Bitcoin Vault starts its journey to decentralization! According to the press release published on March 31, it is now officially onboard BTC.com.
Bitcoin Vault (BTCV), a cryptocurrency project focused on security, has recently announced its partnership with BTC.com. With this collaboration, BTCV opens its mining and starts the “controlled decentralization” process.
BTC.com is one of the most well-known mining pools on the crypto market. It hosts pools for prime cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more. BTCV is a new addition to that portfolio.
This is a huge breakthrough in the BTCV mining expansion. Through this partnership, BTC.com, a major player in the crypto industry, shows trust and faith in the project. It can encourage community members from BTC.com to explore the Bitcoin Vault ecosystem, potentially strengthening further cooperation between the projects. It may also attract other industry players to establish new partnerships and further develop diversification of BTCV mining.
For now, BTC.com has launched internal mining of Bitcoin Vault. The pool will share more details in the future, allowing users to join the mining activities.
We are thrilled to announce that https://t.co/38N9uRkEEb pool has deployed and started internal BTCV mining，and we will launch BTCV address entry in the near future to facilitate the miners to join rewarding activities.
— BTC.com (@btccom_official) March 31, 2021
The history behind de(centralization)
At the end of 2019, Bitcoin Vault joined the industry with the innovative idea of bringing the security aspects to the next level. Back then, the mining process followed the decentralized vision of cryptocurrency and was open to everyone.
Two months after launch, BTCV suffered multiple 51% attacks attempting to overtake the network. It was an enormous threat to such a young project.
The development team decided to protect the network, early contributors, and the final vision of the project by closing the mining process. This difficult call was made to avoid costly “hash wars” and focus purely on the development of the initial idea.
“We had to choose: to go into a hash war and defend the blockchain against those attacks or focus purely on coding and delivering what we promised to early adopters. Having the future of the project in mind, it was a pretty simple choice. We centralized and diverted all our resources into code development,” said Radek Popiel, Chief Communications Officer of BTCV.
The road to decentralized mining
Now, after over a year of rapid development, BTCV started the process of controlled decentralization.
Popiel explains: “We have learned our lesson and, based on that, we will not decentralize overnight. This is just the first step with one of the most respected and reliable partners to join BTCV mining — BTC.COM.”
So, the partnership with BTC.com is just the beginning of the long process of releasing the hash rate to achieve complete decentralization of the project.
According to the plan released together with the announcement, 10% of the total hash power should be available by the end of 2021. Full decentralization, however, is planned to be achieved by 2024 through the gradual release of a bigger share of the hash rate to external partners.
The idea behind the controlled decentralization of mining is to protect the project, network and honor the promises made to the community.
A few words about Bitcoin Vault
Bitcoin Vault is a cryptocurrency designed to provide a higher standard of security. To achieve that, the BTCV Team developed an anti-theft 3-Key Security Solution.
It is an extraordinary security feature that allows users to cancel erroneous transactions within 24 hours. In case of a hack or just a simple mistake, they can react and take control of their funds. This is a perfect option for those who value safety.
The 3-Key Security Solution was launched in mid-November 2020 along with updates for mobile and desktop wallets: Gold Wallet and Electrum Vault, which create the BTCV ecosystem.
At that point, the project achieved full functionality, expanding development efforts in other sectors.
What’s in store for this project?
Besides further decentralization of the mining process, the BTCV Team has set new points on the road map. They include:
- Further development of Gold Wallet and Electrum Vault,
- Integration with Ledger Live,
- Bringing DeFi to BTCV with Wrapped BTCV ERC-20 token,
- Development of BTCV dApps,
- Internal and external security audits,
- More listings on new exchanges.
To keep up with all the news from Bitcoin Vault, visit the official website https://bitcoinvault.global
You can also follow official BTCV social media channels:
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