What is Bitcoin Plus?
You must have probably about the world’s first digital decentralized crypto currency “BITCOIN”, but this article is about Bitcoin PLUS.
Yes, Bitcoin PLUS is a different cryptocurrency than Bitcoin. It is not any modification to Bitcoin, neither it is any extended part of Bitcoin. Bitcoin Plus is a totally different cryptocurrency from Bitcoin.
Decoding Bitcoin PLUS
Bitcoin Plus was launched through an ICO on the Poloniex Exchange in early 2014. However, the creators did not carried it any further, collected the funds raised through ICO and just disappeared Later, Bitcoin PLUS was adopted by some community members along with the original investor at first place who dedicatedly worked on Bitcoin PLUS, hired coders and engineers to fix the coding of the Bitcoin Plus wallet and then re-introduced it in the market.
According to the original investor, Bitcoin PLUS is re-incarnated Bitcoin but with many improvements. Thus, it is called Bitcoin PLUS.
What’s the Catch?
- Bitcoin PLUS was built purely on Proof-of-Stake concept (here miners are not rewarded with any new coins, rather they take only the transaction fees). But later on with more updates, the Bitcoin PLUS network was modified with an ability to secure the network using Proof-of-Work concept (here miners are rewarded with new coins after solving mathematical puzzles). Thus Bitcoin PLUS is a hybrid mixture of POS/POW, which means if the Bitcoin PLUS network ever faces any issue, things can be resolved by switching the network to Proof-of-Work concept for a short while.
- Bitcoin PLUS has only one million coins in it’s network. Bitcoin PLUS network involves 20 percent annual staking until all one million coins have been staked. According to original investor, this is the most hyped feature of Bitcoin PLUS.
- Bitcoin PLUS was $.08 in January 2016. And in March 2017, it rosed and made a high of $131 . Presently it is trading around $49.37 (as on 21 April 2017).
- Bitcoin PLUS has an average block processing time of 60 seconds
Difference between Bitcoin and Bitcoin PLUS
- There are 21 million Bitcoins in total in Bitcoin network but only one million Bitcoin PLUS.
- Bitcoin is built on Proof-of-Work concept where as initially Bitcoin PLUS was built on Proof-of-Stake concept and with some later modifications it is now a hybrid mixture of POW/POS.
- Average Block Processing time in Bitcoin is about 10 minutes, where as in Bitcoin PLUS, the average block processing time is One Minute, which makes Bitcoin PLUS 10 times more faster than Bitcoin.
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