The First DPOS Hard Fork Lightning Bitcoin is on the Way

After Bitcoin Gold, Bitcoin Diamond and Super Bitcoin, another forked-coin Lightning Bitcoin is coming on the way. Initiated by an European team, Lightning, the project will become the first forked-coin that adopts the DPOS consensus mechanism.

Also Read: How to Calculate Bitcoin Transaction Fees When You’re in a Hurry

Fork at Block 499,999

The new project Lightning Bitcoin (LBTC) will fork at block 499,999 on or around December 23, 2017. Why lightning? The team aims to make Bitcoin transfers as fast as lightning, or at a maximum of 24 million transactions a day. How can that happen? The answer is the DPOS mechanism, according to the project’s proponents.

The POW mechanism has long been discussed as the cause of mining centralization and network congestion. Daniel Larimer, author of Delegated Proof-of-Stake Whitepaper explained that miner tycoons control block time to maximize their interests, which will ultimately along with all POW systems be controlled by the fiat system. As such, the Lightning team employs DPOS mechanism that gives voting rights to token holders to avoid control of the system by any party. According to its official website,

The DPOS consensus will significantly reduce the number of participating verification nodes and help LBTC reach consensus in seconds and boost the transaction speed to really be as FAST as lightning.

Who is Behind the Project?

The First DPOS Hard Fork Lightning Bitcoin is on the Way
Jack Zhang

The project hasn’t revealed its development team today, except for the Chinese community leader “Jack Zhang”. But on its website we can see that they already got support from exchanges, BTCC, and Coldlar wallet.

The Initial Coin Offering Craze

Since Bitcoin Cash Read More Here