After BTC.com, Binance Pool also started mining Bitcoin Vault.
Bitcoin Vault (BTCV) is not to be confused with Bitcoin (BTC), because it is a completely different cryptocurrency, based on another blockchain, and which has only the name in common with BTC.
The Bitcoin Vault project was born in October 2019 with the intention of creating a new cryptocurrency that allows you to cancel 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 published 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 resulting from theft, errors or bugs.
In common with Bitcoin it has the Proof-of-Work consensus algorithm based on SHA-256, and this allows you to be able to mine BTCV.
Bitcoin Vault mining
Previously another mining giant, BTC.com, had also started mining BTCV , and with Binance Pool, two large pools are now mining Bitcoin Vault.
Therefore , users of the Binance pool will now be able to participate in BTCV mining with their computing power.
Binance Pool currently ranks among the largest mining pools in the world, with around 10.1 EH / s on SHA-256 (BTC / BCH / BSV) and around 8.73 TH / s on Ethereum.
At the moment, the developers of Bitcoin Vault hold 90% of the computing power, and to increase decentralization they need other mining pools that commit their computing power to Bitcoin Vault mining. However, the project plans to achieve decentralization by the end of 2024.
Electric Vault’s Chief Communication Officer, Radek Popiel , the development company of the BTCV project, said:
“This is another step we have taken in the direction of decentralizing Bitcoin Vault mining. We are pleased to be able to cooperate with such a trusted and well-known partner in the crypto industry. As developers of Bitcoin Vault, we have committed to release 10% of BTCV mining to trusted external partners until the end of 2021, and we have achieved this goal. “