BitcoinBlack White Paper: 3 Interesting and Important Points
From the fifth page of the BitcoinBlack white paper:
✅ 2.3 Blockchain size
Blockchain size is a huge issue and will become a greater issue as cryptocurrency grows.
Price of storage space is not getting cheaper at the same rate blockchain size is growing, therefore it makes it more expensive to run nodes as time moves forward.
Bitcoin Black will be very light, even with billions of transactions, and anyone will be able to run a node because account balances are stored on the network rather than all transactions.
When storing all transactions on the blockchain it is not possible to scale. Account chains with block lattice are a solution to this.
✅ 2.4 Energy consumption
Bitcoin energy consumption and any alt-coin which is mined in inefficient and if mass adoption is reached it is a huge issue with cost.
Billions of dollars are wasted on mining each year a process which technology wise is obsolete.
Most coins out there are based on mining, an energy hungry obsolete technology which also leads to centralization Bitcoin black will use 100000 times less energy than bitcoin.
Proof of work (PoW) uses an unnecessary amount of energy.
✅ 2.5 Costs & confirmation time
A p2p currency intended for world wide adoption must be fee free, instant and scalable.
A 3rd party must not be needed for transactions to be successful.
Fees must be completely eliminated.
Timing must be instant.
There must be no need for a 3-rd party involved in processing the transaction to complete it faster.
Bitcoin black will be fee free and instant without the need for a 3rd party involved.
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BITCOIN BLACK TO SURPASS BITCOIN
- More actual users
- A distribution model intended to avoid price manipulation and price suppression
- Instant and fee free transfer of value
- Ease of entry & simplicity
- Multilingual capability
- Energy efficient
- Incentives for introduction
- Truly decentralized
- Less volatility/ More stable price
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