Frequently Asked Questions
What will happen to miners with BCL moving off of the current blockchain to a DPOS (delegated proof of stake) blockchain?
BCL will officially stop supporting the Clavis wallet or any mined coins after Sunday, March 18 at 11:59pm EST. For more information, please see this article. Miners are encouraged to continue their support of BCL through involvement of our upcoming volunteer program or to campaign to become witnesses on our new blockchain. We are thankful to all the miners that have contributed to the growth of BCL and look forward to working with them in the future.
What are witnesses?
Witnesses (sometimes called delegates) coordinate to produce blocks on DPOS-based blockchains instead of miners competing with each other on POW-based blockchains such as Ethereum. This accounts for the increased efficiency of DPoS blockchains such as BitShares or EOS. For more general information about DPoS and witnesses, please see this article on BitShares.
How does one become a witness?
Witnesses are elected by all holders of a coin and those with the most votes get the opportunity to serve as a witness, produce blocks, and earn coins. To become a witness, you will need the support of BCL holders which you can obtain through making yourself a known member of the community. Helpful activity in our Telegram, posting articles about BCL, volunteering to help the BitcoinLatina Foundation, contributing to development of BCL dApps, are some ways to make yourself known to the community.
How can I get more involved as a community contributor / volunteer?
Share BitcoinLatina with your friends on social media, join our Telegram group, post in BitcoinTalk about BCL are great ways to start! We are building a robust system for volunteers to be able to support the BCL Foundation’s mission and get rewarded for it. We will be launching this very soon!
Why is BitcoinLatina moving to EOS technology instead of continuing to use an Ethereum based blockchain?
There are many reasons. The most important is that we want to use the best technology. BitcoinLatina is currently Ethereum-based and Ethereum has already experienced very serious scaling problems, just look at what Crypto Kitties (a very simple decentralized app) did to the Ethereum network when it became popular. We don’t want this to happen to BitcoinLatina. Furthermore, we wanted to create an opportunity for miners to obtain EOS coins (more on that later).
What will happen to my BitcoinLatina coins?
They will be swapped for EOS-based coins when we launch the new blockchain.
Will EOS tokens be honored on the BitcoinLatina EOS-based blockchain.
Of course. BitcoinLatina and EOS token holders will both be allocated EOS-based coins.
How can miners benefit from this migration?
By moving from an Ethereum-based blockchain to EOS, we are creating a very unique opportunity for miners. Because EOS is not mineable in the traditional sense, mining BCL and swapping those coins will be the only way to obtain EOS-based coins through mining.
How is it possible for BitcoinLatina to launch an EOS-based blockchain?
The team developing EOS, block.one, is building the EOS software but will not be launching a blockchain. Once development is complete, block.one will make the EOS software available through an open source license and BitcoinLatina will use that software to launch an EOS-based blockchain.
Is BitcoinLatina building the EOS software?
No, block.one is building the software. BitcoinLatina will use the software built by block.one to launch the EOS-based blockchain.
When will BitcoinLatina launch the EOS-based blockchain?
When block.one is done developing the EOS software, BitcoinLatina’s team will tweak the software to include coin allocations to BitcoinLatina holders. Once that is complete, the blockchain will launch. The soonest this can possibly happen is after June 1, when the EOS ICO is complete.
What does this have to do with Latin America?
BitcoinLatina still has plans for massive outreach to increase blockchain adoption in Latin America. This has always been our mission and will continue to be. We can better accomplish this goal by using better technology, namely EOS.