Digital Asset Bitgesell Provides the Perfect Ecosystem to Become Digital Gold
Bitcoin Press Release: Emerging digital asset Bitgesell has developed a practical ecosystem,
and long-term solution for the digital gold debate. The project overcomes issues plagued by Bitcoin to make it an extremely attractive proposition to holders, miners, and businesses
18th May 2020, Amsterdam, Netherlands – Digital asset and cryptocurrency Bitgesell is a new project geared towards practical application, and offers a more attractive proposition to cryptocurrency miners and holders, than any similar alternatives. The Bitgesell ecosystem has been designed to ensure that it is practical, and suitable as a long-term digital investment option.
Why Bitcoin is Not a True Digital Gold
Bitcoin continues to be the foremost leader in the digital currency market, and has always defined what cryptocurrencies are. However, it is faced by a number of issues that have not been conclusively addressed:
- Excessive Computational Power: Distributed nodes and miners keep any blockchain secure by ensuring that there is never enough computational power in a single control. Bitcoin has surpassed this level long ago. Today, only a fraction of the computer power is enough to secure the network.
- Low Commissions in Future: In the future, when all of Bitcoin is mined, miners will rely on transaction fee. A little reward will be sufficient to keep miners in profit. However, the segwit based lightning network can also lead to miners moving away from Bitcoin as the transaction earnings can become so low, it would not be practical to keep working on the network.
- Slower Scarcity : Bitcoin currently halves its block rewards nearly every four years. This scarcity and the level of new BTC mined means that block reward will reach zero roughly in 2140. For the true rise in value of Bitcoin, holders still have to wait 120 years.
Bitgesell Head Developer, Emma Wu explains one of the benefits that Bitgesell offers over Bitcoin:
“Bitgesell can be perceived as a future of bitcoin, because of its smaller block size, how segwit extension would be developing (lightning network) and due to halving occurring each year, only after 2-3 years we will witness the future of bitcoin, not having to wait for 11 years.”
Bitgesell: The Better Bitcoin
The next stage in the evolution of Bitcoin, Bitgesell is the right step towards a digital gold model. A digital asset that is geared towards holding, it is a precisely calculated ecosystem that is predictable and reasonable.
- Higher Transaction Cost: Setting a higher limit for transaction cost serves dual purpose of ensuring that only large amounts of coins are transacted, giving incentive for people to hold and increasing the demand while lowering he supply in the market, and ensuring that after all coins have been mined, miners are still in a profitable position, making the network secure.
- 90% Burn: Coins in circulation are reduced at a fast paced level through burning 90% of transaction fee. This means that Bitgesell will see an increased value of remaining coins as the supply is lowered.
- Halving Each Year: Where Bitcoin takes on an average 4 years, Bitgesell will half every year, further reducing the coins available and achieving zero emissions in a span of a few years.
- Fully Segwit Supported: Bitgesell is a network that has fully implemented the segwit protocol. The network is fast enough to withstand any kind of load and transactions will be confirmed at lightning speeds.
The BGL coin powers the Bitgesell as a medium of holding and exchange. Like its Bitcoin counterpart, there will be 21,000,000 BLG ever produced. With a block weight of less than 400,000 bytes, it is 10 times smaller than Bitcoin, making it lighter and faster.
Article Produced By
Bitcoin Press Release
Heiko Closhen, Entrepreneur