth post about DPoS. I'll probably get lots of flak so it is taking me a while to make sure I keep my opinions separate from reality.
Sure, I would totally appreciate hearing your thoughts on this. It obviously seems like a different 'flavor' of decentralization.
I like different flavor. As long as you are aware of the tradeoffs, it is fine. Steem is doing just fine with DPoS.
Security of DPOS is stronger in practice. You only need to coerce a few mining company CEOs to change the course of Bitcoin.
Disagree.
If you think you can change Bitcoin with just a few big miners you are wrong.
Yup, pretty much.
Cant believe the amount of sheep commenting... bah bah.
We tried knock off bitcoins, nobody want them...
Ugh the BTS shills on this site really get to me sometimes.
There is a freaking reason that bitcoin uses proof of work not DPoS crap.
The problem is not 10 min confirmations - that was solved with ip-ip transactions years ago.
This is an obvious attempt to profit off the Bitcoin name and situation.
Knocking of clones that use the same technology and giving them to different owners - of course that didn't work.
This is a huge technical leap given only to current bitcoin owners. That's two big differences.
Yeah, honestly, these "current owner" airdrops are rediculous...
Most users (and owners) of bitcoin dont actually own there private keys.
So what this airdrop is doing is giving the vast majority of coins to the exchange owners, completly destroying the "fair" distribution model.
So then basically, bitcoin users would then have to buy this token with bitcoins from those who recieved them for free...
I dont see your vision... sorry
It is sad that most people don't own their private keys but that is the future we are going to live in. What do you think banks will be when everything is digital assets.
The airdrop is terrible IMO. Byteball and whatever others have done it is just a mess. What are exchanges going to do?
Vision, you give too much credit.
Bitcoin United is an oxymoron since it is a secession from existing Bitcoin. It precipitates the very split it says it is trying to prevent... With the adoption of BIP91 and soon SegWit BIP141, the Bitcoin network has shown a reasonable ability to evolve and self-amend in a good manner. Some of the ideas presented here are solved in Lightning network and SegWit in the other cryptos such as Litecoin. These can be integrated into Bitcoin as is starting with BIP 91 & 141. This effort adds more FUD than assistance unfortunately...
Exactly.
its good to see a familiar face from youtube, thank you for being skeptical i was almost sucked in by this article. it does sound almost too good to be true with the 3 second transaction times, but one question does this have anything to do with bitcoin or are they just branding it the same just to lead people astray? ie unlimited oooo bitcoin has re-branded after the fork they must have made updates?
The transaction times have been well established for two years. Now that there are multiple development teams, what's wrong with offering a quantum leap to bitcoin instead. Do you still think it will be using the same algorithms 100 years from now? Bitcoin is premium asset. It should be hosted on the best ledger available.
Why hamper the security of the most valued digital asset?
Finality is well understood in PoW.
Wait where did you see me on YouTube :-/
DPoS is a tradeoff. Period.
The going with Bitcoin branding is what gets me here.
sorry i must of got you mixed up with BTCkyle
Haha
Nice post! This sounds incredible - could it actually happen? What would happen to Bitshares tokens? Should I get some? I have EOS, Steem and Bitcoin....;-)
Sounds interesting!
wawo thanks for sharing
So how much hashpower does this endeavor have? Zero.
The fact this is upvoted just demonstrates the ignorance.
Zero hashpower is required for modern blockchains.
Smart readers!
zero hashpower = zero value
"modern blockchains"? Now you're smarter than satoshi?
Scammer is more like it.
"Another key point from today's Mumble!
People ask whether BTC-U will have any value compared to BTC classic. That's up to us! Initially 100% of them will be locked up on the BitShares blockchain - unclaimed. The few that are claimed may be sold on our market - becoming the equivalent of a BIG ICO. People who remember how early bitcoin holders were able to buy up millions of bitcoins for pennies will be there bidding for these (if we market them right). This will bid the price of the few of them up establishing BTC-U with a serious market cap which will get it noticed. This will bring both buyers and sellers to BitShares to claim the supply as it is gradually unlocked in a new gold rush. Since most bitcoin maximalists will decline to claim their BTC-U, these will remain locked up for a long time. So we just need to bring in more new people than BTC-U dumpers to cause the price of BTC-U to grow. And we have the whole HERO campaign to drive traffic to us for that purpose!"
https://web.telegram.org/#/im?p=@BitSharesDEX
BTC-U is NOT bitcoin at all.
You're clearly scamming trying to equate yourself to Bitcoin Classic, which IS a bitcoin client.
Indeed. What IS Bitcoin? An algorithm or a token?
Neither. Its a network of hardware that spans the globe that is mainly a distributed database (ledger).
Satoshi was just a man. He solved a problem no one had been able to solve before in a very clever fashion, but that doesn't mean his creation did not have lots of room left for improvement.
People that don't understand the how and why of bitcoin aren't in the position to improve on it.
Neat.
I always like an alternative to the norm! ;D
This Should Definetly Be Better Than Bitcoin Unlimited :p
Another Genius Idea Stan looking forward to working much more closely with you @stan you really are a man that wants to make this world a better place!
I think this is probably the biggest danger in crypto right now!
https://steemit.com/cryptocurrency/@cryptocoinclub/blockfolio-addiction-help-group
China is also doing their version of Bitcoin:
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming
This stuff is very interesting because of how extremely important it is to people who are investing or have already invested in bitcoin. I invested a lot, myself.
@stan and @cm-steem you guys are great! Thank you for keeping us up to date and making things happen. How can the bitshares community help best with the Billion Hero Campaign?
This is a great post!
Thanks for information, upvote & folow @stan ;)
great!!
Make my BTC whole again!
Nice nice
great read thanks
Thanks for information
good
I have voted and resteemed
Thanks for sharing information
Great info
like it and voted
It's fantastic! the Bitcoin is revolutionizing the world.
thanks for that info.... im beginning to loose my grip in btc... but still hold to it.... i know it will never be destroyed because it has a strong foundation....
it may be shaken from time to time.... but with its roots strongly holding everything.... i know bitcoin can surpass any tide and trials to come....
way to go btc.... lets face the future together...
I dont get it ... is it a joke?
Nope.