After BTC.com, Binance Pool also started mining the Bitcoin Vault.
Bitcoin Vault (BTCV) should not be confused with Bitcoin (BTC), because it is a completely different cryptocurrency, based on another blockchain, and only has 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 cancel transactions after they have been published on the blockchain, within 24 hours (144 blocks) of your registration. In fact, the protocol on which BTCV is based confirms payments with 144 blocks, which allows, for example, the recovery in 24 hours of funds sent with transactions resulting from theft, errors or bugs.
Like Bitcoin, it has the Proof-of-Work consensus algorithm based on SHA-256, and this allows it to be able to mine BTCV.
Bitcoin Vault Mining
Previously, another mining giant, BTC.com, had also started extract BTCV, and with the Binance Pool, two large groups are now mining the Bitcoin Vault.
Therefore, Binance group users will now be able to participate in BTCV mining with its computing power.
Binance Pool is currently 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, Bitcoin Vault developers own 90% of the computing power and to increase decentralization they need other mining pools that dedicate their computing power to mining the Bitcoin Vault. However, the project plans to achieve decentralization by the end of 2024.
The Director of Communications for Electric Vault, Radek Popiel, the BTCV project development company, said:
“This is another step we have taken in the direction of decentralizing the mining of the Bitcoin Vault. We are pleased to be able to cooperate with such a trusted and well-known partner in the crypto industry. As developers of the Bitcoin Vault, we have committed to releasing 10% of BTCV mining to trusted external partners by the end of 2021, and we have achieved this goal. "