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Yearly Halvings and High Burns: How Bitgesell Tackles Issues of Bitcoin in an Effective Manner

Cryptocurrency Aug 30, 2022 06:30AM ET
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© Reuters Yearly Halvings and High Burns: How Bitgesell Tackles Issues of Bitcoin in an Effective Manner
 
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Bitcoin holds a special place in the crypto world. It is considered the King of Crypto and, as the first, launched a whole new financial industry. Yet, for all that it offers, it falls short on several aspects, making it impractical in the long run.

Better than Bitcoin
Bitgesell is a community-driven project that has gathered steam since its launch in 2020. The project developers looked over Bitcoin and other major cryptocurrencies to identify shortcomings and decided upon themselves to create a better version.

The result is Bitgesell, a Bitcoin-inspired crypto that is faster, efficient and better.

Bitgesell is a deflationary cryptocurrency, running on its own independent blockchain network. The BGL coin is also similar to Bitcoin, with a maximum supply of 21 million. Taking cues from the infamous Satoshi Nakamoto’s vision, the best characteristics of the King of Crypto have been kept. Yet, the Bitgesell network is more than that. The developers have made some clever changes that address the key issues Bitcoin users face today.

  • Yearly Halvings: Unlike Bitcoin with a roughly 4-year halving cycle, Bitgesell block rewards are axed by 50% every year. This leads to a new supply crunch much faster, driving up demand pressure and increasing overall value in just a few years.
  • Transaction Burns: Supporting the scarcity of supply is the extremely high burn rate of transaction fees. Every transaction fee is permanently burnt by 90%, further reducing the supply.
  • Lighter and Faster: A block weight of a mere 400K, the Bitgesell network is lighter and faster. The reduced block size also means that the Bitgesell blockchain is compact which in turns lowers storage requirements.
  • Segwit Support: Bitgesell counters network load and scalability issues by having Segwit fully implemented, making lightning transactions without straining the network.
  • Keccak SHA-3 Algorithm: Bitgesell employs an advanced SHA-3 based Keccak hashing algorithm which is superior to the one used by Bitcoin. Offering better security and efficiency, relatively low-cost machines can also take part in the decentralized network to run and secure it.
The Community Loves Bitgesell
Over the years, many developers and aspirants have hard forked Bitcoin in an attempt to make a better cryptocurrency. Yet, each project has been wrought with issues and other frictions since the projects are almost never thought through properly.

Bitgesell differs not only because of the technical differences but also because the developers have put in effort for it to please both users and miners. A perfect example is the transaction system. While the high burn rate means miners only get 10% of the transaction fee, the network itself has a higher than usual transaction cost, allowing for only high volume movements to be feasible. This has a dual effect of giving miners enough incentive and at the same time giving Bitgesell users a coin that emulates gold by becoming a better store of value.

There is also a significant community of miners, including pool support such as ZergPool, ZPool and even Bitaps. The ability to become an independent or pool miner also increases the overall computing power dedicated to the network, making it secure.

With a total supply of 16.4 million out of a maximum of 21 million, it is only a few years before all have been mined (98% is estimated to be mined in 2024 as compared to Bitcoin’s 2037). This perpetuates a real imbalance between demand and supply, creating massive upward pressure on price.

Do you find Bitgesell and its BGL token interesting? You can get your hands on it on PancakeSwap and Uniswap (as WBGL).

Continue reading on BTC Peers

Yearly Halvings and High Burns: How Bitgesell Tackles Issues of Bitcoin in an Effective Manner
 

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