BitBar Coin

Posted on
  • Monday, May 28, 2018
  • by
  • ariewayq
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  • BitBar
    BitBar is a cryptocurrency designed to be  extremely rare and thus hold a larger  store of value per unit than conventional  cryptocurrencies such as Bitcoin
    Bitbar was designed to be a storage of wealth in the same way Bitcoin is, however with the addition of Proof of Stake  another level of Security was added. This mechanism gives users who don't have access to specific mining hardware the ability secure the network as a shareholder by staking, while generating rewards at a level of inflation to mimic the real world


    The concept behind Bitbar

    Bitbar was built from the Novacoin codebase and still uses the Scrypt hash algorithm. The continuous exponential difficulty adjustment and reward adjustment came from  Peercoin, which makes Bitbar mining very ASIC resistant - as hashrate increases, the  difficulty increases to maintain to 10 minute block time, and block reward decreases.

    Proof of Work - Proof of Stake

    Based off of Balthazar’s Novacoin code, as well as RareCoin and Fairnova projects, Bitbar  also has a 5% annual PoS return on staked coins. Proof of Stake is not only good for investors, but also an energy efficient way to generate  blocks for the blockchain. There was a de-synchronization issue that was noticed and fixed in Bitbar by the  developer of Peercoin, Sunny King 
    How long does it take to stake
    Proof of Stake blocks are eligible after 30 days.
    Rewards also depend on Coin age of transactions. Every transaction is eligible for POS 
    after 30 days, and up to 90 days. If a transaction is left untouched for 30 days, it will 
    begin to try and stake a block on the network. If it stakes at this point, the transaction 
    will split into two smaller equal outputs totaling the initial stake amount.
    At 90 days, it would be considered fully Mature and when it stakes, it would not split 
    into two transactions, and the reward, if eligible, would be added to the original 
    Once the transaction is older than 90 days it does gain extra coin age, but the proof of 
    stake reward will not grow past the 90 day full maturity level.
    At the time of this writing, around 4-5 BTB would be required at full maturity to stake 
    interest. If you want rewards, you will have to combine your mined blocks into a large 
    enough transaction meeting the criteria above to gain reward. , and can take longer 
    depending on the amount being staked.
    For maximum stake, one must wait 90 days.  (Also wallet cannot be locked) 

    • Algorithm  Scrypt PoW & PoS
    • Reward  0.07187500
    • Retarget  Reward & diff every block
    • total coins  500000.0
    • Mined Confirmations  520
    • Staked Confirmations  520
    • Transfer confirmations  6
    Height 275595
    Supply 37214.28831600
    Difficulty 2495.57773510
    Network hash    14.88 GH/s
    Reward 0.07187500
    Connections 21
    Port 8777
    RPC port 9344
    For more info you can join here
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