Currently, all the hardforks of the Bitcoin network are creating a great deal of uncertainty. As more chains split in a hardfork and create new coins, there is more room for confusion by people.
It is with this backdrop that we learn that another hardfork is in the works which is called “Bytether”. It will be a cross chain fork of the Bitcoin and Ethereum Networks and will create a new token called Bytether (BTH). The development team are referring to it as the “new Bitcoin” which seems to be bandied about quite a bit these days. Yet, let us give it a decent look…
What is Bytether?
Although this is indeed another fork, it is quite different to those that we have seen recently. The goal is to create a 1:1 cross chain fork of BTC.NET and ETH.NET. The team at Bytether have already copied the BTC blockchain for reissue on the Ethereum one.
The Bytether currency will be an ERC20 token that will be issued with an ICO. The total supply cap of Bytether will be 21 million tokens. The hope of the team is that this new token will benefit from the technical advantages that Ethereum has. Yet, it will retain many of the defining characteristics of Bitcoin.
If you would like to partake in the Bytether fork, you will need to verify your Bitcoin addresses on the Byther website (or through MyEtherWallet). Once this has been done, they will receive a one for one BTH for the amount of BTC they hold at the time of the fork. They will also be offering referral codes to those people who want to refer others. They will also receive some of the tokens.
Should one Partake?
Given all of the Bitcoin forks and Altcoins that are currently being created, we cannot see the space for another Bitcoin clone to grow. Moreover, Etheruem is a vastly different protocol and was designed specifically to be different. There does not appear to be a need for a Bitcoin clone on the Ethereum network. Similarly, the total supply of the coins will be created out of thin air and distributed according to current BTC supply and some referral tokens from the “growth fund”.
As such, we cannot see the real appeal of the Bytether hardfork. It does not seem likely that a great amount of people will get behind the project. Of course, one can always claim their coins and refer friends should they see the benefit in it. Right now the Bitcoin community should focus on the discussion around the best way to scale the legacy Bitcoin chain as this has proven itself through thick and thin.
Featured Image via Fotolia