Overall, the cryptocurrency sector is not where it was anticipated to be at this point in time despite the revolutionary model it introduced, Bitcoin’s technology still falls short of addressing the issues of: price stability, environmental sustainability, transaction privacy, smart sidechain platforms and efficient scalability capacity.
BitcoinOil (BTCO) is a new cryptocurrency based on the original Bitcoin blockchain, to be launched in 2019. The implementation of the BTCO hard fork will create the most technologically advanced version of Bitcoin to date. Bitcoin Oil Corp is structured as follows: Bitcoin Oil Corp owns both Bitcoin Oil Inc. (the Texas-based O&G division) and BitcoinOil GmbH (the cryptocurrency division with offices at Crypto Valley Labs in Zug, Switzerland).
The centerpiece of BTCO and its "Optimally Improved Ledger" (OIL) will be the highly innovative "SSPSS" strategy focusing on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability. BTCO intends to accomplish these through the introduction of key new blockchain features such as:
-minimizing Bitcoin's volatility (creating an incentives-based economy);
- drastically reducing Bitcoin's insane energy consumption (altering the consensus protocol to PoS);
- implementing true privacy features (enabling confidential transactions);
- empowering Bitcoin based ICOs and STOs (by employing full smart contract functionalities);
- developing cutting-edge scalability solutions (by complete integration of layer 2 protocols and offline transactions).
Moreover, BitcoinOil aims to become a pivotal bridge between the old world of oil and gas (natural energy resources) and the new world of cryptocurrency.
Open-source ecosystems are designed to evolve, whether that's through in-project improvements or hard forks in which the entire code base goes in a different direction. This evolution is sometimes the only key to big breakthroughs.
Since their inception, forks have become an inseparable part of blockchain evolution. As Bitcoin marches toward mainstream adoption and as other digital currencies increase the market share they command, it’s inevitable that the large, decentralized communities backing these currencies are to have disagreements. These disagreements lead to splits.
Every day more and more people are educated on Bitcoin and the blockchain. The increasing volume of Bitcoin users has turned some of the old known facts such as micro-payments being feasible into a thing of the past, at least with current block size cap. Constraints on Bitcoin’s network resources ensure that it remains easily replicated. Due to this, there is a limited amount of transactions processed and this has spiked the community into hard fork talks in order to boost efficiency and bring lower fees.
While BTC’s retained its status of the world’s most popular cryptocurrency, it’s not free from shortcomings. BTC transactions have been taking notoriously long to process and they’ve gotten expensive over time. This is because BTC blocks have been limited in size, which means around three transactions per second. The cost of BTC transactions has been rising, which has been casting a shadow on its practical applications. Naturally, a shift from the blockchain to a sidechain that proposes solutions, for all aforementioned issues, is the next logical step in the Bitcoin evolution.
BitcoinOil is developing a novel blockchain to bridge the gap between the traditional world of oil and gas and the dynamic world of crypto currency with a corporate emphasis on sustainability. The mechanism connecting the BTCO Blockchain Fund (O&G) and BitcoinOil (crypto) will be the revolutionary BitcoinOil Investment Initiative. This initiative consists of various moving parts, including the Bitcoin Oil Services’ clean acquisition plans, oil and gas properties, water treatment plants, and top-level advisors in the crypto field – all forming part of BitcoinOil’s economy.
BTCO’s investment initiative is projected to bring forth the BitcoinOil GmbH technology project – the most technologically superior blockchain available to date, that serves as the platform for other crypto startups to launch their ICOs, STOs and IEOs. In addition to listing new ventures on their proprietary blockchain, BitcoinOil GmbH plans to also support these ventures with seed capital as well as the provision of an array of consultancy and advisory services. This architecture is designed to provide something to new ventures that nobody is doing at the moment: provide capital. BitcoinOil is destined to soon become the premier blockchain and crypto incubator.
Senior management and the BTCO Board are expected to design an investment board by appointing high-ranking managers, politicians, advisors, and analysts. The investment board will put forth recommendations for investment in various crypto projects on a quarterly and annual basis. The BTCO Blockchain Fund is expected to sponsor approved projects – whether ICOs, STOs or IEOs - as an IBO (Initial Blockchain Offering) on the BitcoinOil blockchain. In turn, listed projects will pay a funding fee to BTCO Blockchain Fund in the form of a fixed percentage of their coins or tokens. BitcoinOil intends to distribute via airdrop a percentage of these coins or tokens as rewards to BitcoinOil coin holders through their Hodlers Rewards program. The mechanism of distribution of rewards is designed to create stability through promoting loyalty for the adoption of the BitcoinOil Coin.
Bitcoin Oil’s Investment Initiative will use some of its profits from the old world investments and re-invest in crypto sponsorships on its BTCO Blockchain. This initiative will not only create a link between these two worlds but enable BTCO to reward Coin holders for their loyalty.
This structure enables the fuel to actualize BTCO’s Hodlers rewards. Bitcoin Oil will distribute coins to its holders based on its rewards structure and consequently create stability through loyalty for its crypto currency. BTCO has 10-12 projects under consideration for the initial ICOs/STOs/IEOs that will be held on its blockchain. These projects shall be launched once the BTCO technology is in place. BitcoinOil believes that the Hodlers Rewards program will create the right level of incentive to encourage holders of BTCO coins to continue their long-term engagement with the Bitcoin Oil Network.
This structure will allow enough funding for the tech business to come to fruition and self-sustain its technological blockchain developments as well as continued incubate cryptos for its BTCO Blockchain.
Website - https://bit.ly/2lYyCXV
Telegram - https://t.me/Bitcoinoil
Linkedin - https://www.linkedin.com/company/bitcoinoil/?originalSubdomain=en
Twitter - https://twitter.com/BitCoinOil
Medium - https://medium.com/bitcoinoil
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