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Homepage / News November 16, 2017 232 views

Pre-Mined Initial Fork Offerings (IFOs) the New and Trendy Way to Fund Crypto Projects

Pre-Mined Initial Fork Offerings (IFOs) the New and Trendy Way to Fund Crypto Projects

Initial Fork Offerings (IFOs) The New and Trendy Way to Fund Crypto Projects


1st Bitcoin Cash, then Bitcoin Gold, now one more Bitcoin tough fork, the&nbspSuper Bitcoin (SBTC), is on the way. It plans to be forked at block 498888 and the original Bitcoin holders will be offered one SBTC for one particular BTC for ”free.”

Also read:&nbspBitcoin Cash Network Completes a Successful Difficult Fork

SBTC Fork at Height 498888

According to its official site, SBTC will scale its block size to eight megabytes featuring sensible contracts and a lightning network.

Li Xiaolai, a Chinese bitcoin tycoon, is the man behind the project. Li is a controversial person in the Chinese neighborhood who initiated such ICO projects as EOS, ICO.information and PressOne this year. The PressOne project received 550 million dollars inside 3 days with no releasing a white paper, and was described as a standard “scam” by Chinese mainstream media.

When China ruled out ICOs this September, Li published a letter apologizing that he had overvalued his capability and regretted if he had somehow misled crypto newbies. Following that, Li was safely “forgotten” by the neighborhood, till now.

Super Bitcoin, as it is premined, has when once again put him in the spotlight. The project has 21,210,000 SBTC in total, out of which 210,000 are pre-mined.

Premined Coins Will Be Utilised for Early Development

Like Bitcoin Gold, the SBTC team explains that premined coins will be utilised for early development, but also for ”ecological construction”.

Initial Fork Offerings (IFOs) The New and Trendy Way to Fund Crypto Projects

“i support competitors among forked coins, but i do not assistance coins with 210,000 pre-mine that are unethical and unfair,” comments btc.leading owner jiang zhuoer.

Jiang adds that it is pointless to have yet another large block coin and he does not see SBTC as a threat to Bitcoin Cash.

“I wonder if Li [will write] a white paper this time,” ridicules Jiang.

Another Two ”Initial Fork Offerings” On Their Way

An industrial player reveals that an additional two Chinese tough fork projects, Bitcoin Century and Bitcoin Diamond, are also on the way. He believes that this is an ICO in the disguise of a difficult fork, or ”initial fork offering” as he claims.

“Initial fork offerings have turn into an revolutionary way to raise funds. But a premine is more like a scam rather of attempting to make bitcoin great once again,” says Jiang.

Will there be even a lot more coins bearing the bitcoin name? Let us know in the comment section beneath!

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Published at Thu, 16 Nov 2017 20:55:38 +0000