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Bitcoin Ultimatum a new-generation Bitcoin fork, combining the best ideas and achievements of the crypto world! A decentralized ecosystem with smart contracts, LPoS mining algorithm in conjunction with PoA, private transactions and other technologies at the heart of BTCU!
Code:
BTCU Technical Specifications
Consensus - Hybrid of PoA, LPoS, PoS. With the name of UPoS (Ultimatum PoS)
UPoS Phase Period - Active since the start of the project
Blockchain type - Linear - on launch period, but the next step to make a nonlinear blockchain.
Block size - 2 MB
Block Time - 60 Seconds
Coin Emission Logic - Supply will be equivalent 1:1 to BTC. All bonuses for staking and ownership will be used transaction commission by BTCU economic policy.
Coin Supply Control - Coin supply will be determined when BTCU is launched. It means that the supply of BTCU is the same as the supply of BTC on a block of forking.
Staking Eligibility:
Minimum Input Age: 60 minutes
Maturity Confirms: 21 confirms
Wallet Status: Requires master-node to be kept running & online.
Transaction Send Eligibility - Minimum number of confirmations: 3 which was calculated and based on UPoS BTCU logic.
Hash algorithm - SHA-256
Accumulator Encryption - RSA-2048
Private address algorithm - ECDSA - secp256k1 (Elliptic Curve Digital Signature Algorithm) - export in standard format WIF
Smart contract based on Ethereum virtual machine (EVM) - popular virtual machine for building smart contracts.
The next step - integrate the environment of the next generation - WebAssembly and make more opportunities for smart contract building
Smart Contract language support - Solidity
SwiftTX Eligibility
1 confirm for locking and 3 confirms to spend.
Collateral held for 15 minutes.
Privacy Technology
Custom Zerocash Protocol based on ZK-Snarks (we call this zBtcu) - is a new protocol that provides privacy-preserving, the new generation of Zerocoin protocol.
Key Features
Custom accumulator check-pointing system, launching own smart contracts, increasing TPS parameter by using the limited amount of validators and SwiftTX technology.
The main Features is a fully decentralized system where 10 main validators are the largest crypto platforms in the world!
Mint time>= 0.5 seconds
Spend time>= 2.5 seconds
Fees (mint) 0.00000100 BTCU per minted zBtcu denomination.
Fees (spend)
No fee to spend
zBtcu back to BTCU
The team of the company for the development of innovative blockchain solutions - Profit Blockchain Ltd. - led by CEO Nikolai Udyansky, she set the task to create a unique blockchain protocol and implement a solution that would meet all the requirements of the modern crypto community. That decision was the BTCU blockchain. The first 10 network validators will be selected among the major projects of the blockchain industry, which will mark the beginning of the Bitcoin Ultimatum decentralized network. If the required number of positive votes is not collected (equal to the number of validators at the time of voting), then the request will be rejected, but the Masternode can make a repeated request. The number of Validators is limited in the network and depends on the network load or the height of its block The blockchain includes smart contracts, anonymous transfers and native atomic swaps.
The first event at the start of the fork will be the accrual of Airdrop to all users of the Bitcoin network on wallets identical in the BTCU network in the ratio of 1: 1 to the BTC balance on the fork block! In other words, after fork, all users will be able to find in our network the same amount of BTCU coins as in the BTC network at the time of branching. And most importantly, to use them you only need to log on your own address in the BTCU network. Everything becomes as simple and convenient as possible with BTCU!
The BTCU project team advocates avoiding classical mining for unloading the network, and also opposes the use of electricity on a massive scale for mining the cryptocurrency. The given approach is based on the fact that the crypto community has become more mature and is developing, changing its point of view in favor of preserving the environment and using more humane mining protocols.The LPoS algorithm creates a voting system that directly depends on the reputation of the validators. If the selected node does not work correctly or works inefficiently, it will be quickly deleted and replaced by another. Therefore, the validators are motivated to act honestly and effectively, so that they are further voted for with their own steak. The main advantages of LPoS are a democratic form of control, scalability and relatively low energy costs for network maintenance. LPoS validators use their processing power directly to process transactions. LPoS allows consensus on new blocks faster than PoW and PoS, as LPoS consensus implies the simplest mechanisms for creating blocks on relatively inexpensive equipment and with a high degree of honesty. In practice, in a LPoS system, a relatively small number of network nodes must agree with the validity of the block so that all transactions in it can be considered to be included in the main chain.
BTCU main solutions and conceptsThe possible solutions to the main problems facing the modern blockchain and cryptocurrencies market can be solved through a complex approach that can be offered by the proper inf rastructure for catering to the needs of market participants and anticipating any future trends.The solution offered by the BTCU team involves the creation of a new mining algorithm, the UPoS (Ultimatum PoS), that would usher in the development of a new blockchain matrix capable of resolving the long-standing issues of the market. BTCU will be based on LPoS mining algorithm combined with PoA, where LPoS will work for users to mine, and PoA to validate transactions. PoA-algorithm of transaction confirmation will allow realizing the throughput of the blockchain at the level of 200 transactions per second, with the ability to scale up to 10,000 tps.
Our team is setting the task of not only developing an innovative solution that would meet all the requirements of the crypto community, but also setting up and constantly improving its product in order to expand its capabilities, and maintain its relevance depending on the needs of the market. The team is also determined to attract developers f rom around the world to develop the network and expand the underlying infrastructure to include international crypto organizations and companies.
The development of the proprietary UPoS (Ultimatum PoS) mining algorithm will be able to resolve many of the issues associated with modern blockchains and offer the market higher transaction speeds, low and invariable commissions, and full decentralization with anonymity as a right of users.
The economy of BTCU has many factors as the combination of many technologies increases the number of them. The main factors affecting the economy are the specifics of the work of consensus, leasing, a large number of types of commissions and dependence on the Bitcoin supply.
Transactions Fee – this is a payment for conducting public and private transactions in the BTCU network, integrating smart contracts into the network, as well as for using smart contract methods.The commission for conducting public transactions on the network is 0.00000010 BTCU (10 sat). The commission can be increased by the Validators by voting if the network load grows and the cost of maintaining the network grows. Regardless of which of the Validators generated the block, the commission is distributed as follows: 10% of the commission is distributed among the Validators; 90% of the commission is distributed between the Masternodes.
The architecture of Bitcoin Ultimatum is based on combining the best directions of blockchain technologies and achieving their optimal symbiosis. Leasing, smart contracts, private transactions and other leading blockchain solutions integrated together into a decentralized consensus UPoS algorithm form a stable and wide network for the entire blockchain community.
