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After BTC.com, Binance Pool has also started mining Bitcoin Vault.
Bitcoin Vault (BTCV) is not to be confused with Bitcoin (BTC), as it is a completely different cryptocurrency, based on a different blockchain, and shares only the name with BTC.
The Bitcoin Vault project was born in October 2019 with the intention of creating a new cryptocurrency that allows you to void transactions and send fast and secure payments.
In fact, this cryptocurrency is the first in the world that allows users to cancel transactions after they have been posted on the blockchain, within about 24 hours (144 blocks) of their registration. The protocol on which BTCV is based in fact confirms payments with 144 blocks, allowing for example the recovery within 24 hours of funds sent with transactions that were the result of theft, errors or bugs.
In common with Bitcoin is the SHA-256-based Proof-of-Work consensus algorithm, which allows BTCV to be mined.
Bitcoin Vault mining
Previously, another mining giant, BTC.com, had also started mining BTCV, and with Binance Pool there are now two large pools mining Bitcoin Vault.
Now therefore users of the Binance Pool will be able to participate in BTCV mining with their computing power.
Currently, Binance Pool ranks among the largest mining pools in the world, with about 10.1 EH/s on SHA-256 (BTC/BCH/BSV) and about 8.73 TH/s on Ethereum.
Currently, Bitcoin Vault developers hold 90% of the computing power, and to increase decentralization they need other mining pools to commit their computing power to Bitcoin Vault mining. The project plans to achieve decentralization by the end of 2024.
Electric Vault’s Chief Communication Officer Radek Popiel, who is the developer of the BTCV project, said:
“This is another step we have taken in the decentralization of Bitcoin Vault mining. We are glad to be able to cooperate with such trusted and well-recognized partner in the crypto industry. As Bitcoin Vault developers, we have committed to releasing 10% of BTCV’s mining to trusted external partners until the end of 2021, and we have fulfilled this goal”.