New Bitcoin and Ethereum records have become some of the most talked-about news around the world. But in 2021, the cryptocurrency industry will see many significant events, including the launch of Bitcoin Ultimatum.
In 2021, the cryptocurrency industry will receive maximum attention and not only famous projects, but also promising startups will have the chance to succeed. Bitcoin and Ethereum are, of course, the two most popular cryptocurrencies in the world. But they both have a lot of shortcomings due to the fact that during their existence, technologies have significantly advanced. That is why emerging startups have taken into account the failings of their predecessors and want to offer a truly modern product.
What is BTCU, and when will it occur?
One such project is Bitcoin Ultimatum (BTCU) - a new fork of bitcoin scheduled to launch on January 21, 2021. It is interesting primarily because, according to the white paper, it should combine all the best from Bitcoin and Ethereum 2.0, without repeating their mistakes
Today, Bitcoin is viewed as a store of value, while Ethereum is a platform for smart contracts and DeFi applications. BTCU will include all the mentioned features and more.
The major problems with Bitcoin are its slowness and transparency. But not all transactions have to be publicly visible. The Bitcoin Ultimatum network is going to fix that with a privacy feature. And the problem of slow transaction speed will be solved with a more advanced consensus algorithm.
Down with the outdated Proof-of-Work
BTCU will run on the Proof-of-Stake protocol in combination with Proof-of-Authority, which will positively influence its speed. Miners will control the network, but stakeholders - it will have only 20 validators, the number of which will be expanded to 50 in the future for the sake of decentralization. Due to this, the network will have a higher throughput (i.e. 200 transactions per second with the ability to scale up to 10,000 transactions per second) - BTCU users will be able to make instant cross-border transfers. This, in turn, will automatically solve the scalability problems.
Bitcoin Ultimatum will also support atomic swap technology, which will allow the exchange of one cryptocurrency for another with no intermediaries.
The Bitcoin Ultimatum blockchain, developed by Prof-it Blockchain, will support smart contracts, DApp applications and have a large number of practical applications: for the real estate market, medicine, logistics, sports, music, politics and almost any other area where there is a lack of trust
In 2020, the DeFi (decentralized finance) industry demonstrated active growth. Therefore, the project developers adapted the ecosystem for the full implementation of DeFi tokens.
The BTCU team is also planning to launch a decentralized multicurrency mobile wallet, with which it will be possible to send BTCU and other cryptocurrencies by phone number.
Who are the supporters of Bitcoin Ultimatum?
Bitcoin Ultimatum has attracted the interest of industry experts and crypto-investors from various sectors of the global economy. Over the past months, a number of prominent figures have joined the project as ambassadors: Arab Fashion Council general manager Louise Ave, Ikon Media executive director and Jetcoin founder Eric Alexander, entrepreneur and venture capitalist Sergey Belets, Uvecon.VC Hong Kong founder Ivan Ivanovich, Cisco Systems senior consulting engineer Konstantin Vaksin, and Zelwin.com co-founder and CEO Nikolay Shkilev.
The Bitcoin Ultimatum code has already passed the audit stage. HackCTRL (a cybersecurity company) and the University of Nicosia (Cyprus) assisted with the assessment process. BTCU was created from scratch, so it did not have to solve the problems of its predecessors. The dev team took advantage of all modern developments in the field of cryptocurrencies and immediately after it is launched, the new blockchain will operate focusing on mass usage in real sectors of economies, social and business processes.
