Introduction on the BitSend Coin
BitSend coin (BSD) is digital money that you can spend anywhere. One can use BitSend to make payments online or in stores. Its secure, open-source platform is supported by thousands of users around the world.
The BitSend Coin Algorithm
BitSend coin uses a unique, fully compatible, ad-hoc network based on the Bitcoin 0.14 core. Digital currency miners are responsible for the security of the blockchain. Master nodes receive rewards for the validation, storage and maintenance of the blockchain.
Masternodes represent a new level of network servers that operate a variety of distributed services in a high-security cluster. This arrangement is intended to eliminate the threat of low-cost network attacks.
The Bitsend network has grown by 330 master nodes since its launch in 2016. More nodes mean safer services and more end-user access to digital money – from anywhere in the world, 24/7.
BitSend is a long-term project. The proof-of-work period will last for one hundred years; BitSend will not halve it. The main purpose of the coin is to ensure a fair distribution for its users and to offer important features. One will still be able to use BSD in ten or twenty years’ time just as one can today.
The Masternode Network
Masternodes are full-fledged nodes that provide permanent network service connections. They ensure safety during blockchain operations and transactions. This environment enables investors to use services on the network and earn interest on their investments. It also reduces currency fluctuations. To start a master node, 25,000 BSD and a static IP address are sufficient.
Rewards in the masternodes program represent a fixed total. As the number of masternodes changes, the level of bonuses may vary depending on the current number of active masternodes.
The company has selected an average block size of 10MB to ensure high transaction capacity. This parameter allows users to conduct transactions with very low commissions.
Xevan Hash Algorithm
The Xevan algorithm is a unique combination of the X17 double-complexity algorithm and an extension of up to 128 bits. The development goal was to have an algorithm that enables CPU and GPU mining.
DarkSend is the name of the decentralized mix that makes tracking harder. Consequently, it provides greater confidentiality and anonymity of transactions within the BitSend network.
This obfuscation is achieved through network nodes that redirect transaction flow to make tracking more difficult. Multiple mixes make it hard to track payments and increase security on each additional iteration.
Time is required to place and combine multiple operations so the premix of coins was realized to solve the time problem. In this case, anonymous coins can be used in the same way.
The InstantX service allows users to complete transactions almost instantly. Inputs are locked for individual operations and verification is based on the consensus of the master nodes. The network rejects conflicting operations or blocks.
If consensus is not possible, the automatic system attempts to use a standard confirmation procedure to verify the transaction. InstantX solves the problem of double payments without the long confirmation times that are typical of other cryptocurrencies.
The BitSend Segregated Witness Soft Fork
Segregated witness (a separate certification colloquially known as SegWit) is a soft fork. When activated, it allows you to perform transactions with separate signatures. There are a number of immediate benefits. First, transactions cannot subsequently be manipulated.
The segregations enable the software to calculate and check the transaction identifier (TXID) from unrelated data. Sometimes, third parties such as currency miners can change these. Alternatively, co-signatories to multiple signature accounts may also change transactions.
These measures eliminate all known cases of undesirable data corruption. Such problems may occur when programming Bitcoin wallet software. They also hamper the creation of intelligent contracts on the Bitcoin platform.
SegWit: New Opportunities
SegWit (segregated witness) transactions contain new fields that are not part of the data currently used to calculate block sizes and limits. SegWit transactions, therefore, allow the storage of more data than is currently possible.
According to rough estimates based on current transaction levels, a change to SegWit (only) would improve efficiency. Users’ digital wallets and the network should be able to support over 70 percent more transactions, including payments. Advanced features, such as multi-signatures and different transaction fields and sizes would also be feasible.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.