Bitcoin’s latest fork, Lightning Bitcoin (LBTC), is scheduled to happen as soon as the main Blockchain network reaches block height 499,999, which is believed to occur around 23 December 2017. The European-based project will be the fourth fork on the Bitcoin network for this year alone, and will also be the first to implement a DPOS consensus system.
Bitcoin’s latest fork, LBTC, was conceptualized with the aim to make transactions conducted via the Bitcoin network much faster. According to the BTC team, all transactions done via LBTC will travel at lightning speed, and the network will be capable of processing up to 24 million transactions on a day to day basis. This ambitious goal, according to the team, has been made possible by implementing a DPOS system.
The proof-of-work (POW) concept has been a hot topic of discussion amongst crypto experts as of late. POW has been cited as causing a network congestion, as well as making cryptocurrency mining more centralized. The author of Delegated Proof-of-Stake Whitepaper, Daniel Larimer, noted in his book that the current POW system allows the most successful cryptocurrency miners to continue mining more efficiently, while the entire process becomes gradually more controlled by centralized forms of currency. However, the LBTC team aims to use a DPOS system which will allow investors to vote, which would prevent anyone mining company gaining a monopoly on the cryptocurrency.
The LBTC team states on its website that by using the DPOS mechanism, the amount of participating verification nodes will become reduced while allowing the LBTC to conduct transactions at an incredibly quick pace
The latest Bitcoin-based fork has yet to reveal their entire team. So far, however, the LBTC site confirmed that the project’s leader is China-based and known as “Jack Zhang.” So far, several prominent exchanges aim to support the cryptocurrency including BTCC, CEX.io, Coldlar Wallet, and gate.io.
Ever since Bitcoin’s very first fork, Bitcoin Cash, forked successfully, fork offerings have been growing in popularity amongst the crypto community. The trend promises to continue in the next year, as several other forks are likely to emerge in the future. However, not all forks were met with the same success as Bitcoin Cash. The following fork, Bitcoin Gold, has been haunted by scams and controversy ever since its shaky beginning. Bitcoin’s newest fork, Bitcoin Diamond, will be listed on 30 exchanges across the world, but it remains to be seen how the latest fork will compete with its older siblings.