Despite the recently canceled Segwit2X fork, it's undeniable that 2017 has been the 'year of forks' for Bitcoin. August witnessed the successful Bitcoin Cash (BCH) fork, only to be followed by the arguably less successful Bitcoin Gold (BTG) fork. The latest impending fork, Super Bitcoin (SBTC) has been scheduled to occur once the chain reaches block 498,888.
SBTC’s website boasts a lot of new attractive features, including scaling their block sizes to a mere 8 megabytes, including smart contracts, and a lightning fast network.
The mastermind behind SBTC is the Chinese cryptocurrency mogul, Li Xiaoai. Li is thought of with mixed feelings among the Chinese crypto community. In the last year alone, Li has been affiliated with several ICOs, including EOS, PressOne, and ICO.info. According to several China-based news outlets, PressOne raised $550 million in three days. In this time, the ICO failed to release a white paper and has since been denounced as fraudulent.
Following China’s ICO ban a few months ago, Li released a statement in which he apologized for PressOne. In the letter, Li mentions several reasons for his failure to release a whitepaper, which included him overestimating his ability. He concluded by apologizing to the crypto community for his unintentional misleading ICO.
Following his statement, the tycoon had become mostly forgotten by the Chinese media and crypto community, until the appearance of SBTC. According to its website, SBTC will have a total of 21,210,000 coins available. Of the total amount of coins, only 210,000 coins will be available by premining. Premined coins will be put towards the cryptocurrency's foundational development, as well as its general network construction.
However, users and media outlets remain skeptical. Jiang recently stated that this latest venture seems relatively pointless, as SBTC has no real competitive edge compared to BTC and BCH.
What’s more, inside sources in the crypto community has recently confirmed that two China-based forks in the Bitcoin network are also in the works: Bitcoin Diamond and Bitcoin Century. According to the source, these two new forks could just be ways to operate as ICOs, or Initial Fork Offerings (IFOs).
According to Jiang, IFOs might be a novel way to generate funds, however, they cautioned against possible scams arising from the concept, as this could hurt Bitcoin's reputation in the long run.
SBTC’s website boasts a lot of new attractive features, including scaling their block sizes to a mere 8 megabytes, including smart contracts, and a lightning fast network.
The mastermind behind SBTC is the Chinese cryptocurrency mogul, Li Xiaoai. Li is thought of with mixed feelings among the Chinese crypto community. In the last year alone, Li has been affiliated with several ICOs, including EOS, PressOne, and ICO.info. According to several China-based news outlets, PressOne raised $550 million in three days. In this time, the ICO failed to release a white paper and has since been denounced as fraudulent.
Following China’s ICO ban a few months ago, Li released a statement in which he apologized for PressOne. In the letter, Li mentions several reasons for his failure to release a whitepaper, which included him overestimating his ability. He concluded by apologizing to the crypto community for his unintentional misleading ICO.
Following his statement, the tycoon had become mostly forgotten by the Chinese media and crypto community, until the appearance of SBTC. According to its website, SBTC will have a total of 21,210,000 coins available. Of the total amount of coins, only 210,000 coins will be available by premining. Premined coins will be put towards the cryptocurrency's foundational development, as well as its general network construction.
However, users and media outlets remain skeptical. Jiang recently stated that this latest venture seems relatively pointless, as SBTC has no real competitive edge compared to BTC and BCH.
What’s more, inside sources in the crypto community has recently confirmed that two China-based forks in the Bitcoin network are also in the works: Bitcoin Diamond and Bitcoin Century. According to the source, these two new forks could just be ways to operate as ICOs, or Initial Fork Offerings (IFOs).
According to Jiang, IFOs might be a novel way to generate funds, however, they cautioned against possible scams arising from the concept, as this could hurt Bitcoin's reputation in the long run.