The Bitcoin blockchain’s sluggish transaction speed is a major concern for individuals who depend on high-performance legacy transaction processing systems. Luckily, Bitgesell, a newly launched blockchain project aims to solve this problem, allowing anyone to send instant payments to anyone, anywhere in the world.
What is Bitgesell coin?
Bitgesell is a young, novel blockchain project conceptualized by Emma Wu and developed as a spinoff of the original Bitcoin codebase, with some key differences. Both Bitgesell and Bitcoin have the same hard-coded halving event timed at appropriate intervals. However, Bitgesell coin has four times the halving frequency compared to Bitcoin, which boosts the imbalance between demand and supply at an increasingly quicker pace. Both Bitcoin and Bitgesell have a 21 million coin supply. However, in Bitgesell’s case, 90% of all transaction fees are burned which increases digital scarcity. According to coinmarketcap data, Bitgesell token (BGL) is valued at $0.05251 as of 30/06/2022.
Main advantages of Bitgesell
One of the essential features of Bitgesell is that it guarantees immediate cash flow. It positions itself as the future of Bitcoin and improves the true store of value. It has many pronounced advantages compared to Bitcoin and other cryptocurrencies.
Bitgesell can reduce the circulation of tokens at a fast pace by burning 90% of the transaction fee. As the supply is lowered, Bitgesell will experience an increased value of the remaining coins.
Bitgesell has already fully implemented the Segregated Witness (SegWit) protocol, which is a protocol update to increase block capacity and protect against transaction malleability. This has made Bitgesell fast enough to withstand load and confirm transactions even at lightning speeds.
Halving is the process of halving the rewards of mining Bitcoin after each of the 210,000 block sets is mined. Halving limits the supply f new coins, forcing prices to rise if demand remains strong. However, Bitcoin halving takes place once every 4 years on average. In Comparison, Bitgesell is set to conduct halving every year. This will further reduce the coins available to achieve zero emissions within a few years.
The Bitgesell Token or BGL is the native currency of the Bitgesell platform, used as a medium of holding and exchange. Just like Bitcoin, the total number of BGL to be produced is 21,000,000 BGL. It is 10 times smaller than Bitcoin as it has a block weight of fewer than 400,000 bytes, making it faster and lighter.
Comparison with other blockchains
Bitgesell main codebase is derived from Bitcoin with some major improvements. The team behind the project has recognized the shortcomings of Bitcoin and other PoW chains. When compared with Bitcoin and similar PoW chains, Bitgesell has implemented improvements in the following areas.
As mentioned before, Both Bitcoin and Bitgesell have a total supply of 21 million, which cannot be changed unless they both go through a hard fork. Bitgesell increases scarcity by burning 90% of the transaction fees. This will cause the supply to not only plateau but decrease over time, which will increase scarcity for Bitsegell in comparison to BTC.
- Accelerated halving model
Compared to Bitcoin, BGL has cut the rate of halving by four. While Bitcoin halvings occur every 210,000 blocks, Bitgesell’s halving will be conducted every 52,500 blocks. This means the halving will be conducted every one year, instead of four. The first halving event for Bitgesells already took place. This means that while Bitcoin’s block reward will reach zero in the year 2140, Bitgesell’s block reward will reach the same at around 2054. This will make Bitgesell a guide for how the economic model of programmed scarcity will turn out for Bitcoin.
Whereas Bitcoin uses SHA-2, Bitsegell uses SHA-3. Bitsegell’s SHA-3-based Keccak hashing algorithm is more capable and efficient than the current SHA-2 used by Bitcoin. SHA-3 increases cryptographic security and supports superior hardware-based cryptographic features which optimize Bitgesell for energy-efficient mining.
Paid activities and programs
Bitgesell has announced 4 paid activities for its users. The first is an incentive reward program that will award BGL $100 for each of the 5 randomly chosen addresses picked from 100 addresses. The second is a node incentive program where the platform will randomly pick 20 nodes every week and award them $20 each. Another one of the paid activities is a transaction contest in which one wallet address is chosen every week automatically to receive a $20 award. The last but not the least is a Bitgesell bounty improvement program that has a total budget of $50,000.
FAQs
- How does the Bitgesell coin work?
Bitgesell is a cryptocurrency with its own blockchain derived from the code base of Bitcoin. It works independently from other cryptocurrencies such as Bitcoin, Stellar, Litecoin, and others.
- What is the total supply of Bitgesell coins?
As per data from coinmarketcap, the total circulating supply of Bitgesell is 16,059,435.25 BGL, while the total supply is at 16,316,767 BGL. The maximum supply of BGL is 21,000,000.
- What is the value of the Bitgesell coin valued at the moment?
Bitgesell coin (BGL) is currently valued at $0.05622.
- Where to buy and how to exchange Bitgesell?
Bitgesell is available at exchanges such as Hotbit, Catex, Alterdice, Cexz, and Crex24. It can also be bought from DEXes like UniSwap and Pancakeswap.
- How to mine Bitgesell coin?
Bitgesell uses the Proof-of-Work consensus mechanism and can be mined using the Keccak algorithm. Some of the mining pools that support Bitgesell mining include
Final Thoughts
Bitgesell sets itself apart from other blockchain projects by improving on some aspects of cryptocurrencies that have plagued the whole space. By understanding and presenting solutions to some of the struggles faced by Bitcoin and other PoW chains, it stands out from the crowd of new blockchain projects that promise something similar. By implementing some changes in the intrinsic asset model, Bitgesell has thus created an asset that will constantly increase in value.
Disclaimer
The presented content may include the personal opinion of
the author and is subject to market condition.
Do your market research before investing in cryptocurrencies.
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