Dubai, UAE: Bithereum (BTH) is a coin that is created via forking the Bitcoin (BTC) blockchain. BTH will eventually function as a peer-to-peer (P2P) electronic cash system similar to BTC, however it will fuse with the ultimate vision of Ethereum to create a superior currency centered around ‘Proof of Stake’. A fork is an upgrade to the Bitcoin protocol. Currently, Bitcoin isn’t scalable for widespread adoption and also has higher transaction fees in addition to slower transaction processing speed.

“Bithereum will bring together the best aspects of all prior Bitcoin forks, while also revolutionizing Bitcoin mining. The company selected Dubai, known as the city of the future, as its headquarters, because of the city’s growing involvement with the blockchain technology framework across various verticals. Dubai also aims to become the first blockchain powered government in the world by 2020 which is a great milestone for the industry,” stated Sachit Singh, Founder, Bithereum.

The current Bitcoin mining method, known as ‘Proof of Work’ is currently very costly and wasteful. Not only are there very high up-front costs, but there is also the issue of excessive energy consumption and a monopolization of the mining efforts. Enter ‘Proof of Stake’: a transaction validation method that makes the blockchain network faster, more efficient, and cheaper to run.

Proof of Stake mining will not only be an economical advancement by augmenting transaction speed and reducing fees, it will also be an ecological advancement by lowering the excessive energy consumption used by ‘Proof of Work’ mining. Ethereum has laid out a robust and very promising plan to implement this model through the Casper protocol, and it is probable that the benefits of this technology can also positively affect Bitcoin’s issues of the community schism and the mining cartel. Thus, by combining the visions of Bitcoin and Ethereum, Bithereum will ultimately revolutionize mining, improve scalability, and increase network consensus.

Since Bithereum will start out as a direct descendent of Bitcoin, all Bitcoin holders will be able to claim their Bithereum coins in the same way they would with any other hard fork of Bitcoin. Though Ethereum and Bitcoin transact on entirely different blockchain with completely dissimilar address spaces, Bithereum will introduce a mechanism that will give both Bitcoin and Ether holders the ability to redeem Bithereum. This would be regardless of which chain their holdings reside on and would involve minimal work for each holder.

“Bithereum will be a coin that benefits both chains, becoming the first hard spork of its kind. Bitcoin will first be hard forked to make changes to the protocol that will allow it to be a more technologically-advanced form of peer-to-peer currency. On the other hand, Ethereum will be hard spooned by taking a snapshot of the existing account balances of Ether holders to reward them in Bithereum. As BTH utilizes a significant portion of Ethereum's vision, unlike all of the other Bitcoin forks, we will also be awarding all Ether holders with coins, giving them the ability to stake their coins in the future as well,” added Scott Wade, Co-Founder, Bithereum.

Additional technological upgrades that Bithereum will be bringing forth to the Bitcoin blockchain will be GPU (Graphics Processing Units) mining to democratize the mining efforts, an increased block size, and lightning network to further address the issues at hand. Bithereum will also be exploring further scalability solutions as they are implemented to Ethereum to assess possible additional improvements to the Bithereum blockchain. 

Other team members within the Bithereum core team comprises of Sanjay Kripalani, Partner, UAE Business Development, Dondrey Taylor, Advisor, Co-Founder of Decentralized News Network (DNN) and Samit Singh, Advisor, Co-Founder of DNN.

About Bithereum:

Headquartered in Dubai Outsource City, Bithereum, aims to do what no other hard fork has done, by fusing the visions of both Bitcoin and Ethereum, ultimately revolutionizing mining, improving scalability, and increasing network consensus. Please log on to: Bithereum.network for more information.

© Press Release 2018