On March 31, BTC.com announced through its official Twitter profile that it has started to mine Bitcoin Vault (BTCV) internally, in a first step towards launching a public pool on its website at a future date.
BTC.com hosts some of the most popular and trusted mining pools in the crypto industry. They run pools for all major Proof of Work-based cryptocurrencies, including Bitcoin, Ethereum and Bitcoin Cash. Current pool distribution statistics show that over 10 percent of Bitcoin’s total network hash rate is channeled through BTC.com pools.
Launched in 2019, Bitcoin Vault is a cryptocurrency project focused on providing a higher security standard to its users. BTCV’s unique 3-Key Security Solution allows for transactions to be reversed within the first 24 hours of being sent to the network.
BTCV broadening horizons
The partnership between Bitcoin Vault and BTC.com has been in the making for over six months. According to BTCV’s Chief Communications Officer, Radek Popiel, the announcement represents a significant step in opening up BTCV to a wider mining community. “This is an exciting moment for Bitcoin Vault as we are confident that the project is ready to be exposed to such a large audience,” he says.
Popiel explains that BTCV is currently in the process of a “controlled decentralization” after an intensive period of focusing on product development and security improvements. “This is a gradual process that will take some time but joining BTC.com is a significant first step towards our goals,” he adds.
We are thrilled to announce that https://t.co/38N9uRkEEb pool has deployed and started internal BTCV mining，and we will launch BTCV address entry in the near future to facilitate the miners to join rewarding activities.
— BTC.com (@btccom_official) March 31, 2021
Centralize to decentralize
As part of their “controlled decentralization” plan, the partnership with BTC.com comes as a significant milestone in Bitcoin Vault’s growth, as the project seeks to return to its initial goals.
Upon launch in late 2019, the BTCV blockchain was fully decentralized. Anyone could join the network and begin mining. However, in early 2020, the chain became the target of multiple 51% attacks. This led the team to close off and centralize the network.
“We had to make a decision: to go into a “hash war” and repel the attackers or focus purely on coding to deliver what we promised to early adopters,” recalls Popiel.
He classifies the strategic decision as crucial for the future of the project. It has allowed the development team to securely deliver a fully functional product following the promised roadmap.
BTCV’s goal is to fully decentralize its network again by the end of 2024. The team plans to gradually release hash-power to various external partners to mitigate the risk of further network attacks.
What is BTCV?
Bitcoin Vault is a cryptocurrency project built with user security as the highest priority. They have implemented a 3-Key Security Solution to their blockchain, which gives users a 24-hour window to cancel transactions.
The 3-Key Security Solution is the first of its kind in the crypto world, providing an answer to a problem faced by many beginners. BTCV and its 3-Key Security Solution complemented by their current ecosystem of apps, such as the Gold Wallet helps people start their adventure in crypto with more confidence.
What comes ahead for the project?
The BTCV team has been energetic regarding the ambitious roadmap for developing the project’s ecosystem. The following are some of the main features BTCV plans to implement soon:
- Controlled decentralization
- Enabling Gold Wallet notifications for 3-Key transactions
- “Simple” and “Expert” options within both mobile and desktop wallets
- Internal exchange functionalities within the Gold Wallet
- Third-party wallet and ledger integrations
- Wrapped BTCV – ERC-20 token introducing BTCV to DeFi
- Development of BTCV’s ecosystem of DApps
- Further listings on popular exchanges
To find out more about BTCV’s 3-Key Security Solution, current applications and future developments, visit https://bitcoinvault.global/ .
Official BTCV social media accounts:
Published at Sat, 03 Apr 2021 10:40:36 +0000