What is Bitcoin?
To start with and avoid confusion, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, there is a bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”
The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins are produced by computers all around the world, using free software.
In the year of 2017 the world of cryptocurrencies saw the emergence of the Bitcoin hard fork after Bitcoin Cash paved the way for others to fork the Bitcoin blockchain in order to create new coins. 2018 may become the year of the Ethereum fork as developers look to bring forward projects forked from the Ethereum blockchain.
What is hardfork?
This phenomenon occurs when a single cryptocurrency splits in two. Hardfork happens when a cryptocurrency’s existing code is changed, resulting in both an old and new version.
New Bitcoin hardfork cryptocurrency
Bitcoinstake was created as a Bitcoin hard fork but with an alternative scaling solution.It is an alternative to bitcoin legacy that uses delegated proof of stake instead of proof of work as its consensus algorithm. It is faster, more decentralized, more energy-efficient and more scalable. That was the main aim of this service - to solve the problem of speed and scalability that exists with Bitcoin.
It can handle approximately 100,000 transactions per second. In its turn, blocks will confirm these transactions in around three seconds. Another thing is that BitcoinStake uses well-tested technologies which provides higher security and reliability to any user.
So if you are looking for the best option to create your own currency, we can provide high-quality services for this.