What is Butterflycoin?
Butterflycoin is based off of the SHA-256 hashing algorithm and adds support of POS block minting to help protecting against 51% attacks. Butterflycoin is based off the Bitcoin open sourced code, and like Bitcoin, is still in the beta phase. Plans are to follow the latest Bitcoin patches and releases as new updates are pushed. The Butterflycoin project is set to move along with them.
There are two big advantages of Butterflycoin. The first being, it uses the SHA-256-based hashing algorithm. This offers a different solution than most scrypt-based alt-coins, because scrypt-based coins can’t be mined with the latest ASIC mining technology. Butterflycoin fixes this by giving miners the ability to participate in mining the coins, no matter what type of hardware they use. From CPUs to ASIC miners, Butterflycoin can be minted with whatever hardware you choose.
The second advantage is, Butterflycoin implements Proof-Of-Stake (POS) block minting. This not only helps protect the network against against 51% attacks, but it also allows miners to mint coins by just holding them in their wallets for period of time. PPC is a great example of a SHA-256-based coin that implements POS, and has warded off 51% attacks because of it.
Butterflycoin is decentralize so than there is no singe point of attack. It has super fast 30 sec confirmations and network rewards 30 Butterflycoins for each new block solved. Difficultly re-targets every 2 blocks, and is set to adjust so that 1 block is solved every 30 second (so an average of 60 Butterflycoins are mined each minute). Frequent block re-targets help ensure transactions don’t get stuck on a high difficulty and cause the network to grind to a halt. Butterflycoin has a total supply limit of 7,000,000,000 (7 Billion) coins. This equals one coin for each human alive at the time of its creation. The idea is that there will always be enough coins to go around, but still an upper hard limit of 7 Billion.Release date: September 1st, 2013
- SHA-256 Algo
- POW and POS minting
- Block target is 30 seconds
- Block reward is 30 coins per block
- Difficulty changes every 2 blocks
- Block reward stays constant (30 coins per block)
- POS minting rewards 3% for each coin held in wallet for 30 days
- Total coins to be minted is 7 Billion