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Bitcoin and Bitcoin Cash fork giving rise to WBTC, Bitcoin Candy

Bitcoin and Bitcoin Cash fork giving rise to WBTC, Bitcoin Candy

Bitcoin (BTC) has forked again this year and given rise to World Bitcoin (WBTC) and Bitcoin Cash (BCH) is to fork soon giving rise to Bitcoin Candy.

World Bitcoin (WBTC) has already split from the Bitcoin chain at block 503,888. WBTC has been created to put an end a number of problems that Bitcoin has including transaction fees, long confirmation times and an inefficient blockchain.

WBTC founders say they want to solve the practical problems in the Bitcoin Network from a global perspective and offer more diverse scenarios of applications. They founders have created blockchain 3.0  that they claim is a system characterized by an infinite platform of smart contracts, high concurrency, low fees and blocks with upper limits. WBTC founders also claim that their coin will be spearheading the change in the crypto scene.

In total there will be 2.121 billion WBTC, with 21 million being managed by the WBTC Foundation for marketing, building a global ecosystem, and developing new features. Bitcoin users can get 100 WBTC for 1 Bitcoin.

The second fork that will be happening is going to be from Bitcoin Cash that will fork into Bitcoin Candy. Bitcoin Candy is due for a split at block 512,666 where it will continue on its own 8Mb block chain. BCH users will get CDY at a ratio of a thousand per Bitcoin Cash. The vision behind this one is a system resilient to quantum computing which many speculate will break the existing blockchain model.

The Bitcoin Candy website states: “As top technology companies like D-Wave, IBM and Intel are ramping up their investment in quantum computing research and development, the age of quantum computing will probably arrive in five to ten years. As such, ECDSA-based cryptocurrencies will become breakable by quantum computers. The CDY team will focus on experimenting with post-quantum signatures to secure cryptocurrencies.”

Blocks will be created much faster, at a rate of every two minutes and a total supply of 21 billion will be available, 10% of which will be pre-mined as an incentive for early developers and adopters. 2018 is likely to see a lot more forks in the Bitcoin ecosystem which continues to evolve beyond its original and somewhat obsolescent from.

About the author

Richard Newman

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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