Two new cryptocurrency forks, World Bitcoin (WPTC) and Bitcoin Candy (CDY) are going to fork at block 503,888 and 512,666 respectively. The fork of Bitcoin Cash led to the wave of bitcoin-related fork projects in 2017.
World bitcoin aims to be the new Bitcoin Cash
With the popularity of Bitcoin Cash fork of bitcoin cryptocurrency, it initiated a series of other forks. World Bitcoin (WBTC), is the new member to this new group of forked cryptocurrencies of Bitcoin. Out of the total amount of WPTC which is 2.121 billion, 21 million WBTC will be managed by its foundation in order to build and market a global ecosystem along with developing brand new features.
Once it is forked, the users will be able to get these WBTC at the ratio of 1 BTC=100 WBTC. As per their website the initial issuing time is set to be January 12, 2018.
According to its founders:
“We call it World Bitcoin because we want to solve the practical problems in the Bitcoin Network from a global perspective and offer more diverse scenarios of applications,”
The code of the project has been made available on Github. Though, the wallet services are yet to be launched.
A Candy Treat but only for Bitcoin Cash Holders
Well, the bitcoin cash a fork of bitcoin proved to be a success. It was a matter of time that we witness a Bitcoin Cash fork. Bitcoin Candy (CDY) is the new bitcoin cash fork. This will fork Bitcoin Cash at block 512,666 and their holders can get Bitcoin Candy at the ratio of 1 BCH =1000 CDY. As per the website the hardfork time is set to be January 13, 2018.
The idea behind this hard fork project is to make bitcoin resistant towards the threat of quantum computing. Although it has been asserted by the experts that Bitcoin is already resistant to quantum computing.
In this response, the team explained:
“As top technology companies like D-Wave, IBM and Intel are ramping up their investment in quantum computing research and development, the age of quantum computing will probably arrive in five to ten years. As such, ECDSA-based cryptocurrencies will become breakable by quantum computers. The CDY team will focus on experimenting with post-quantum signatures to secure cryptocurrencies.”
As per the website, the CDY will be scaling the block size to 8 megabytes that will feature Equihash algorithm and difficult adjustment algorithm. On an average, the CDY protocol will be producing a new block every two minutes, which is very quick.
According to the project, the reason behind making it available only to Bitcoin Cash holders is that it represents “a peer-to-peer electronic cash system” in a much better way along with being a lucrative future option.
The Fork Mania
Coinex has basically announced that they will list the forked coins and give them to those who have Bitcoin cash. Also, the wallet service Bitpie has promised that they will be supporting all the forked coins so that there could be a freer market.
Fork Mania has been a hot wave in the cryptocurrency market and it is more likely to continue this year.
The interesting thing to watch would be who is going to bring something new features. What do you think of these two new projects: WBTC and CDY?
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.