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The Bitcoin network now consumes more than 18 billion kWh annually and this is constantly growing – vast amounts of energy are continually wasted solely for the purpose of sustaining it. To put this into context, if Bitcoin was a country it would rank 71st in terms of energy consumption, surpassing Iceland, Lebanon and Slovenia. Every Bitcoin transaction consumes roughly 175 kWh (approximately $17.5). In Ethiopia, the average availability of electricity is 65 kWh per capita per year. This transaction cost is 10 thousand times that of the Visa network.
Bitcoin is also very susceptible to ASICs, the expensive specialized hardware that has moved mining away from ordinary people and away from the original aim of decentralization. This has placed the majority of mining power in the hands of a select few.
Therefore, we think it’s time for a new direction. Bitcoin Ore is true to Satoshi Nakamoto’s vision of a cryptocurrency that is accessible to all, governed by all, and that works for all.
Website
www.bitcoinore.org
Features
*Low-cost, environmentally friendly POC system that takes the advantage away from expensive ASICs.
*Proof of Capacity technology makes mining accessible to all.
*Returns to Satoshi Nakamoto's original ideal of a decentralized cryptocurrency that anyone can participate in.
*Support for large block sizes and zero-knowledge proof
Timeline and Key Information
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| ║ | Dec. 25th 2017 | ║ | Fork to take place at a block height of 500666 (to be confirmed). | ║ |
| ║ | Jan. 10th 2018 | ║ | Bitcoin Ore Wallet will be released and the network will go online. | ║ |
| ║ | Feb. 25th 2018 | ║ | Proof of Capacity consensus mechanism to go online, shifting Bitcoin mining from POW to POC. | ║ |
| ║ | Sep. 8th 2018 | ║ | Zero-knowledge proofs added. | ║ |
| ║ | Dec. 8th 2018 | ║ | Dynamic checkpoint protection removed. | ║ |
| ║ | Bitcoin Ore fork rules | ║ | 1BTC:1BCO 1 BTC:1 BCO Fork at block height 500666, owners of BTC at the time get equivalent number of BCO. Total supply 21,000,000. | ║ |
| ║ | Mining method | ║ | Proof of Capacity (POC) | ║ |
| ║ | Technical parameters (TBC) | ║ | Block size: 8MB Block generation rate: 5 minutes Difficulty adjustment: 2 weeks Replay attack: 2-way protection | ║ |
| ║ | Volunteer benefits | ║ | After the snapshot, the temporary client will generate 16800 blocks. These will ensure circulation, and after this, the client will freeze and will not produce any further blocks. The income from these 16800 blocks goes into a fund to reward the early developers, to invest in further development, and for the upkeep of the fund. This is considered a voluntary donation from community volunteers (miners). Those who do not wish to support Bitcoin Ore in this way should refrain from mining. After this phase, the regular wallet will go online and mining will change to POC. | ║ |
