Bitcoin One - hybrid cryptocurrency (525 000 block)

[Mark_Byron]

Not so long ago I communicated with friends and that's what I found out: one more hard-fork will soon appear on the 525,000 bitcoin block and it's Bitcoin one. Everything would be fine -now it's difficult to surprise by forks, but it's some kind of straight from others. Judge for yourself: cryptocurrency, as the developers promise, will be protected by coins and bills, the transaction speed is up to 1 million per second. Is there really a new solution on the market that will make operations faster than in other systems?

[Den_Bolt]

Yeah. I also heard about it. I didn't believe it. I went to their site b1.cash. So there's also written about the high-speed operations, the protection of some physical coins/denominations with security degrees. And how only wallets will be protected? Is it all safe?

[Ted_Karr]

The most interesting thing is that crypto-exchange implements the project with the fork. It's called b1.cash. According to their site, the project is very serious. They promise that it will be possible to open cold wallets (connecting directly to the blockchain of 20 crypto-currencies (ether, Monero, Dash, etc.). Just what was missing. Plus they say about the application of crypto insurance. I also think that it's an unexpected decision. They promise to insure against theft and depreciation... How will this work? It would be interesting to know...

[Elev777]

Yes, the developers promise that hard fork will not only be fast, but its coins can be obtained for free - you need to go to their site or download apps on Google Play or AppStore. The bitcoin one (www.b1.cash) site indicates that you need to go through some KYC in order to get coins. What is that? And why can't you get coins without it, if you give it away for free?

[Mark_Byron]

It's written here on Bitcoin ONE site that hybrid processing will be applied. Now, in simple terms, what is its advantage and purpose? Frankly, it's not quite the usual method of mining.

[Jason8918]

Why unusual? The fact that almost nobody applied it as widely as it will be on Bitcoin ONE doesn't mean that it doesn't exist at all. So, for the same "classic" bitcoin, there is a lightning network, for example...

[Elev777]

What is different about the hybrid processing that BTC1 offers?

[Jason8918]

Well, first of all, they have hybrid processing based on the delegation of mining blocks of the network of selected support nodes. They are trusted nodes and have bigger writing speed on a blockchain than regular users. Consequently, the recordings leave nodes that have, let's just say, an "iron" reputation in a blockchain, so these nodes don't need additional checks.

[Elev777]

So, it turns out that these trusted nodes which are faster than analogs able to make new entries in a blockchain and, as a consequence,  quicker process transactions?

[Mark_Byron]

Ah, that's how it is... Well, then it's really convenient. Especially when you consider that hybrid processing will be able to provide such a speed.

[Den_Bolt]

Well, probably, until the system isn't heavily loaded, this will work. Although, how the system will behave when the actual transaction speed is at least 50% of the planned volume?

[Elev777]

For those in the know, yet the trusted nodes make operations in a blockchain without any intermediary, I suppose?

[Den_Bolt]

Of course, BTC1 is the cryptocurrency, not some Web-Money. And with such processing, or rather with the method of mining, decentralization presents.

[Jason8918]

All right, well, but what is known about the security system, how is it ensured? Are there any fundamental differences from traditional mining?

[Mark_Byron]

Certainly, they are. Now such details are not particularly detailed on the fork's website. I believe they definitely will appear closer to the fork.