Bismuth (BIS) | Coin Review | Blockfyre.com
Bismuth is a new blockchain protocol functioning as a platform for applications, with the primary application being currency. Bismuth has an innovative approach to database scaling, introduces the concept of private contracts and limits the contract execution to users willing to participate while keeping them publicly verifiable. The blockchain is built entirely from the ground up by the Bismuth team, and it is the first blockchain, based on Python, which itself supports the much-needed modularity, efficiency, and interoperability. It comes with a wide variety of default decentralized applications and tools for developers. The coin launched without any possibility to premine, also there was no ICO.What Problem does Bismuth solve?
According to the lead dev, the project was started with the desire to help the blockchain and crypto community, instead of building a platform based on the Bitcoin blockchain, the team decided to create something completely new and more accessible to programmers and non-programmers alike. Bismuth aims to make prototyping super simple and quick and enables decentralized application deployment in hours. Bithmus seeks to support the integration into business solutions with ease and most importantly opens up development to the broad public through its straightforward approach while minimizing the security risk for custom code implementations. Many people might not realize the significance of a coin implemented in python. It’s one of the first languages that programmers learn on, and for a good reason: it’s extremely accessible and easy to use. It is intended to make Bismuth incredibly accessible and help with adoption.
Product and Vision
Bismuth does not draw any code from other repositories; instead, it reformulates the cryptocurrency code in its own terms to be easily readable and compatible across all platforms. The Bismuth blockchain uses a feedback control strategy to calculate the difficulty adjustment in the mining process, this means, if the the network is not used extensively, fees are almost non-existent, and are redistributed to miners. We already talked about the exciting feature of bithmus being developed in Python, which has a massive supporting library and was coded with the ideas of modularity and efficiency in mind. Furthermore, the blockchain already has working DApps and also also has privacy features with Tor integration.
A system called “Hyperblock” allows transactions on the Bismuth Blockchain to be compressed regularly, reducing the size of the blockchain to the amount of accounts present in it. Currently, it saves 96% of RAM usage and enables users to save as much drive space when their client is configured only for hyperblocks.
The Bismuth code base is unique, and the coin was not a fork of any existing projects like Bitcoin or Ethereum. This approach is much more difficult but also offers the Bismuth blockchain many advantages. The Coin has been mineable (primarily) as a Proof-of-Work (PoW) cryptocurrency. The risk of double spending is mitigated through the longest chain rule, and every transaction is checked against the balance. The “HyperNode“ design for Bismuth includes a secondary proof of stake blockchain to collect metrics independently and without interference in order to reward users who provide reliable nodes. Which is also a new approach, rarely seen in other projects.
Bismuth has a unique way to process smart contracts, where on the Ethereum Blockchain, each smart contract is run through multiple nodes for execution in order to get an output, but with Bismuth, one node can process several smart contracts that are run through an independent interpreter, so only one node’s power is needed to process them.
The team assembled their own blockchain and frameworks, based on problems they saw with other projects in the space. This speaks for their skills and visionary mindset. Overall they seem very dynamic and skilled, although there are no big names on their ranks, they seem to have a solid composition of business and development experience.
Tokenomics: What is the BIS Token?
The total supply of the coin is 14.901.581 coins and the current circulating supply is 14.182.990 coins. The market capitalization of the project is at $3.3 million. Generally there is not much information available on the coin itself, as there is no public white paper.
Growth potential and Roadmap
I really like the Bismuth roadmap, not only is it very detailed but it also works as some sort of public todo list. The last big roadmap update for Bismuth was in February of 2018 it contained: Codebase modularity, Exchange compatibility, Graphics, etc. Every update is broken down into four different sections: accessibility, improvements, newly added features, and future features, development, and research. Another Update from September 2018 contained: exchange listings (only Cryptopia so far) and the public release of their hyper node explorer among other things. The roadmap provides detailed milestones für 2019.
The project seems to be making progress at a reasonable pace, and I’m eager to see the impact of masternodes on the project’s marketing and mindfulness. Their social media community is not the most active one, but there is constant communication going on. The project seems to be flying under the radar which could be good for early miners and investors. The upside potential for Bismuth is big although the space is crowded with competitors who seem to be further along their roadmaps. At these price levels, BIS could be considered a high potential investment from a risk/reward perspective.
The Bismuth blockchain has a considerable measure of features in development and a clear and strong plan approach for the project in general. Time will tell, if their features and overall approach is enough, to secure a market share in their space. For miners, especially the earlier ones, this could be a very interesting opportunity.
As an investor, I’m still hesitant to believe, that this project will succeed. This is the case for 99% of the projects Im looking at, but with Bismuth, there are too many open questions. However, the concept is very interesting and the team seems ambitious and skilled. I will continue watching this project closely, as it has the potential to become a massive long-term opportunity in the near future, if they continue working hard and manage to stay focused. If you believe in the future of platforms and a wide variety of blockchains, Bismuth could be a suitable addition to your portfolio.
Bismuth scored 47 out of 76 Points in our evaluation program.