It has been a while since a new Bitcoin fork came around. As such, it seems someone decided to create a “fork” which makes very little to no sense whatsoever. Bitcoin Oil is the name, and it appears to be a proof-of-stake currency which will introduce a lot of improvements Bitcoin should have received by now. It seems unlikely that too many people will pay attention to it, but it’s good to be in the know about these things regardless.
Bitcoin Oil has Arrived
It is not the first nor the last time someone will create a new currency which has the Bitcoin tag in it. Playing on the marketing angle of the world’s leading cryptocurrency is one option, albeit one that doesn’t go over too well with the overall community. As such, one can safely say Bitcoin Oil is already contested, simply because of its naming strategy.
It is evident this new fork will face an uphill battle. As such, the developers will do what they can to create the “most technologically advanced version of Bitcoin” the world has seen to date. Actively minimizing the volatility aspect of this currency will be one of the bigger challenges to overcome. The developers think they can do so through an incentive-based economy, and using proof-of-stake for the distribution.