Dear WBF Exchange users,
With the approaching of BTC halving date, more users want to know more about the production reduction of major currencies in 2020 when will witness major currencies’ reduction, such as ETC, BCH, BSV,DASH and ZEC. We sorted out seven currencies that are about to reduce production for your reference:
- What is BTC halving?
Halving means that the reward is reduced to half of that. At the code level, for every 210000 pieces, the reward will be halved, according to Dorian S. Nakamoto. If one block is produced every 10 minutes on average, it will take about 4 years to produce 210000 blocks.
The first time of BTC halving was on November 28, 2012 when block rewards were reduced from 50 BTC to 25 BTC. The second halving was completed on July 10, 2016, with block rewards reduced from 25 BTC to 12.5 BTC.
- Cryptocurrency introduction
- Ethereum Classic （ETC）
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum Classic appeared as a result of disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users that owned ETH before the DAO hard fork (block 1920000) own an equal amount of ETC after the fork.
- Bitcoin Cash（BCH）
Bitcoin Cash (BCH) is hard fork (a community-activated update to the protocol or code) of Bitcoin that took effect on August 1st, 2017 that increased the block size to 8MB, to help the scale the underlying technology of Bitcoin.Nov 16th 2018: BCH was hard forked again and split into Bitcoin SV and Bitcoin ABC. Bitcoin ABC became the dominant chain and took over the BCH ticker as it had more hashpower and majority of the nodes in the network.
Bitcoin SV stands for Satoshi Vision. Stemming from Bitcoin Cash, BSV is a hard fork (community-activated update to the protocol or code) established as distinct from BCH after the network upgrade scheduled for November 15th, 2018 resulted in a hash war determining the chains would be split. According to their website, the Bitcoin SV project is primarily backed by CoinGeek Mining with development work by nChain.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.
At Dash’s core is a unique fully-incentivized peer-to-peer network. Miners are rewarded for securing the blockchain and masternodes are rewarded for validating, storing and serving the blockchain to users.Masternodes represent a new layer of network servers that work in highly secure clusters called quorums to provide a variety of decentralized services, like instant transactions, privacy and governance, while eliminating the threat of low-cost network attacks.
Zcoin is the first full implementation of the Sigma Protocol, which allows users to have complete privacy via zero-knowledge cryptographic proofs. It is worth noting that Zcoin is unrelated to other cryptocurrencies utilizing the Zerocash Protocol. Although Zerocash is a development from Zcoin’s old protocol Zerocoin, their respective implementations are not simple forks of each other, but rely on different cryptographic assumptions with various tradeoffs. Both approaches supplement each other quite nicely, and a good way to describe them would be sibling projects.
Launched in 2016 by Zooko Wilcox-O’Hearn and based on the Zerocoin protocol, Zcash (ZEC) is a decentralized and open-source privacy-focused cryptocurrency that enables selective transparency of transactions. Zcash transactions can either be transparent or shielded through a zero-knowledge proof called zk-SNARKs. This allows the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publishing spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is being dishonest.
Thank you for your understanding and support. If you have any questions, please contact our official customer service!
Cryptocurrency investment is subject to high market risk. Please make your investments cautiously. WBF Exchange as a trading technology service provider does not undertake guarantee, compensation and other responsibilities for user’s investment.
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WBF Exchange team
February 25, 2020