When the world is hard trying to understand Bitcoin 1.0, are you ready for the Bitcoin 2.0 era?
It is inevitable that new and developing technologies will continue to be questioned from birth to recognition by public while the whole industry is constantly in turmoil. However, behind the controversial crypto assets represented by Bitcoin is a series of magnificent potential technologies.
Bitcoin 1.0 uses a new underlying infrastructure to provide the public with a distributed accounting, online p2p transfer of value, without any central authority to verify transactions. During transaction process using Bitcoin, both parts can confirm whether the transaction is transferred by themselves, without third-party endorsement and guarantee, and the transaction can be anonymized.
Bitcoin uses technology as a support to opening a new chapter in the trading market, which is currently the largest application market for Bitcoin. But as Bitcoin is committed to using technology to handle a wider range of transactions, it has certain shortcomings.
Bitcoin can be recognized by the market as one of the most welcome new payment methods because of its advantages such as anonymity, security, and cross-border transactions. However, if there are shortcomings behind these advantages, developing from 1.0 to 2.0, Bitcoin wants to completely transform into a more advanced and highly applicable road will face many difficulties.
BED, born to empower Bitcoin
In response to the current difficulties faced by Bitcoin, BED develops more advanced public chain technology on the basis of Bitcoin technology to make up for the deficiencies of Bitcoin at the current stage of development. BED and Bitcoin have completely interlinked economic attributes, but the payment environment of BED is greater, safer and more reliable.
After market discovery and testing, Bitcoin transactions are not completely anonymous. By tracking back to a certain link in the transaction process, the personal information of the trader can be found. Because Bitcoin technology cannot be completely decentralized, transactions are not truly anonymous, and due to pseudo-anonymity, transaction information remaining in a certain link is very easy to be discovered and used by people who want to perform illegal operations, then further to reduce the security of the transaction and ultimately lead to asset loss.
But using BED system for payment perfectly circumvents these current shortcomings of Bitcoin. To solve the problem of pseudo-anonymity, BED improved and expanded the Bitcoin algorithm and consensus, and adopted the principle of currency mixing to ensure complete anonymity of transactions. BED mixes coins from different issuing addresses before sending them, cutting off the connection between the output and input addresses. In addition to the transaction value, all transactions will be broken down into scattered, independent, and unrelated small transactions. The principle of currency mixing can protect user privacy to the greatest extent.
In order to ensure transaction security, BED adopts the PoW+PoS hybrid consensus algorithm mechanism, and on this basis, the ticket model is developed to increase the difficulty of the attack, so that the possibility of network attacks on the BED chain is almost zero, because attacking the BED network is equivalent to attacking himself under the unique BED ecological design.
BED , the real Bitcoin 2.0
On BED chain, the block processing capacity and instant arrival speed are much higher than Bitcoin. With the continuous upgrade of the Bitcoin network, block congestion has become more and more serious, and transaction confirmation has become slower and slower. For those who urgently need to confirm transactions, Bitcoin payment is no longer the best choice. The BED is backed by the Bitcoin blockchain and uses the Lightning Network to achieve fast confirmation and fast receipt. This will break the bottleneck of the blockchain's processing capacity while simultaneously solving high latency and low capacity.
Unlike the Bitcoin single payment scenario, cross-chain transactions can be carried out on the BED main chain network and off-chain. Merchants use tokens on other blockchains, such as Bitcoin and Ethereum, which can be directly exchanged for other crypto assets with BED off-chain. This will make the future payment process easier, more convenient and faster, and the cost is also decreasing.
The cross-chain atomic swap feature of BED is not only beneficial to traders, but also to developers. The vision of BED is to become a technical underlying support system and provide an ecological development platform for other projects. Developers can access the BED network to launch their own tokens. The construction and expansion of functional applications in these new scenarios has not only helped completing new projects but also increased the value of the BED coins to realize a good ecological cycle, and achieve a win-win situation for all parts.
In addition, in order to expand the ecosystem, BED will re-use Bitcoin mining machines to solve the problem that millions of Bitcoin miners face the problem of low income and unable to support mining electricity fees, to reproduce economic value and increase the income of miners.
The era of Bitcoin 2.0 led by BED has arrived!
