Author: Jeff Garzik 2013-10-14 18:21:04
Published on: 2013-10-14T18:21:04+00:00
Adam Back developed a new idea of Betacoin, which is a bitcoin but with 21 million coin limit and some security restrictions. The Betacoin network does not have any mining rewards but can be merge mined for security purposes. To move bitcoins into the Betacoin network, the user needs to mark them as transferred in some UTXO recognized way. This approach avoids mindshare dilution and prevents betacoin bugs from affecting Bitcoin security or value-store properties. Users may buy or swap Betacoin for Bitcoin to facilitate moving money back from Betacoin to Bitcoin, but that is market-priced, so the Bitcoin network is insulated from beta. A significant security bug in beta would cause a market freeze until it is rectified. Jeff Garzik suggested that LiteCoin could be a staging area for new bitcoin features and test new features before they land in stable Bitcoin.
Updated on: 2023-06-06T17:14:31.672782+00:00