As the trend continues, another fork may soon grace the industry in form of Bitcoin Silver. It was introduced in less than a day after Bitcoin Gold forked from the BTC Blockchain. The developers did spread the news across media that they intended to make Bitcoin decentralized again.
According to their description along media, Bitcoin Silver will tend to provide opportunity for countless people around the world to participate in the mining process with widely-available consumer hardware which is going to be manufactured and distributed by renowned companies.
However, there are no such technical details associated with Bitcoin Silver available right now. But we know that it will follow Bitcoin cash-style distribution methods and will be widely available to BTC private key holders by December. But the exact block the fork will occur stills remains unknown to most of us.
The original purpose of Bitcoin Silver was to make the mining process decentralized again. The idealistic vision of Satoshi Nakamoto was undermined by a very small number of entities who have dominated the field and abused practices against individual miners and Bitcoin network as a whole. A change in Bitcoin’s proof-of-work algorithm will provide opportunities to people to participate in the world mining process easily.
- Implementation of new PoW algorithm will make the mining decentralized again. Special computer hardware designed especially for BTC mining is now obsolete for mining BTG allowing ordinary users a chance for better mining.
- It will be the fairest and most efficient method of creating and distributing a new digital asset. Coins created from new origin block will concentrate the ownership among a small group of people.
- Bitcoin silver has also looked over the aspect of replay protection in detail. In order to ensure the safety of the ecosystem in general, an essential feature is added to make sure that users are protected from using coins accidently.
- It is a free open source software that is being developed by volunteer developers which is supported by a rapidly growing community of Bitcoin enthusiasts that is present all over the globe.
What actually is Bitcoin Silver?
It is fork of Bitcoin Blockchain that will come into existence in December. Bitcoin silver miners will initiate creating blocks with new proof-of-work algorithm which will cause division of Bitcoin Blockchain. The original will remain operating unaltered but the new branch will be a distinct Blockchain with same transaction history till it diverges from the original. As a result of this, new cryptocurrency will come into existence.
How can one get it?
This question is frequently asked by many people. The Bitcoin Silver initial coin distribution method is the same as used by Bitcoin Cash. The Bitcoin holders who have the ownership of BTC private keys will receive Bitcoin Silver at the stipulated rate.
Every person might have a different thought on this new coming fork. Regardless of the general opinions, the Bitcoin infrastructure has been transformed dramatically in recent times with a worldwide recognition.