Does the name Bucky Roberts sound familiar? Well, I guess you must have heard that name before, especially if you are into computer programming. For anyone who has searched YouTube before on anything computer programming, you must have come across the YouTube channel “Thenewboston”. Bucky Roberts is the mastermind behind the wonderful tutorials and videos on that channel. After several years of not uploading any videos on YouTube, Bucky Roberts uploaded a new video on the 5th of November, 2020 and there he gave a brief about one of “Thenewboston” community projects which is a digital currency network he’s been working on over a year.
Read on as we pay a closer look at this digital currency in this article.
Some important things to note about “Thenewboston” digital currency
The overview of the digital currency as given by Bucky in the first video he uploaded on YouTube after a long absence and from information gathered on “Thenewboston” website is as follows:
1. The goal of the digital currency project
The goal of the digital currency project is to build a reliable, trusted, and fastest digital currency in the world.
2. Ownership of the digital currency
There is not going to be an initial coin offering (ICO) for the digital currency. What this means is that there are no private investors or venture capital (VC) funds for these coins. 100% of the coins belong to "Thenewboston" community.
3. Mining of the digital currency
The digital currency of “thenewboston” (the coins) cannot actually be mined unlike other popular cryptocurrencies. Instead, it opts for a staking method to achieve a faster transaction time.
4. Comparing “Thenewboston” with the traditional blockchain
The traditional blockchain is so slow because it has to reach a consensus for every single block. To optimize the system, thenewboston uses network consensus to determine the server that is responsible for validating all blocks. As a result, the double-spending problem associated with the traditional blockchain is solved and all blocks in the entire network are processed in real-time.
5. Earning and distribution of the digital currency
We’ve already mentioned that the coins cannot be bought currently. If we can’t get coins via spending for them, then how will the coins be distributed? From what Bucky said, “the coins will go to people who earn them”. It will go to people who spend their time and energy contributing to the project. Essentially, you will earn whatever you put into the project. The process of earning coins is as follows:
Most of the tasks can only be completed by programmers. Therefore, you’ll need to have programming skills you to finish tasks and earn coins. Besides those tasks that are designed for programmers, there are other tasks that can be completed by those who have no programming skills.
So, if you are not a programmer, you can still earn weekly coins by completing those tasks that do not require programming knowledge. The goal of the digital currency project is not only to build a reliable, trusted, and fast payment network; it also intends to build a community and thenewboston team believes that the contribution of different individuals to the project will help achieve the goal of building a strong community.
Therefore, it is safe to conclude that thenewboston is faster and better than the traditional blockchain.
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