As a comprehensive service platform dedicated to improving miners’ income, Binance Pool provides services focusing on Proof-of-Work and Proof-of-Stake mining. An essential part of the Binance ecosystem, Binance Pool makes full use of its advantages in technology, capital, the exchange business, industry resources, and other areas.

We are taking another step towards decentralization. Bitcoin Vault (BTCV) will now also be mined through the Binance Pool, one of the biggest crypto mining pools in the world.

BTC.COM is joining Bitcoin Vault (BTCV) mining in the first milestone to complete decentralization as project development moves forward.

We launched Bitcoin Vault (BTCV) in late 2019 as a decentralized project. Unfortunately, due to a series of unexpected events, we had to centralize mid-2020 as the BTCV blockchain became a target of coordinated 51% attacks. It was a tough decision as we, as part of the global crypto community, believe in decentralization. However, we had to choose: to go into a hash war and defend the blockchain against those attacks or focus purely on coding and delivering what we promised to early adopters. Having the future of the project in mind, it was a pretty simple choice. We centralized and diverted all our resources into code development.

BTC.COM is joining BTCV mining as the first step in decentralization process

The technical solution for BTCV centralization is simple. Anyone can join BTCV mining, but only trusted addresses are receiving mining rewards. Therefore, 51% attacks are no longer profitable. Thanks to this solution, we prevented any attacks on our chain and protected our users and their coins.

But both us and the BTCV community understand that centralized projects face more challenges related to trust, credibility and economy, leading to complications when it comes to adoption.

Now the time has come to focus on Bitcoin Vault decentralization process.

However, we have learned our lesson and, based on that, we will not decentralize overnight. This is just the first step with one of the most respected and reliable partners to join BTCV mining — BTC.COM. Negotiations and integration process with the new pool took almost six months, but we are finally there:

• BTC.COM will use their own hash rate for BTCV mining,
• Mining rewards will go to BTC.COM customers,
• Both hash rate and mining rewards will be calculated on a weekly basis and paid out daily

All individual miners who wish to mine BTCV will be able to join the new mining pool through BTC.COM. It means that BTCV mining will be available to all, subject to BTC.COM conditions. Visit our partner’s website for more details:

Next steps

As developers of Bitcoin Vault, are fully committed to decentralizing BTCV mining. By the end of 2021, a total of 10% of the hash power will be released. The developers will retain control of the remaining 90%. Further decentralization depends on:

• Overall global mining market,
• Level of adoption and development of Bitcoin Vault,
• Future partnerships established with the mining industry.

Subject to the three factors above, we will be gradually releasing hash rate to external partners until the end of 2024. This plan of action is based on our experiences and mistakes made by projects that faced similar challenges. We made this decision based on our commitment to the community and focus on blockchain security. As fintech developers, we are responsible not only for the technology but also for people trust. We will do our best to protect both.

For more information about Bitcoin Vault BTCV, please visit our website: btcv.com

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