This press release was originally distributed by SBWire
Riga, Latvia – (SBWIRE) – 25/11/2020 – Bitcoin needs no introduction as it is the first digital currency to start the crypto revolution. More than a decade after its inception, Bitcoin remains one of the most popular cryptocurrencies on the market today. However, when it comes to network scalability and performance, there are still some gaps that need to be addressed.
The Bitcoin Proof of Stake aka the Bitcoin PoS network aims to make Bitcoin even more rewarding, more decentralized, and faster to bring Bitcoin into real-life cryptocurrency payments.
The project reserves all the strongest aspects of the Bitcoin network by adding flexibility with the new Proof-of-Stake algorithm. By adopting PoS on the original Proof-of-Work consensus model, Bitcoin POS introduces better decentralization while preserving the fundamental elements and unique concepts of the Bitcoin Core blockchain.
Additionally, the native POS cryptocurrency Bitcoin has a token supply of 21 million BPS. The only thing is that it introduces a Bitcoin staking procedure where new tokens are created by the stakers. Also, unlike Bitcoin Core’s Bitcoin halving process every 4 years, Bitcoin POS reduces block rates by 25% every 700K blocks.
Since the launch of the Bitcoin POS mainnet earlier this year in May 2020, the project’s network has undergone a number of updates. Last week, the Bitcoin POS network reached a major milestone in minting 4 million BPS tokens using its Proof-of-Stake (POS) consensus model. This equates to 19% of the total BPS ever created.
The Bitcoin POS network will also introduce a cold staking feature that will allow its users to earn passive income. Bitcoin Staking has never been easy.
Cold Staking of Bitcoin POS (BPS) to earn passive income
The Bitcoin POS peer-to-peer electronic cash system will launch its new cold staking feature that offers a safer way for users to generate passive income. Cold Staking is one of the most popular methods for placing digital currency in offline wallets, while protecting holdings from the threats of any external attacks.
Bitcoin POS’s cold staking function delegates staking to third parties who will keep BPS coins more securely. The Cold staking function developed by the project requires two main wallets.
The first wallet uses sophisticated hardware technology to hold funds and receive rewards. This wallet doesn’t need to go online at any time.
The second wallet will act as a hot wallet and will be online 24 x 7. This wallet will be useful during any BPS transaction.
The introduction of the two-wallet structure will take place through a hard fork and will be a mandatory update for all customers.
The whole concept of the Proof-of-Stake (POS) model is that it protects the network from attacks by 51%. In addition, it offers additional benefits such as the absence of high-end hardware costs for mining.
More importantly, it facilitates the generation of passive income without using a lot of energy. However, staking via online and hot wallets is more risky and prone to online theft. Therefore, the cold staking function offers a safer alternative.
The Bitcoin POS network has seen some major updates in terms of network connectivity in recent months. The network offers a new configuration option called Autonomous System Numbers (ASN) to map IP addresses. This will help the network nodes to quickly connect with different autonomous systems. It reduces potential bottlenecks and eliminates the risks of retaining specific data.
Additionally, other updates include some important changes to the payment protocol. The Bitcoin POS team has also made some changes. To reduce block time volatility, the project also introduced some difficult adjustment mechanisms.
The BPS coin has now been listed on crypto exchanges such as Cointiger and Bilaxy. Additionally, the coin has also been listed on popular platforms such as CoinMarketCap and CoinGecko.
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