Many blockchain projects wanted to replace Bitcoin with a better alternative cryptocurrency, but there is hardly any coin that managed to do that. One more project that wants to surpass the popularity of the most popular digital currency is Bitweb. Being a new peer-to-peer electronic payment system, Bitweb is based on the BTC source code, and this is exactly the thing that makes it outstanding. Sounds interesting?
Look: this Bitweb review covers many important points about this new ecosystem and its native token for you to get its main ideas and goals.
Table of Contents
What is Bitweb
Bitweb is a payment network and a secure and efficient cryptocurrency based on the source code of Bitcoin. Being a decentralized cash system allows making online payments between two parties without the involvement of third-party financial institutions. It prevents users from double-spending due to its peer-to-peer nature since a signature about the transaction is made in the chain of proof-of-work and it cannot be changed without redoing the proof-of-work.
Bitweb is planned to be an alternative to Bitcoin though it inherits all the characteristics of the BTC system. At the same time, there are certain differences between these digital assets since the upper limit of the Bitweb block can reach 100 Mb. Furthermore, the coin supports Segwit isolation witness that does not allow transaction capacity to ever reach this size.
How does it work
When the team completes the development of the Bitweb ecosystem, ordinary crypto enthusiasts will be able to buy coins for real money or exchange other assets for it and use Bitweb for fast and low-cost transactions performed via blockchain. Furthermore, the company attracts proficient game developers to develop different games for the ecosystem and, probably, reward players with Bitweb coins.
Problem and solution
Unfortunately, Bitcoin did not manage to become a universal payment method because of three reasons:
- Only professional mining machines allow discovering blocks, so not everyone can participate and use Bitcoin;
- It has gradually changed its original goal to be a decentralized payment system for becoming a tool for games;
- Its transaction speed is low in comparison with many other assets due to lots of confirmations.
Bitweb was designed to solve these problems of Bitcoins and it will be achieved by using a more complete code and many different features.
Bitweb uses a proof-of-work consensus mechanism with the Yespower algorithm, and all the transactions are added to a chain that prevents them from being repeated. Bitweb block time is 60 seconds, which allows speeding the transactions by 10 times in comparison with Bitcoin. Looking at the technology closer, it is worth noting that every electronic coin is defined as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership. However, the payee’s inability to verify the absence of double-spending encouraged the team to introduce a trusted central authority or mint that creates a new coin each time when the transaction is made.
Looking through the features of the Bitweb project, you can spot that some of them coincide with ones possessed by Bitcoin. This asset is also recognized as secure, stable, and efficient like BTC. However, there are several more characteristics that make Bitweb unique in the crypto sphere:
- Fast transaction speed: 10 times quicker than Bitcoin.
- Proof-of-work consensus mechanism with Yespower (CPU) algorithm.
- Pre-mine of 3% of the total number.
- An open-source community that can be joined on Github.
- Native wallet.
Bitweb coin is going to be listed on the crypto exchanges as BTE and its total supply is 84 million coins. A block can be found every 60 seconds and its reward includes 50 coins. According to the development team, there is a 3% premine of 2,58 million coins from May 2021 to December 2021 used to develop mines and communities of the project.
How to earn Bitweb
Currently, it is possible to earn Bitweb coins only if you join the community and take active participation in the development of this project. Later, coins will be available for exchange too.
Bitweb Core wallet
Bitweb native wallet was designed to send, receive and store BTE. This is a desktop wallet that enables block mining and securing the network. There are wallets for computers powered by Windows, MacOS, and Linux. Other wallets to support BTE are Discord wallet, Paper wallet. API wallet, and ElectrumX-Bitweb.
Bitweb is a new project that aims to solve Bitcoin problems, but doesn’t it have any downfalls too? Let’s consider its pros and cons in brief.
- Open-source and community-driven;
- Fast transactions;
- Double-spending prevention;
- Peer-to-peer network;
- Secure and efficient.
- Minimum of information about the development team;
- Lack of details about the ecosystem.
What is Bitweb?
Bitweb is a new decentralized payment ecosystem and a cryptocurrency created on the basis of Bitcoin.
What makes Bitweb coin special?
This coin allows making faster transactions without double-spending.
Where can you get BTE?
Currently, only development team members can get BTE, but soon the coin will be listed on popular exchanges too.
Is BTE available for mining?
Yes, it is. You can mine BTE using a native Bitweb wallet. This coin can be mined with a CPU which is very comfortable.
Being a new blockchain project, there are no Bitweb reviews from its users. The roadmap of this currency began in May 2021 and it experiences only the premine procedure, so it is difficult to predict its future. However, being an alternative to the world’s most popular coin, Bitweb aims at solving major Bitcoin problems and it may be its own claim to fame!