Bitcoin needs no introduction as it is the first digital currency to start the crypto revolution. Over a decade since its inception, Bitcoin remains one of the most celebrated cryptocurrencies in the market today. However, when it comes to the network scalability and performance, there are still a few loopholes that need to be addressed.
The Bitcoin Proof of Stake aka the Bitcoin PoS network aims to make Bitcoin even more rewarding, more decentralized, and faster to bring Bitcoin into real-life cryptocurrency payments.
The project reserves all the strongest aspects of the Bitcoin network while adding flexibility with the new Proof-of-Stake algorithm. By adopting PoS over the original Proof-of-Work consensus model, Bitcoin POS introduces better decentralization while preserving the core elements and unique concepts of Bitcoin Core blockchain.
Also, the native cryptocurrency of the Bitcoin POS has a 21 million BPS token supply. The only thing is that it introduces a Bitcoin staking procedure wherein new tokens are created by stakers. Moreover, unlike the Bitcoin halving process of Bitcoin Core every 4 years, the Bitcoin POS reduces block rates by 25% every 700K blocks.
Ever since the launch of the Bitcoin POS mainnet earlier this year in May 2020, the project’s network has gone through a number of updates. Last week, the Bitcoin POS network attained an important milestone of minting 4 million BPS tokens using its Proof-of-Stake (POS) consensus model. This is equivalent to 19% of the total BPS that has been ever created.
Bitcoin POS network will also introduce a cold staking feature allowing its users to earn passive income. Bitcoin Staking never been easy.
Bitcoin POS (BPS) Cold Staking Feature for Earning Passive Income
The peer-to-peer electronic cash system Bitcoin POS will launch its new cold staking feature offering a safer way for users to generate passive income. Cold Staking is one of the popular methods of staking the digital currency in offline wallets while shielding the holdings from the threats of any external attacks.
The cold staking feature of Bitcoin POS delegates staking to third parties who will keep the BPS coins in a more secure way. The Cold staking feature developed by he project requires two main wallets.
- The first wallet uses a sophisticated hardware technology to hold the funds and receive the rewards. This wallet doesn’t need to go online at any point in time.
- The second wallet will serve as a hot wallet and will be online 24 x 7. This wallet will be useful during any of the BPS transactions.
The introduction of the two wallet structure will happen through a hard fork and shall be a mandatory update for all clients.
The entire concept of the Proof-of-Stake (POS) model is that it protects the network against 51% attacks. Besides, it brings additional advantages like no high-end hardware costs for mining.
More importantly, it facilitates passive income generation without using much energy. However, staking through online and hot wallets is riskier and susceptible to online thefts. Thus, the cold staking feature offers a more secure alternative.
Over the last few months, the Bitcoin POS network has registered some important updates in terms of network connectivity. The network brings a new configuration option dubbed Autonomous System Numbers (ASNs) to map the IP addresses. This will help the network nodes to quickly connect with different autonomous systems. It reduces potential bottlenecks as well as eliminates the risks of withholding specific data.
Besides, other updates include some important tweaking in the payment protocol. The Bitcoin POS team has also made some adjustments of its own. In order to reduce the block time volatility, the project has also introduced some difficult adjustment mechanisms.
The BPS Coin has now been listed on crypto exchanges like Cointiger and Bilaxy. Moreover, the coin has also been listed on popular platforms like CoinMarketCap and CoinGecko.
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