Bitcoin Hard Forks and the People behind them

We have heard about cryptocurrency exchange platforms, and we have heard about all the cryptocurrencies available to people for investments. But there is so much more than just Bitcoin.

Did you know that Bitcoin has various blockchain forks that people use for investments? Well here is a list of Bitcoin forks and how they were founded.

1. Bitcoin Cash(BCH)

Bitcoin Cash is a cryptocurrency that was derived from the original bitcoin as it’s a product of hard fork in the mid-2017. With this introduction, the blockchain and cryptocurrency split into two parts.

Everyone possessing a certain number of bitcoins also had the same amount of bitcoin cash. The difference is in their technology as bitcoin cash allows larger blocks in the chain than bitcoin, which helps in more transactions per second.

Rising fees in the bitcoin network lead to the development and launch of bitcoin cash. Some members of the bitcoin community, including Roger Keith Ver, were part of this project. It has a supply limit of 21,000,000 BCH. It started it’s trading at $240 while bitcoin was sold at $2700 in 2017.

 

2. Bitcoin Gold(BTG)

Another hard fork of Bitcoin is Bitcoin Gold. It is a decentralized, open-source currency without a central bank for governing it and the transactions are done over peer-to-peer Bitcoin Gold network.

With the block height of 491407, Bitcoin Gold was hard forked from the blockchain in October 2017. Hang Yin was the developer of Bitcoin Gold who wrote the code using C++ and Qt. In May 2018, Bitcoin Gold was attacked, and around 388,000 BTG( estimated worth of $18 million) was stolen from several exchanges. At the time of the fork, every user got the same amount of Bitcoin Gold as they had in Bitcoin Cash(1 BTC=1 BTG).

 

3. Bitcoin Diamond (BCD)

In 2017, Bitcoin miners named Team Evey, and Team 007 decided to make few changes in the bitcoin protocol to improve the way things were working. This lead to the development of Bitcoin Diamond in November 2017.

The improvements they wanted to work on were faster time for the transactions, lower fees for the transactions, and help to encourage more new users for the use of bitcoin and other cryptocurrencies. They believed that bitcoin should be made more accessible.

Bitcoin Diamond entered the market with a banger entry and was traded at the highest at $91.47, but soon it lost its charm and came all the way down to $2.44.

 

4. Bitcoin Core (BTX)

Initially launched by Satoshi Nakamoto as the node for the bitcoin network, Bitcoin Core is the reference implementation for all the other new and customized versions that are being released. It is also known as Satoshi client because earlier it was released as Bitcoin, but later the name was changed to avoid any confusion between the original platform.

In the year 2014, Bitcoin Core was taken by a team of maintainers led by Wladimir J. van der Laan. The MIT Digital Currency Initiative funds the development process of Bitcoin Core. It includes a transaction verification engine which connects it to the central network node. A wallet is also included by default that can help the users with the sending and receiving of bitcoins.

The distribution was done as 0.5:1, i.e., 0.5 BTX per 1 BTC which can be considered as a loss for the person since it’s last trading price ended with a 6% fall taking it down to $3.14.

 

5. Bitcoin God (GOD)

Launched on 25th December 2017 and developed by a Chinese cryptocurrency investor, Chandler Guo, Bitcoin God is another fork based on the Bitcoin coding chain, and it was forked off at the blockchain height of 501225.

Bitcoin God is a bitcoin network that offers 1:1 distribution of God coins. It is a borderless non-profit peer-to-peer organization. It has several features in it such as smart contracts, a larger block size, lightning speed of the network and has a total supply of 21 million God coins.

 

6. Bitcoin Private (BTCP or ZCL)

Forked at the block height of 511346, Bitcoin Private is a cryptocurrency that was the result of the forking of bitcoin and a simultaneous merge with ZClassic. This platform offers the best features of both the cryptocurrencies.

The main aim to launch Bitcoin Private was to combine the privacy features of Z Classic with the popularity and flexibility of Bitcoin. The tokens were provided through an airdrop practice, and the user received a BTCP token for each BTC and ZCL coin they had.

 

7. Bitcoin Atom (BCA)

Bitcoin Atom was launched in January 2018 at the blockchain height of 505888. It is a cryptocurrency that works by utilizing its hash time-locked contracts(HTLCs) and its HTLC API, which gives independence from the centralized entities and intermediaries.

BCA is working with lightning network swaps for instant off-chain atomic swaps. These transactions are cheaper and more useful for smaller transactions, and the privacy properties are better and improved than other versions.

If you like the article, let us know in the comments section.

ADVERTISEMENT
Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Leave a reply

Please enter your comment!
Please enter your name here