FoxBTC, a new Bitcoin fork, is on the horizon. With a main goal of empowerment, allowing anyone to store and exchange any airdrop, FOXBTC looks to stand out from the many expected BTC hard forks this year.
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The fork will be performed by the tech company Z-Magnetars, launching FOXBTC on April 30th at block height 520419.
With 9 Bitcoin forks already released in 2018, and another 25 expected to debut this year, FOXBTC looks to facilitate company-based forking and allow users to store and exchange any airdrop.
FOXBTC calls this Airdrop Banking, and it allows users to store, exchange, or withdraw airdrop coins through the program, which distributes rewards in time periods of 3 months, 6 months, and 12 months.
The new hard fork will secure its blockchain with a hybrid POS/POW mechanism, providing a 6% annual POS reward and a GPU-mineable POW algorithm with an incentive of 50 coins per block, at a rate of 3 minutes per block.
FOXBTC looks to solve Bitcoins scaling problem by utilizing 10 MB block sizes, which combined with the 3 minute block times (3x faster than Bitcoin’s 10 minute block times) should result in a theoretical transaction volume capacity 30x greater than Bitcoin’s.
In total there will be 27 million coins, with a 5 million coin premine. 4 million will be allocated for the airdrop, and the last million reserved for the team. 5.5 million coins are put into the PoS + PoW, with 16.5 million coins circulation, akin to Bitcoin.
Bitcoin allows anyone to customize the technical specifications in the form of soft forks and hard forks. Soft forks are backward compatible software upgrades while hard forks are necessary for more radical changes in the programming.
Bitcoin saw two major forks last year, that represents different ways to solve the Bitcoin scaling problem. Bitcoin Cash was the first, which officially launched in August and aimed to improve the scalability of Bitcoin by increase the block size to 8MB.
Being the first Bitcoin fork, it was met with lots of controversy and backlash, but had its price peak to $3,900 and is even supported by some of the largest Bitcoin companies, like Coinbase and BitPay.
The second fork that caused a stirring in the community was Bitcoin Gold, which launched later that year in October. Bitcoin Gold’s goal was to make mining GPU accessible again, SHA-256 was an algorithm that is ASIC dominant and has been for several years now.
To combat this, Bitcoin Gold utilizes a new POW algorithm, as well as an Equihash function.
Several other smaller forks were released last year, with many more to come this year. Claiming the free tokens that are usually distributed to users who have Bitcoin in an address would be time-consuming when done individually, and the sheer number could see users missing out on some forks.
Not only does FOXBTC make sure users receive all tokens they are entitled to, but gives the forks equal exposure, fully embracing Bitcoins decentralized character.
‘For more information about the upcoming Bitcoin fork, visit FOXBTC’s website. To chat with the community and team members, join their Telegram channel.
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