From the beginning of 2018, the ORBIS Secure Wallet will offer support for all major bitcoin forks. This not only allows you to instantly protect your new assets in a secure cold storage device, it also rewards you for staking your coins. With more than 20 forks expected in the first quarter of 2018 alone, the bitcoin fork support offered by ORBIS could dramatically increase the value of your holdings. So just what is a bitcoin fork, and how do you take advantage them using the ORBIS Secure Wallet?
What is a Bitcoin Fork?
As its name suggests, a fork in the crypto-verse is a divergence from the original blockchain. It tends to occur where developers or the community feel changes could be made to the current protocols, and a new coin is created using altered code. For example, Bitcoin has forked into Bitcoin Cash and more recently Bitcoin Gold, over changes to the block size and Segwit updates.
In order to ‘fork’ a cryptocurrency, a specific block is identified on the blockchain, where the change will occur. The blockchain of the two separate coins will always remain identical up until that block, and then splits dependent on the new coins design and features.
Why is it Important?
Forking coins can have a number of benefits and impacts on you. First, it’s important to understand that forking a crypto-asset lets you make changes to the existing code, without requiring the entire network to upgrade their systems (miners, wallets, exchanges etc…). Essentially, it gives the community the ability to choose which project/development they support, and who they agree with.
In doing so, forking bitcoin and crypto-currencies is leading to the rapid evolution of blockchain technology, particularly where it comes to:
- Smart contracts
- Speed and efficiency of networks
- Hash rate and mining efficiency
- ‘Proof’ algorithms (proof of stake, proof of work etc…).
If you don’t know what these are, don’t panic. They’re simply some of the underlying principles governing how your coins operate, and how you can interact with them.
As a recent example, 2018 saw a bug in Parity’s multisig wallet lock up more than $200m worth of Ether. Those affected have been calling for a fork, which would help to adjust the code and recover the funds. However there is resistance from the wider community (and Ethereums development team), as it would require the entire network to acknowledge and update their systems in order for the change to take effect.
How Does ORBIS’s Bitcoin Fork Support Help Me?
Bitcoin forks also present the opportunity to increase your holdings. Typically, as new coins are created from forks, the team splitting off rewards the holders of the original coin. This often occurs on a 1–1 basis, meaning that just for holding a coin before the fork, you can be rewarded with the new coin afterwards. This is also a quick and relatively established way to move mining and hashing power over to the new network, as well as create some liquidity in trading the new coin.
You already know that the ORBIS Secure Wallet is the safest and easiest cold storage device available. Now through to companion app the ORBIS Secure Wallet offers Bitcoin fork support. Both the firmware and software of the ORBIS Secure Wallet can be updated over-the-air. This gives the wallet ultimate flexibility in adopting and implementing changes, whilst maintaining the safety and security of your private keys.
Thanks to the bitcoin fork support offered by the device, you will be able to create wallets for new coins, as well as store your new assets securely. Allowing you to cash in on new coins and increase the value and size of your holdings- for free.