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What is Bitcoin Vault

Bitcoin Vault is now presented as a "theft protection solution" based on a "three private key security structure".

5 min
Name:Bitcoin Vault (BTCV)
Consensus Mechanism:Auxiliary Proof-of-Work (AuxPoW)

Table of Contents

What is Bitcoin Vault?

The creators of Bitcoin Vault define it in their white paper as “Electronic peer-to-peer gold for theft protection”. Created in late 2019 first as Bitcoin 2.0, Project X, or Bitcoin Royale, Bitcoin Vault is now presented as a “theft protection solution” based on a “three private key security structure”. Thus, this blockchain can have “slow” transactions that remain in a state of readiness for 24 hours before being fully validated.

Bitcoin Vault: What’s The Use Reason?

Bitcoin Vault is a hard fork of Bitcoin, a fork of the origination chain that uses the source code of the cryptocurrency itself. The main idea behind the launch of this hard-fork is their working hypothesis, in which they claim that Bitcoin was not successful when it came to being accepted by consumers as electronic money for the internet. They argue that it was not online money. that it raised its creator Satoshi Nakamoto, but it was more successful as a means of saving, it was turned into electronic gold.

Its creators suggest that its usefulness as e-gold could be improved if the original properties of bitcoins were sacrificed for e-money; they seem to put digital money and e-gold on balance, making us see that if one has more weight, the other must lose it. In the white paper, they propose a series of modifications to the original Bitcoin protocol, focused on a single goal: creating maximum value.

What Makes Bitcoin Vault Special?

As a decentralized digital currency, Bitcoin Vault offers an advanced secure network in which one user can send cryptocurrency to another as a means of exchanging value in complete privacy. Without the need for an intermediary or regulator to interfere in the process.

Unlike other cryptocurrencies, Bitcoin Vault has a limited amount of encrypted data of 21000000 BTCV. This just means that the cryptocurrency in circulation is more attractive and valuable as an exchange-traded asset, giving traders a greater return compared to its profitability. Important data for those who are mining and intend to do the same in 2020.

How is Bitcoin Vault supposed to fight against fraud?

In Bitcoin Vault, by default, a committed transaction takes 24 hours to complete. When the Bitcoin Vault blockchain miner adds a transaction to a new block, the transaction will not be confirmed immediately as it is in bitcoins (given that in BTC we also have a 10 minute block mining time along with subsequent confirmations).

They propose to add this transaction to the chain as a “warning” for 144 block times (assuming the block time is 10 minutes). If the issuer takes no action before those 144 blocks have passed, the status of the transaction will change from a warning to “confirmed”.

Bitcoin Vault Mining

The mining process is one of the keys to success or failure in cryptocurrency. On this subject Bitcoin Vault tells us in several publications and promotions that mining does not require the amount of work and hash rate needed for Bitcoin, so theoretically and only theoretically this altcoin can be mined by users. and people with not too powerful equipment, getting their own coin base (“new” coins are mined and delivered to users who decide to block), but we will see that this promise is not kept.

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