As BTCU Bitcoin Ultimatum’s Mainnet goes dwell, we communicate with CEO Eric Ma to seek out out extra in regards to the mission and what’s subsequent on this really next-gen blockchain.
Constructing a brand new blockchain is a big endeavor. It requires a succesful workforce of specialists, management, real-value proposition and a strategic roadmap which must be detailed, practical and followed-up upon. BTCU Ultimatum definitely checks all these bins. They efficiently carried out the Bitcoin Fork and launched the BTCU Mainnet on February 5, 2021 and airdropped BTCU tokens the week after. They’ve their sights on the subsequent milestone: integrating Atomic Swaps to the platform. Every little thing, below the management of CEO Eric Ma. We sit with the veteran blockchain knowledgeable and former core member at CoinMarketCap to talk about the present state of BTCU Mainnet and what the longer term holds for this promising next-gen blockchain.
BTCU goals to construct a next-generation blockchain from a Bitcoin fork. What does next-gen imply on the subject of blockchain?
Bitcoin and Ethereum are the 2 largest blockchain networks on the planet however every has its personal traits. Ethereum is extra of a platform constructing different decentralized applications upon, permitting for sensible contracts. Bitcoin, however, has turn out to be extra of a store-of-value, though it was first conceived as a brand new peer-to-peer fee system. With BTCU, utilizing the already confirmed and properly regarded Bitcoin blockchain, we’re combining each networks and leveraging what works finest in every of them.
We’re constructing a next-gen Bitcoin based mostly blockchain on Ethereum that may permit us to tokenize property which might apply to totally different initiatives and property outdoors the scope of cryptocurrencies. Our resolution additionally goals to enhance upon the unsustainable, power consuming proof-of-work (PoW) consensus algorithm with a brand new Ultimatum proof-of-stake (UPoS) consensus algorithm, making it extra democratic, scalable, environment friendly and sustainable.
What does BTCU attempt to obtain by combining Bitcoin and Ethereum, and the way does BTCU stand out from different initiatives?
The idea of BTCU is in lots of facets much like that of the second largest cryptocurrency community — Ethereum. Like Ethereum, the Bitcoin Ultimatum blockchain has the flexibility to deal with sensible contracts within the blockchain protocol. This is among the vital features for implementing transactions and decentralized purposes (DApps). Basically, BTCU seeks to mix all the perfect options that allowed Bitcoin and Ethereum to take high ranked spots in cryptocurrencies by market capitalization.
We have now developed BTCU to supply a decentralized ecosystem with sensible contracts via its Final Proof-of-Stake algorithm. A mixture of Leased Proof-of-Stake (LPoS) and Proof-of-Authority (PoA), BTCU is extra democratic, extra scalable and extra power environment friendly than Bitcoin. We constructed the BTCU Mainnet to be scalable and utilized in a variety of purposes: from asset tokenization to rights administration, provide chain and doc stream for cross-border funds, governance, actual property to fintech, healthcare and extra. Our imaginative and prescient is to create a blockchain that’s environment friendly, easy-to-use and has actual worth for widespread adoption. Bitcoin Ultimatum’s technological benefits will change the best way we see blockchain.
Blockchain is synonymous with decentralization and neighborhood. How vital is suggestions from the neighborhood to BTCU?
The neighborhood is the center of any blockchain mission. We’re not simply launching a brand new product to the market, we’re constructing a platform with our neighborhood. In truth, their suggestions was vital for launching the BTCU Mainnet. On January 21, 2021, we launched a closing testnet. This train enabled builders to check, create, or modify functionalities and monitor the BTCU blockchain community efficiency. It additionally helped present an goal and unbiased view of the community to allow events and companies to understand and perceive the community’s capabilities.
We opened communication channels via GitHub and the suggestions was actually vital for us. It helped us predict the operation of the community in addition to present stakeholders with details about the standard of the BTCU blockchain safety, privateness, capabilities, usability, integration and interoperability.
It was so successful that we might launch the ultimate mainnet 2 weeks in a while February 5, 2021. From right here I need to thank the neighborhood once more for being energetic and for contributing their enter.
Will we see every other community-driven initiatives from BTCU?
Completely, we strongly imagine {that a} blockchain mission can solely progress with the total assist of its neighborhood. We’re thereby completely happy to work and collaborate with different initiatives, particularly on a wide range of safety and tech points.
To additional enhance our mission, we invite everybody to participate in our bug bounty program. This system is designed for anybody who needs to contribute to growth of BTCU and to make sure the safety and robustness of its community.
For his or her time and work, we have now put in place a reward system. Members of the neighborhood who work on pressing duties or remedy discovered bugs will obtain BTC / ETH / USDT / USDC / BTCU for his or her efforts.
We’re at all times out there at [email protected] for extra data.
We have now additionally began an Ambassador Membership. With the bulletins of newly joined ambassadors like Javed Khattack and Serafima Semkina, our workforce want to proceed to deliver onboard different neighborhood leaders who share our mission.
The BTCU Mainnet is out, however that is simply step one in an extended street map. What does the longer term maintain for BTCU?
I’m very excited for the milestones we have now achieved thus far. Our dev workforce has labored extraordinarily laborious and deserve all of the credit score for the success of BTCU up to now. Certainly, launching the BTCU Mainnet is just the start and we have now an extended roadmap of latest and thrilling additions to the platform.
We’re engaged on the addition of the sensible contract system which might permit for atomic swaps. We’re additionally closing strategic partnerships with key platforms like citiesabc and open enterprise council to check out our cell wallets, pilot applications and the tokenization of {the marketplace}. As well as, we’re additionally partnered with the World Good Cities Discussion board to make our blockchain out there to make use of in Good Cities around the globe.
To maintain observe of DeFi updates in actual time, take a look at our DeFi information feed Right here.
