Bitcoin Rhodium (BTR), a Bitcoin (BTC) version, is named after a rare earth metal. This is an apt name since the virtual currency also boasts of having the lowest total supply count in the sector – ten times fewer than the total supply count of Bitcoin. While the total supply count of Bitcoin is 21 million that of Bitcoin Rhodium is 2.1 million. Half of Bitcoin Rhodium’s total supply count will be mineable while 40% will be distributed via airdrops.
Developers of the digital currency will have 5% of the total supply count reserved for them and there will also be 5% that will be pre-mined for PR. The developers will be holding a total of 105,000 Bitcoin Rhodiums.
Ten BTRs for one BTC
The first airdrop of this virtual currency which describes itself as a crypto commodity took place last year in December while a second one occurred in January this year. The ratio of distribution during the airdrops was ten Bitcoin Rhodiums for every Bitcoin. Conditions of eligibility for the airdrops included having some amount of Bitcoin in one’s wallet.
Though it may appear like a Bitcoin fork due to the name, it is not necessarily so. All indications are that Bitcoin Rhodium is a totally new virtual currency which has been built on a very different blockchain. Reportedly the developers of the Bitcoin Rhodium digital coin have built their blockchain on the programming language known as C Sharp or C #.
Like other virtual currencies the blockchain system of Bitcoin Rhodium employs the proof-of-work concept.
With regards to the technical specifications the block size of Bitcoin Rhodium is 4 megabytes while the block interval is 10 minutes. The difficulty adjustment of Bitcoin Rhodium is every fortnight. Instead of SHA-256 proof-of-work algorithm Bitcoin Rhodium will use the X13 algorithm. This algorithm was popular with altcoins some time back before it went out of vogue.
Developers of Bitcoin Rhodium already have plans on how they will make their digital currency valuable in the eyes of investors. Beginning this year in the third quarter precious metals such as rhodium will be made available for purchase via Bitcoin Rhodium. This means that the developers intend to have the virtual currency functioning as a real commodity.
One of the ways that Bitcoin Rhodium is trying to differentiate itself from other virtual currencies is by having an anonymization mechanism. This allows holders of the digital currency to disable unwanted surveillance of their transactions.
Roadmap for the future
Bitcoin Rhodium’s future roadmap consists of publishing the source code as well as launching the block explorer of the virtual currency. In the future the project will introduce wallets as well as pursue merchandising opportunities.
Some of the factors that could play against Bitcoin Rhodium in the eyes of investors include the fact that some of it will be pre-mined. Generally veterans of virtual currencies tend to shun such digital assets. The digital currency also has little information with regards to who is behind the project and this might spook some investors. Additionally there has been no exchange which has confirmed that it will support BTRs.
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