Website: https://www.bitcoinparallel.org/
Community: https://www.facebook.com/bitcoinparallel/
Reddit: https://www.reddit.com/user/bitcoinparallel
What is Bitcoin Parallel (BCP)?
Bitcoin Parallel, or BCP for short, a brand new public chain rather than a fork, is the next generation of decentralized global parallel blockchain ecosystem. With the six major characteristics of blockchain: shared ledger, consensus mechanisms, traceability, tamper-proof, immutability of completed transactions and smart contracts, BCP completely inherits the idea of Satoshi Nakamoto, but adopts a more optimized algorithm for PoW (Proof-of-Work). With the same 21 million circulation limit and the same 4-year reward halving mining schedule with BTC, BCP raises the block generation speed from 10 minutes to 2 and half minutes. It also plans to utilize an optimized CryptoNight algorithm that will revolutionize the current crypto system. Instead of having large mining pools of over 51% GPU hash power threatening BTC, there will be a BCP society and opportunities will be given back to the global P2P individuals with CPU.
By looking into the future development of the ecosystem of blockchain, we put forward the concept of virtual currency ecological chain on the parallel blockchains, which include one BCP main chain and two public side chain platforms. One of the public side chain platforms will support a combination of specialized online and offline side chains. The other public side chain platform is to support multiple specialized online side chains.
Through side chain currencies such as BCPC, BCP will work with a number of traditional financial institutions in blockchain industry. As the main chain, BCP undertakes the asset routing function of the entire ecosystem.
What kind of problems does Bitcoin Parallel (BCP) solve?
There have been various problems since the development of Bitcoin so far:
- Slow transaction speed;
- High transfer fees;
- Unfriendly with the real-world financial business and inconvenient to exchange with fiat money etc.
The birth of Bitcoin Parallel (BCP) solves these problems: - Improved transaction speed: BCP will dynamically adjust the size of a unit block (a block is generated in 2 and half minutes) up to 8M, which improves the utilization of transaction storage by the unit blocks;
- Reduced transfer fees and lower user threshold: The emergence of a number of side chain currencies allows users to complete a transaction with less fees, so that more users can participate in the BCP trading activities in order to complete the economy activity;
- BCP will later on work with the traditional financial industry. Combined with the use of a number of side chain currencies, it allows the various types of traditional financial activities such as the exchange of fiat money to be more convenient and flexible.
The most important difference is that Bitcoin's goal is to act as a means of payment, whereas Bitcoin Parallel (BCP) is to create a unique, multi-functional ecosystem that combines both online and offline functions.
What is Bitcoin Parallel Clearing (BCPC)?
Bitcoin Parallel Clearing, or BCPC for short, is temporarily running on Ethereum's public chain (ERC20 Tokens). In the next phase, we plan to implement a completely new public side chain of POI + voting rights + leasing mechanisms + IMO mining nodes with smart contracts and to achieve the compatible mining (mining of two coins using one machine) of main chain BCP and side chain BCPC. The block generation time of a BCPC block will be 3 seconds, which can support a transaction speed of 3,000 transactions per second. In the entire BCP system, it plays an important role as a media of circulation, which connects the virtual and real financial businesses. Users can experience a smooth clearing and exchange of virtual currencies and mainstream fiat money through BCPC.
What kind of problems does Bitcoin Parallel Clearing (BCPC) solve?
First of all, a number of side chains including BCPC will continue to expand the application scope and innovation dimension of blockchain technology, so to gradually cover many traditional investment vehicles such as stocks, bonds and financial derivatives. Secondly, the side chains can better protect personal privacy. Thirdly, since the code and data on the side chain are independent, the transactions will not become a burden to the main chain. These advantages of the BCPC side chains can solve some of the problems in the existing blockchain, such as slow payment.
Currently, for micropayments, most blockchain related projects basically focus on payments among virtual currencies. However, in the BCP system, Bitcoin Parallel Clearing (BCPC) can perform the exchange between virtual currencies and fiat currencies. Acting as a clearing house, with its strong support for fast transaction capabilities and the use of the main chain currency (BCP), it will be able to achieve rapid micropayments. At the same time, BCPC will work with the BCP main chain to achieve the interconnection of transaction records and statistical data, and provides transaction trails for the financial industry in the real world.
BCP chain collides with BTC chain at the block height 507,000 on January 30th, 2018. BTC holders at this block height can claim energy coins BCP and sidechain coins BCPC. Click [CLAIM YOUR COINS] on our website and fill in the information as required. We will receive your request upon submission. Energy coins are delivered in chronological order. Please complete your request in time when coins are available. Only BTC public key is required to claim your energy coins to ensure security and protect your privacy in an anonymous and decentralized way. Please follow our website for more updates and claim your coins as soon as possible.
Energy coin delivery rate: BCP : BTC = 1 : 1; BCPC : BTC = 1000 : 1
About the amount of BCPC: Out of the 46.6 billion coins, the former 16.72 billion BCPC are allocated to BTC holders at 1: 1,000; around 4.3 billion (21 billion minus 16.72 billion) BCPC are prepared for BCP miners to exchange with the foundation at 1: 1000 within 3 months when BCP is mined; 17.6 billion will be mined through the IMO verified node miner and be rewarded to the miners; 8 billion are allocated to the top 30 coin holders according to the market value of virtual currencies (weighted average 360 days). Please follow our website for detailed information.