Well, Bitcoin was what has changed the scenario when it comes to the cryptocurrency. In fact, it is the first cryptocurrency that introduced the concept of the decentralised marketplace. But, over time, the currency has not been able to live up to the expectations. If you are someone looking for the alternatives, one of the best options you can go with is Bitcore. What is Bitcore and how does it work? Let us attempt to gain a better knowledge.
What exactly is Bitcore?
Bitcore was launched in April 2017. Developed by Bitsend, the currency takes a lot of features from Bitcoin and improves them further. In fact, Bitcore also eliminates a few issues that Bitcoin suffers while improving a few features in addition. In fact, Bitcore is smaller and faster than Bitcoin and thus the transaction using Bitcore can be confirmed in the shortest possible time.
Practically speaking, there isn’t anything new in the way Bitcoin works. You can use the cryptocurrency for a wide range of purposes including exchanging, investing and buying products, just the way you use any other cryptocurrency for that matter. But, it is the number of improvements that Bitcore has introduced is what would make it stand out.
How Does Bitcore Work?
Bitcore works in a similar way as the Bitcoin. In fact, it is a hybrid fork of Bitcoin and thus it lets you have a smaller block time. In addition, the Bitcore also comes with a block size larger than the Bitcoin.
The Bitcoin has a block time of 10 minutes, while that for Bitcore is just 2 minutes. In a similar way, the Bitcoin has a block size of 1 MB, while Bitcore offers you a size of 10 MB. That is exactly what would make Bitcore a better option than Bitcoin and quite productive at that.
Bitcore is a fork of Bitcoin. But, it is a hybrid fork. What does that mean? Instead of forking from Bitcoin and copying the same Blockchain, it creates another coin with a discharge blockchain.
What are the features of Bitcore?
Well, Bitcore comes with a few best features making it one of the excellent options. Some of them include –
Open Source Functionality
The Bitcore is a completely open source in nature. This helps in keeping the community-driven spirit of Bitcore alive. It keeps in line with the standards of Open Source software tools. The community has every right to access, modify and develop the code – all the while maintaining the standards of Open Source.
No ICO Offering
Being the Hybrid fork of Bitcoin, Bitcore is not designed or funded by an ICO. Bitcore states in its Whitepaper that this has been done intentionally with a view to creating equal opportunities for the Cryptocurrency users to opt for Bitcore.
Shorter Block times and Large Block Sizes
The Block time of Bitcore is just 2 minutes. This ensures that you are in for a host of advantages. One of the advantages is the faster confirmation of transactions. Bitcore offers you a block size of 10 MB. Use of SegWit can further increase the Block size to 20 MB. Both these aspects ensure you more transactions and faster ones at that.
The Parting Thoughts
If you are a cryptocurrency investor yourself, you can definitely give a thought to make investments in Bitcore. We have indications to prove that it will indeed be a good option for your needs. The low prices and airdrops are indeed the best reasons you can consider to opt for investing in Bitcore.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin