/ ANALYSIS

Bitcoin God fork is coming soon. But what is Bitcoin God ?

Bitcoin God fork will happen in about 48h now. It seems so that God name is not invoked for religious purposes, but rather to send the message that we, as humankind, have the power to change the world. So the question is how ? So let’s try to enlight you with what we know.

What is the goal ?

When we read their landing page, we learn that they plan to use the fork to help charities. Indeed, as for now, a little less than 17 million Bitcoins have been mined, which means that there are only 4 millions plus left to be generated. So the idea would be to distribute GODs (that’s their tickle !) to Bitcoins holders and distribute the yet-to-be-mined GODs to charities. They don’t specify which are these charities. They just explain that the amounts and targets will be decided via a voted consensus from the community.

It will be a full POS coin, which makes sense since I don’t know who would mine for charities regarding the cost of electricity. And a POW mining would be ironic if Greenpeace happened to be among the chosen charity organizations.

What is the added value ?

I embrace the selfless objective but these charities won’t get much if the GODs are worth nothing or ot much.

Technically speaking, they sell us THE big dream: Smart Contracts, Lightning Network, Zero-Knowledge Proof (= anonymity) and large block size (even if I don’t see the point when coupled with the Lightning Network). And that’s not all: they plan to do it… in one year ! The Smart Contracts, including DApps (decentralized application) via the Mobius network, are planned to be implemented during the second quarter of 2018. And the Zero-Knowledge Proof during the third quarter. As for the Lightning Network, they don’t tell.

About where they tell

Who supports it ?

The list of exchanges seems astonishing. We find GDAX, Kraken, Bitfinex and Bittrex among them. However, in my opinion, the fact that GDAX is in the list but not Coinbase sounds surprising, and to say the least, difficult to believe regarding the fact that they don’t even integrate major coins already supported by major worldwide companies.

Conclusion

My opinion is that the goal is admirable but the project doesn’t appear to be up to its ambition. There is no whitepaper, no support from actual organizations or well-known skilled developers. Moreover thereThis project will go nowhere.

This is without considering that most traders present in the cryptospace, right now, are in to take profits. So, to convince them to act in order to help charities would be a long run and require a rock-solid team and project, which Bitcoin God does not reflect.

FairCoin has already been fighting down this road for years now. And, unfortunately, their progress is fairly slow…

Merry Christmas !

edouard

Edouard Hienrichs

Passionate about development, cryptocurrencies and Mars colonization, Edouard is also a quite good chess player, a strong Neo supporter and a Software Engineer at Coinboard.

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