The Backpacker Coin project has announced a new update on the development of the cryptocurrency project. They include a shift from Proof-of-work mining approach to a Proof-of-Stake one, changes in supply and several other updates to help bolster the future of the cryptocurrency’s footing for the future. Major Changes The more significant changes in the cryptocurrency's working include the update of its underlying algorithm, reduction of total supply, 20% pre-mined coins, controlled release of new supply and of course the migration from Proof of Work to Proof of Stake mining.
The Backpacker Coin is a new stablecoin project that envisages a truly $1 stablecoin price. The developers first promising a stable $1 value and these coins can be mined as well. It is a revolutionary project and therefore, the developers are working round-the-clock to be able to actually make it work, something that hasn’t been achieved till date.
Previously, the Backpacker Coin used the Script algorithm for its consensus protocol. It was mostly derived from the working of Litecoin network which has perfected the Script-based system for a while. But, even with Litecoin's system, the ability of big miners to have some control over the mining exploits and thus the network's supply has left the system wanting. So, the Backpacker Coin was shifted to the X15 algorithm. The X15 is a combination of over 15 algorithms to reduce the influence of ASIC miners further.
This new approach will have cut the transaction time in half from 2-4 minutes to 1-2 minutes, ditch a specific transaction fee for a more dynamic arrangement and be available in Web, Android, Windows and Linux. The iOS option will not be available for the time being.
4 million BPC coins will come as pre-mined and a further 16 million BPC will be up for grabs for miners bringing the total hard cap to 20 million BPC. Previously, approximately 1 billion coins were expected to come pre-mined and over 1.5 billion BPC were expected to be available for miners bringing the total number of coins to 2.5 Billion BPC. This dramatic shift was announced by the developers to help post sustainable progress as a stablecoin.
New Mining Reward Details
Mining awards are as under:
Block 1 to 100 : Premine 4000000
Block 101 to 400100 : Reward 5 BPC per Block
Block 400101 to 844544 : Reward 4.5 BPC per Block
Block 844545 to 1344544 : Reward 4 BPC per Block
Block 1344545 to 1915972 : Reward 3.5 BPC per Block
Block 1915973 to 2582638 : Reward 3 BPC per Block
Block 2582639 to 3382638 : Reward 2.5 BPC per Block
Block 3382639 to 4382638 : Reward 2 BPC per Block
Block 4382639 to 5715975 : Reward 1.5 BPC per Block
So, crypto enthusiasts and early adopters from around the world can become a part of the Backpacker community and join an early bird program of a new, promising project right when it is about to take off in the near future.
The more significant changes in the cryptocurrency's working include the update of its underlying algorithm, reduction of total supply, 20% pre-mined coins, controlled release of new supply and of course the migration from Proof of Work to Proof of Stake mining.