What started as a joke of a coin, a worthless coin- BadCoin-, meant to teach people how crypto works; may end up being worth something after sometime, explained the hosts of the ‘Bad crypto podcast’ Travis Wright and Joel Comm. The ever lively and entertaining hosts had on a seasoned Bitcoin mining ‘OG’ Marshall long, to discuss the creation of the new blockchain.
One of the hosts- Travis Wright- explained that the idea of BadCoin arose from the need to decentralize mining, since Bitcoin mining for instance has become more centralized with the likes of Bitmain’s Jihan Wu; having large server firms in China that are mining all the Bitcoin, not to mention that the hardware needed to mine Bitcoin is simply out of reach for the average person trying to get into mining.
BadCoin will be a coin with a difference though, since anyone with an average computer, even one as ancient as a Pentium will be able to mine it. It will also be mineable using your everyday smartphone. The coin is set for a makeover though after a meeting the two podcast hosts had with crypto mining ‘OG’ Marshall long at the World Crypto Con conference last October. Marshall explained that the coin was on the Bitshares network would get into blockchain accessible in 5 algorithms real soon.
Marshall explained that they were initially trying to figure out the best way to disincentive people from crowding all over the mining process. Their first thought was making the coin completely worthless, before settling on setting up 5 algorithms that would access that same blockchain as far as proof of work was concerned.
He went on to explain that it was possible for people to reclaim their BadCoin -which is being Hoddled by about 48,000 people- from their Bitshares wallets, into the newly created chain. This can be done by;
- Visiting badswap.com
- Sending your Bad from your wallet with a memo that contains your new address after downloading the new BadCoin wallet
- Include your new address in the memo field of the new wallet
It is important for people to slow their role though, since the chain is yet to be activated yet, this is set to be done at an unclear date later this month. Marshall explained that the mining process will be somewhat similar to Bitcoin’s with the halving period being 4 years, the difference being that your average GPU and CPU will be able to mine these coins.
Marshall encouraged listeners to get into mining BadCoin by logging on to badcoin.cryptopools.com where an instruction video will be available. Listeners can also go to YouTube and check out, ‘BitsbeTripping’, a You Tuber with some of the hottest juice when it comes to mining.
The show closed with the hosts revealing that 15 Billion coins available for mining in a decentralized manner which could be a game changer. There will be no ICO for the coin and it’s up to people to determine the coin’s value organically. Listeners will also be free to contact their favorite exchanges to get BadCoin listed.
Image courtesy of Bad crypto podcast