The most discussed events in the crypto community in recent years have been the rise in the bitcoin rate and the launch of Ethereum 2.0. But the industry is waiting for another important event - the launch of the BTCU project which has combined all the best that is in these cryptocurrencies.
An attempt to set a record and the fix old "Problems" of BTC
Bitcoin reached its all-time high in 2017, just a little short of $ 20,000. The cryptocurrency holders had to wait three years for it to approach record levels again. And at the end of November 2020, BTC reached $ 19,521. But it failed to take new heights.
Experts disagreed as to why bitcoin did not renew its maximum. Some concluded that leveraged trading was to blame. They say bitcoin has been the victim of massive liquidations of leveraged transactions on major derivatives exchanges. “Greedy traders jumped into leveraged longs on the highs, but then they left the game,” commented Matthew Dibb, CEO of Stack Funds.
There is a rationale behind this assumption. It is not for nothing that leverage is considered a “great evil” for novice investors. However, most experts agreed that the bitcoin technology is outdated for a long time and will never pay $1 million per coin. Due to its slowness and limitations, BTC never became a means of payment, but leaving it as a kind of investment asset, the future of which is rather vague.
Why Ethereum 2.0 didn't "shoot"
The transition of Ethereum from Proof-of-Work algorithm to Proof-of-Stake has not been discussed in recent years. It seemed that this was supposed to be the main event of the year in the industry. But when the Ethereum 2.0 phase zero was launched on December 1, the market didn't seem to notice it. The cryptocurrency barely touched the $600 mark on the first day of winter and immediately fell back by $ 50.
The thing is that the technology of the updated cryptocurrency is still quite "raw" and there are still several stages before its full-fledged launch. First, developers need to integrate sharding, which will help solve the problem of scalability and network bandwidth. Next, the plan is to merge Ethereum with Ethereum 2.0. And only after that, the cryptocurrency will reach its final level - various services including smart contracts and decentralized applications will be added to it.
How to combine all the best?
If you combine the idea of Bitcoin with the capabilities of Ethereum 2.0, the world will get the perfect cryptocurrency. This is what Ukrainian entrepreneur Mykola Udianskyi thought after he had a personal meeting with Ethereumco-founder Vitalik Buterin in Hong Kong. This is how the idea to create the most promising fork of the first cryptocurrency came about - Bitcoin Ultimatum (BTCU), which is scheduled to launch on January 21, 2021.
So what makes BTCU unique? In simple words, it will combine the best technologies of the two most popular cryptocurrencies in the world. BTCU will be the direct "heir" of bitcoin and at the same time have all the capabilities of Ethereum 2.0.
Unlike Vitalik Buterin's project, BTCU will directly work on Proof-of-Stake. This will avoid all the difficulties that Ethereum is currently facing in the transition to the new algorithm.
Miners will not control the network, but by stakeholders - reputable advisors, blockchain companies and cryptocurrency exchanges. All of them will be responsible for the master nodes.
Also, abandoning mining will help get rid of the slowness that the first cryptocurrency suffers from. If transactions on the Bitcoin blockchain took days during peak loads, then BTCU will be able to instantly make cross-border payments, reducing the time for global transfers to seconds.
The Bitcoin Ultimatum blockchain, developed by Prof-it Blockchain, supports smart contracts, DAPP applications and has a large number of practical applications.
The BTCU blockchain can be used for the real estate market when an automatic system inaccessible to third parties can be responsible for registering property rights. In medicine, it can be used to store patients’ information.
It is also applicable in logistics. There are over 500,000 shipping companies in the world, and distributed ledger technology will help solve the problem of coordination. Businesses will be able to securely track the progress of their products, store relevant information securely, and manage payments.
Even in politics, the Bitcoin Ultimatum blockchain can be used. This will help root out bureaucracy and hold officials accountable by ensuring transparency in their actions. Blockchain voting is an up-and-coming global trend that can improve civic participation by ensuring a safe and secure process.
The use of BTCU smart contracts fits perfectly into the music or sports industry. By entering into a decentralized contract, artists or athletes can achieve higher fees, receiving them without delay.
Summarizing all the above, it can be noted that, unlike Vitalik Buterin's project, BTCU will not be another attempt to radically redesign the system. It also won't be as slow as Bitcoin.
BTCU is an entirely new and modern product that was developed from scratch and did not allow the mistakes of its predecessors. That is why the technology underlying it is better than others for mass adoption and has all the prospects of becoming truly global.
