The word blockchain and the technology itself has become prominent and it’s importance and use in day to day life has grown tremendously.
Here is an article about BITCOIN INTEREST, BCI, and how it successfully became the first and, at the moment, only crypto to run on ProgPoW algorithm.
BITCOIN INTEREST – THE BEGINNING
Bitcoin Interest forked from Bitcoin on January 22nd 2018, using modified BTG codebase and Equihash. Forks (hard and soft) are created when a change in blockchain code causes it to split. While the old version remains, a new version following new rules comes into existence.
In April 2018 BCI listed on Bitfinex and got the attention of Equihash Asic miners.
Couple of months after that, in June, BCI became the victim of a 51% attack, a.k.a double spend attack. Blocks are compiled and added to the chain when miners verify and add transactions to a group of transactions. A 51% attack can be explained as manipulating the blockchain when a corrupt miner adds transactions to a chain but doesn’t broadcast it to the pool of miners to validate and add to the block. This 2 versions of the chain now exist and the corrupt miner can now keep growing his hidden chain of transactions. His aim will be to make the chain bigger than the pool’s chain, at which point, by protocol the other miners will have to abandon the original chain and accept the new chain with manipulated transactions on it.
When BCI team realized they were being attacked they contacted all exchanges and requested them to suspend all deposits and withdrawals. Roughly 20,000 coins got stolen in the attack. About 8,000 of those coins made it to the exchange before deposits and withdrawals were suspended. About 12,000 had to be burned when shifting into the ProgPoW algorithm.
THE BIG DECISION
BCI was making plans to implement ProgPoW algorithm in spring 2018. But after the 51% attacks it had to be done ASAP since the whole ecosystem was proven vulnerable and was under attack.
The transition itself was not easy and the team faced many obstacles. The ProgPoW miner was ready but that was about it. The codebase (BTC node itself), wallets, stratum and mining pool software all needed to be forked to ProgPoW.
On July 2018 everything was forked and running, but full of bugs. Goal was to fork on August 1st 2018 but getting all the bugs fixed delayed the fork to September 2018
BCI decided to disable “BTC halving" on the new ProgPoW codebase. What this means is that the block reward of 13.5 BCI is static and wont change in the future. Block is shared with miners and stakers, 10.26 BCI goes to the miners, 3.24 BCI goes to staking pools.
DAY OF THE FORK
The hard fork was locked and set for block number 542524. All the exchanges where BCI was listed (Bitfinex, HitBTC, Tradesatoshi and STEX) were in full support of the fork and well prepared. Day of the fork was quite drama free and the fork went as planned. BCI has successfully transitioned into ProgPoW Algorithm and running smoothly.
Tradesatoshi never completed the fork, dropped all communications with BCI core team and instead delisted BCI on 1st of April 2019 due “low trading volume". As a result, those who had BCI coins on Tradesatoshi couldn’t get their coins out. A member of BCI core team said, “People have been asking us if there is something the team could do about this but really there isn’t. We tried to ask them multiple times if they had any problems, sent different guides (same we sent to Bitfinex and HitBTC). When they wont answer there is nothing we can do, they delisted us “due low trading volume", yea when your wallets are closed for 9 months it shows as low volume…"
The entire fork process that started with the 51% attack and closing the exchange wallets took roughly 5 months until exchange wallets were again open. People had already dumped their coins on the exchanges and majority of BCI holders forgot the whole coin. Usual story of a small coin getting attacked and announcing a fork is a dead coin, fork never completed. So this behaviour was expected. Highest price of BCI has been over 23 USD when they listed on Bitfinex. While waiting the fork to be completed the price dropped to 1 USD and after the wallets opened on exchanges people continued to dump their coins driving the price to around 0.1 USD.
BCI is currently listed on Bitfinex, HitBTC and STEX. Their core team is working on getting BCI coin’s price back to its former levels. A core team member also mentioned that they are in talks to be listed on more exchanges soon.
Since early April 2019 BCI has been receiving a lot of attention, their price and volume has significantly risen. With a dedicated and transparent team backing it and working on the project 24/7, I think BCI has high hopes for the near and far future.
OTHER CHANGES MADE ON THE FORK
Old chain (around 180gb) was deleted, only the wallet balances were left, making the new chain under 3gb in size. Even with the new small chain you can claim your “fork coins" with BTC privkey.
No more Halving of Block Rewards
Block halving was disabled, making blockreward static 13.5 BCI that wont halve like Bitcoin blockreward halves.
Improved Interest Rate for Staking
New staking pools were added and staking reward per block was increased to 3.24 BCI. Quarterly and Yearly staking pools were added, weekly and monthly pools were divided to bronze/silver/gold levels
Kristy-Leah Minehan, an experienced, highly skilled ProgPoW developer, consultant and blockchain advisor played an important role as consultant through the process.
A NEW BEGINNING
In the past few months BCI faced a lot of hurdles, complications and criticisms. Despite all of that the team never gave up and continued working with faith and full confidence. BCI saw a new beginning that started with the fork and things are getting better day by day as they grow once again.
More information about BCI, mining programs and staking options can be found on their website http://Bitcoininterest.io