We have seen multiple “versions” of Bitcoin come to market over the past few months. Bitcoin Cash is by far the most successful venture to date, although Bitcoin Gold is hanging on by a thread as well. There are a few other hard forks which gained significantly less traction and are all but forgotten about. It now seems we will have Bitcoiin as well, even though this is an Ethereum-based ERC20 token. It’s a very worrisome development, as the name will cause a lot of confusion.
Bitcoiin Will Create Quite a Stir
While it is commendable when people come up with concepts for the “second generation Bitcoin”, the way they go about things often raises a lot of questions. Hard forking the existing Bitcoin code is a commonly accepted way of making a new brand stand out. Creating a new ERC20 token which will confuse novice users is not necessarily the best approach to take. Whether or not this will cause major issues in the case of Bitcoiin remains to be seen, though.
To put this project into perspective, Bitcoiin is positioned as an Ethereum-based system which will offer interesting opportunities to its users. The team claims to have raised over US$12.6 million during its pre-ICO, although it is unclear if this is actually the case. With the original Bitcoin becoming increasingly slow and expensive to use, the time is right to introduce a superior version. Bitcoiin may not necessarily fill that gap, though, but that doesn’t mean the team won’t go ahead with their plans.
According to its website, Bitcoiin incorporates a worldwide network approach, lower costs, and a transaction speed of up to 100x faster than the original Bitcoin. The Bitcoiin project is often referred to as the “second generation of Bitcoin”, even though it is evident this project has little to do with the actual Bitcoin we all know today. It doesn’t even share the same code base, as it is issued on top of the Ethereum blockchain. To many people, this will seem like another ERC20 token looking to steal Bitcoin’s spotlight.
Surprisingly, it will be possible to mine Bitcoiin. That in itself is rather interesting, considering ERC20 tokens cannot be mined by default. It is evident this particular venture will need some explaining, as the Dragon Mining team claims users will be able to mine Bitcoiin in the future. What’s more, the project will incorporate proof-of-stake technology, making it a hybrid digital currency. The staking rewards will add up to 12% per annum, which is quite a solid number, all things considered.
If its website is to be believed, Bitcoiin will have a proof-of-work system. With the HashCash algorithm being used, it is evident Bitcoiin takes a page out of other Bitcoin clones’ playbooks. It will be interesting to see how this venture plays out, although it is possible that Bitcoiin will be an Ethereum-based project which doesn’t use the ERC20 system natively. At the same time, there is an ICO and tokens will have to be issued to investors, and thus there is a fair bit of confusion right now.
There are some future milestones listed on this project’s website as well, indicating Bitcoiin has an actual roadmap as of right now. The official coin launch will not occur until March of this year, with desktop wallet clients coming in April. Mobile wallets are coming in July, which is something to look forward to. Additionally, the team is confident they can attain a price of US$388 per B2G by December, although that seems highly unlikely.