New Bitcoin Fork, BTCU, led by Eric Ma (the CEO) has successfully launched its Mainnet
The BTCU team has officially announced its Mainnet. The launch comes after more than a year of actively perfecting the blockchain. In the statement released, the team which comprises experienced professionals in the digital finance sphere expressed its gratitude to all parties who made the Mainnet a success, including the BTCU community
“The launch marks our most important milestone to date. However, this is still just the beginning!” -according to the team.
The project is led by CEO Eric Ma — a former core member of CoinMarketCap and Nikolai Udianskiy who is known for creating and managing prominent crypto projects for more than 7 years.
The main goal of the new technology is to provide efficient and non-boundary blockchain for everyone. BTCU is based on the best features of Bitcoin and the Ethereum network. The team considered all limitations and outstanding characteristics of the two most popular cryptocurrencies. That is why BTCU is the ideal blockchain capable of addressing scalability, excessive energy consumption associated with mining and transaction anonymity concerns. To make the network more efficient, the developers have created a new mining algorithm based on LPoS combined with PoA.
Chief Technology Officer (CTO) of the project, Andriy Saranenko noted the solution they have offered “involves creating a new energy-efficient mining algorithm called UPoS (Ultimatum PoS), based on LPoS combined with PoA. Where LPoS is for mining and PoA for validating transactions. Provision of smart contract, implementation of atomic swaps and integration of the Ethereum Virtual Machine (EVM.”
The BTCU Mainnet runs on a brand-new Orion Network developed by the team prior to the launch. It is the official platform for testing and evaluating the performance of the network and its ecosystem. Users of the network can check their accrual in the explorer.
The Orion network will also serve a secondary function. Thus, it will enable downloaded wallets to work in test mode to receive feedback from the community and to test the protocol, leasing, accruals, masternodes, validators, etc.
The team is in the process of negotiating with crypto giants like Binance, Huobi, KuCoin and Okex to support the fork. At the same time, other exchanges have already announced their support for the fork. These exchanges are Liquid, Probit, Yobit, Coinsbit, Bkex, Biki, P2Pb2b, LocalTrade, Folgory, Bitforex, BiOne, Alterdice, LBank, Indacoin.
BTCU is a next-gen blockchain that has undertaken the responsibility to solve problems and struggles of the whole cryptocurrency industry. The CEO, Eric Ma, affirmed that “BTCU is designed to be used in many areas from asset tokenization to supply chain, rights management, supply chain & document flow to cross-border payments, and easy access to patient medical records in the health sector”.
This makes the technology universal and multipurpose both for individuals and big businesses.