Some of the major Cryptocurrencies like Bitcoin, Ethereum, etc are highly popular among the masses but they weren’t able to escape from the inherent drawbacks of Scalability and Security. Therefore, new cryptocurrencies were bought into the scenario, either by the creation of a new cryptocurrency or by the process of forking. Forking is nothing but making slight tweaks to the existing code of a particular cryptocurrency in order to reduce its bottlenecks and indirectly increase its efficiency. Let us know about Bitcoin Forking and the Upcoming Bitcoin Forks.
Basically, they are of two types soft fork and hard fork. due to the scalability issues, the transaction fees of the Bitcoin blockchain with respect to the Bitcoin blockchain was skyrocketing and the users were experiencing massive delays in confirmation. Therefore, since the inception of Bitcoin in 2009 number of hard forks have been undertaken with Bitcoin blockchain and a similar trend is to continue in the future also.
Some of the most predominant Bitcoin forks existing in the crypto space are BitcoinXT and Bitcoin Classic which are considered to be highly unpopular among the other forks. However, two of the most notable Bitcoin forks are Bitcoin Cash and Bitcoin Gold. Some of the other unheard Bitcoin forks are as follows.
Now that we have gained insights of some of the previous Bitcoin forks now let us try to enlighten ourselves with some of the upcoming Bitcoin forks.
This particular Bitcoin fork, among many other upcoming Bitcoin forks, is intended to combine the best features of Proof of Work as well as Proof of Stake Consensus mechanisms through a collaboration between zk-SNARKs and Masternodes. Out of many upcoming Bitcoin forks, this one provides a facility for the miners as well as Masternodes to earn rewards along with the usual Staking mechanism. This technology is a result of efforts by the experts at MIT, as they were looking forward to improving the privacy for the Bitcoin transactions.
Bitcoin X2 is one of the most notable Bitcoin forks out of many other upcoming Bitcoin forks in the year 2018. It is absolutely based on the original Bitcoin blockchain architectural structures but is deemed to increase the overall efficiency and as well as transaction speed by 200x, relative to the transaction speed of the original Bitcoin blockchain, in 2018.
This particular Bitcoin fork prides itself to be extremely lightweight, transparent, as well as fastest in terms of providing be transactional confirmation among many other upcoming Bitcoin forks of 2018. Amazing attributes like atomic swap, segregated witness, along with the lightning network are to be incorporated by the community members to fulfil their promises. they are also looking forward to the development of Side Chains exclusively for the merchants around the world.
This one, among many other upcoming Bitcoin forks, can be assumed as a joint mixture of Bitcoin as well as Prime Coin. They are expected to incorporate, a very intuitive Proof of Work Consensus mechanism with respect to the prime numbers only.
Inspired by the Zerocoin protocol, the cryptocurrency project among many other upcoming Bitcoin forks combines the best features of ZeroCoin’s anonymity protocol along with the Masternodes. Mining for this one amongst many other effective upcoming Bitcoin forks would combine Proof of Work (PoW) and Masternode (BZnode) coin and the cryptocurrency mining process would be completely based on dependent on GPU mining rigs.
This is one of the most amazing Bitcoin forks among all the other upcoming Bitcoin forks as it combines the best features from the 2 topmost cryptocurrencies, that is, Bitcoin and Ethereum. The cryptocurrency coin incorporates the standard ERC20 protocol. The cryptocurrency coin easily collaborates with the decentralized exchanges as well as Atomic Swaps.
Bitcoin dollar is the most awaited cryptocurrency project, among many other when compared to other upcoming Bitcoin forks, as it combines Artificial Intelligence on its Blockchain platform. It predominantly aims to provide the future companies, a platform in order to converge major technologies like AI, Cloud, IoT, Big Data, etc with the Blockchain technology.
On a general basis, these upcoming Bitcoin forks are not healthy for the development of the community, as it develops a sense of stress and confusion among the community members.