BlueCoin, a Blockchain platform with a native cryptocurrency first introduced in 2014, has overhauled its codebase. The ‘BlueCoin 2.0’ client, based on the Bitcoin Core 0.13.0 codebase, includes several important changes, such as the activation of Segregated Witness and the implementation of hybrid Proof-of-Work/Proof-of-Stake-Velocity (PoW/PoSV) algorithm.
As one of the first cryptocurrencies to combine Proof-of-Stake and Proof-of-Work, BlueCoin has bore witness to the torrid pace of change in the Blockchain industry. The open-source Blockchain project believes that, by basing its Blockchain on the Bitcoin Core codebase, it benefits from more than two years of cryptocurrency advancement.
“Instead of remaking all those features on top of our old codebase, we are going to incorporate the breakthroughs we have seen in Blockchain technology over the past several years, including multisignature, block pruning, headers and more,” says BlueCoin core developer Brian Santos. “We have built out BlueCoin 2.0 on a cleaner source code.”
BlueCoin 2.0 will incorporate several key features, including bluetooth transactions, cold staking and, eventually, Litecoin merge mining.
Cold staking refers to the ability to keep coins offline while still earning interest. In Proof-of-Stake systems generally, user wallets must be online for users to earn interest, which entails computers running 24-7. Not so in BlueCoin 2.0
“We want eventually for one half of the network to earn interest for their support of the ecosystem through cold staking; that is, even when their wallet is not online,” explains Santos.
Bluetooth transactions make it easy for friends to send money, even in places with limited Internet connectivity.
“The BlueCoin payment server establishes bluetooth connections between phones, and the receiver sends a signed payment request to the sender,” elucidates Santos. “The sender actually verifies, displays a confirmation and transmits the payment through a Bluetooth socket. The payment is then accepted by the server and payment completed.”
An Independent Blockchain
“The easiest thing to do would have been an ERC20 token on Ethereum and hype it up, and do some marketing,” says Santos. “BlueCoin might have already been at a higher price range by now, but we didn’t do that because we wanted to keep our uniqueness and brand, and keep our network independent. Going onto Ethereum would have forced us to buy gas for transactions. It would have been easy to port balances to ERC20. Instead, we are forking over to an entirely new code base, and transferring over all the balances from the old chain. By doing this, we then preserve our network.”
Get Started Today
Visit the BlueCoin website (http://BlueCoin.io/) today and read their white paper (http://BlueCoin.io/BlueCoin%202.0%20-%20The%20BluePrint.pdf) to learn more about their seasoned Blockchain project, philosophy and vision. Users can simply download the BlueCoin wallet, buy coins from an exchange or friend or send them today.