Over the past few days, a lot of people have taken an interest in BTCD, also known as BitcoinDark. As this is a relatively new Crypto, with an incredible amount of trading volume, I want to take a closer look at what makes BitcoinDark so special.
By making BitcoinDark a community-driven digital currency, you are certain to win over a lot of people immediately. After all, we all want our cryptocurrency to be decentralized , open and …anonymous? Well I still don’t care about anonymity , but let’s continue.
The promise we are getting from the BitcoinDark developers is intriguing though. They plan to make add support for P2P trading , an asset exchange, private sports betting (ooh!) and much, much more. Okay, I’m getting slightly interested now.
As BitcoinDark wants to preserve users’ privacy, CryptoNote features are currently being developed , which will utilize the pNXT platform. No official ETA has been given on when we can expect these features however.
As a result of the CryptoNote features, we will also see a near real time decentralized exchange, called Instadex. A peer-to-peer private sports book (Privatebet) will follow later. More projects are expected to be announced in due time.
BitcoinDark is ASIC compatible, because it uses the SHA-256 algorithm (like Bitcoin). Unlike Bitcoin however, BitcoinDark will also have a Proof-of-Stake phase. Speaking of which, the original Proof-of-Work phase has already come to an end, but have no fear, a multipool is available here.
As I mentioned before, BitcoinDark is a cryptocurrency for the community by the community. Feedback and ideas are encouraged, “as a good coin should be developed by the people that use it.“
In a recent update by the developers, the first successful MGW multisig deposit was made! The most significant part of news about this is that it generated an asset transfer. More details about this announcement can be found here.
Earlier today, an interesting log was posted about what is on the horizon for BitcoinDark in terms of development. You can find this log here
Let’s take a look at BitcoinDark’s technical specifications :
**Pure Proof of Stake with Proof of Work period upon release
**Proof of Work Algorithm**: SHA-256
**Total Number of Coins**: 1.6 million PoW / 22 million total
**PoW Block Reward**: 80 BTCD
**PoW Blocks**: 20,160
**Total PoW Coins: 1.6 million
**PoW Target Blocktime**: 1 minute
**RPC Port**: 14632
**Time to Maturity**: 110 Confirmations
**Proof of Stake Reward**: 5% per year
**Minimum Coin Stake Age**: 8 hours.
NOTE FROM THE DEVELOPER : There is a 1.5% pre-mine which will be used for development purposes.
BitcoinDark can be traded on some of the more prominent exchanges : BitTrex, Atomic-Trade and Cryptsy.
So far, I can’t find anything wrong with BitcoinDark. Despite there being no real services out yet, some good projects have been announced. The fact a lot of trading volume is exchanging hands before these projects have come to fruition worries me a bit though. But make of that what you wish, and do your own research!
If you want to find out more about BitcoinDark :
IRC Chatroom: https://kiwiirc.com/client/irc.freenode.net/bitcoindark