BITCOIN BAM Has The Characteristics of both Bitcoin and Ethereum
A blockchain fork is essentially a collectively agreed-upon software update. Blockchains depend on decentralized groups of computers all working collaboratively. Each individual computer, commonly referred to as a “full node,” runs the software needed to verify the blockchain’s public ledger and keep the network secure. The more full nodes that concurrently run the software, the more secure the network.
Crucially, each full node needs to run the same piece of software in order to access the same shared ledger. In other words, each full node running Bitcoin’s core software (i.e. Bitcoin Core) has access to the Bitcoin blockchain’s ledger and can therefore verify Bitcoin transactions and access Bitcoin transaction history. But a full node only running Ethereum’s core software (i.e. Go-ethereum) cannot access the Bitcoin blockchain.
The version of the software also matters. If the Bitcoin Core developers (or anyone else who is able to convince enough full nodes to switch to their software) update the Bitcoin code to install new features or change important parameters, the updated software may not be compatible with the older version of the software. Forks that are incompatible with older versions of the software are called “hard forks.” Hard forks typically change consensus rules
(i.e. block size, mining algo, consensus protocol) in a way that makes previous versions of the software incompatible. For example, Ethereum’s upcoming Casper update will change consensus protocol rules as Ethereum begins its shift from Proof of Work to Proof of Stake. When Ethereum eventually introduces their Casper update, the update will be a hard fork. Full nodes that choose not to update their software will no longer be compatible with the updated Casper nodes. Thankfully, Ethereum hard forks are not usually contentious, and the majority of the network agrees to update. Otherwise, a full node running the updated Casper software would not have the exact same ledger as a full node running the older version. Since each node would have different consensus rules, they would be essentially running a separate blockchain.
However, there are some forks that are compatible with older versions of the software. “Soft forks” are software updates that still work with older versions. For example, Bitcoin’s SegWit update was a soft fork. When SegWit activated, a new class of addresses (Bech32) was created. But those using older P2SH addresses were not affected by the addition. A full node running version 0.1 of the Bitcoin Core software could send a non-SegWit transaction to a node running updated SegWit software and the transaction would still go through. As long as at least 51% of the hashing power switches over to the updates soft fork, the older versions of the software will still work (if the older versions propose invalid blocks, they will temporarily form “old chain only” versions of the ledger that quickly get overtaken).
KEY TAKEAWAYS
BTBAM is a cryptocurrency that combines the security of Bitcoin’s blockchain model and the flexibility of Ethereum’s smart contracts.
It uses a proof-of-stake consensus model for creating new blocks, which is far easier and less energy-intensive than Bitcoin’s proof-of-work model.
BTCBAM is designed for use by large organizations, with the goal of becoming integral to a range of Campus Solutions, TR E-Money Solutions, TR Transport Solutions, Crypto Asset Integration, OKC/VPOS Payment, and Bank And Fintech integrations. As mentioned below the detailed map.
