We have seen many different forms of Bitcoin in the past few months. Most of these coins are clones trying to capitalize on the Bitcoin brand. So far, only Bitcoin Cash has made any impact, although things are always subject to change. Whether or not Bitcoin Rhodium will be worth keeping an eye on remains to be determined.
The Idea Behind Bitcoin Rhodium
It has become evident that there are and will always be many forms of Bitcoin. It is also apparent that nearly 99% of these forks will have short lifespans, as people simply do not care about currencies which offer nothing special. Nevertheless, we have seen a vast array of Bitcoin clones, all of which are trying to capitalize on the momentum of the world’s leading cryptocurrency. Bitcoin Rhodium appears to be no different in this regard.
Bitcoin Rhodium tries to differentiate itself as being limited, rare, and resistant. While that may sound appealing to some, it doesn’t exactly make Bitcoin Rhodium stand out either. The total supply of 2.1 million coins is very different from previous Bitcoin hard forks, though. Currencies with lower supplies tend to see a few pump cycles in quick succession.
Bitcoin Rhodium can be mined, just like pretty much any other version of Bitcoin on the market today. However, only half of the maximum supply will be generated through mining, whereas the rest will be taken care of through two airdrops and a 10% premine. Any currency which has a premine is often shunned by cryptocurrency veterans, which is only to be expected at this point in time.
Interestingly, the proof-of-work algorithm for Bitcoin Rhodium will not be SHA-256. Instead, the project uses the X13 algorithm, which was popular among a fair few altcoins years ago. With a block interval of 10 minutes and a size of 4 MB, it is certainly an improved version of Bitcoin. Even so, Bitcoin Rhodium is still an altcoin with everything to prove and very little to set it apart from other cryptocurrencies available today.
It also appears there will be some future products which can be purchased with Bitcoin Rhodium. That in itself is pretty interesting, although it is not the use case most people will be looking for. With no exchange officially confirming support for this altcoin as of yet, it will be quite challenging to ensure BTR gains traction.
Thankfully, there is a roadmap to take note of. For now, the project will mainly focus on the airdrops, publishing the source code, and unveiling the BTR block explorer. Future plans include introducing wallets, merchandising, and the prime nodes system. There will also be a focus on anonymization, although no specifics are known at this point.