Bitcoin Hashrate backs tokens launched by Binance and Poolin

New Crypto tokens backed by the PoW hashrate
  • January 6 marked the launch of Binance’s new project titled: Bitcoin standard hash rate token (BTCST)
  • Binance claims that the focus of BTCST would be to resolve the issue of limited options of the exit
  • Poolin’s Mars Project, launched on January 11, prides itself in being the first-ever Ethereum-based standardized hash rate protocol

A new kind of token has been recently gaining popularity in the crypto market.

The details of the new tokens backed by the PoW hashrate

Binance initiated a new project titled: bitcoin standard hashrate token (BTCST) on January 6. The respective coin symbolizes 0.1 terahash (TH/s). 

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In addition, Poolin has also announced a hashrate token called pBTC35A. In Poolin’s case, every token represents 1 TH/s hashrate. Alongside, there also exists a pre-determined processing power of SHA256.

The Bitcoin (BTC) network has observed a noteworthy increase in the protocol’s hashrate. This is interesting because the network mining difficulty has reportedly been very high during the last few weeks. 

Mining rigs have been added to the network in substantial numbers during the past few months. Meanwhile, exchanges like Binance and Huobi have recently become members of the mining fray.

It is to be noted that Bitcoin mining has been showing strong upside potential. This has resulted in a few crypto industry heavyweights introducing tokens backed by PoW hashrate. 

Binance’s official announcement 

Binance stated that the purpose of BTCST would be to resolve the issue of limited exit options. It would do so by incorporating exchange-grade liquidity to Bitcoin mining as well as in secondary trading.

Further, it added that the performance of BTCST would stick to being a leveraged Bitcoin token that contains no liquidation risk. It will try to create a coherent space for Bitcoin’s mining power.

The Binance Launchpool claims that the recently launched PoW token (BTCST) has also cleared an audit from Certik, a blockchain security company. It passed with a score of 98 out of 100 in that audit. The company explained how the users would get the facility to invest in BNB, BUSD, and BTC in different pools to farm BTCST tokens.

Alex Zhao, the cofounder of BTCST, said that the BTCST represents the decentralized version of Blockchain. Thus, all the minings reward distribution will be done by smart contracts with full transparency.

The Mars Project by Poolin

In a tweet made on January 11, Poolin announced the launch of its Mars Project. It claims to be the first standardized hashrate protocol, which is also Ethereum-based. The mining pool assured infinite possibilities to its consumers through this smart contract.

pBTC35A is the official name of the Poolin’s freshly minted token. The company has clarified that the firm’s PoW hashrate has backed each coin.

Poolin further suggested that the company tends to incorporate 50,000 pBTC35A tokens in this protocol’s first batch. All of them will be used for Bitcoin (output with wBTC) mining. It also confines more than 50PH/s machines physically. 

Poolin observed that the tokens could be obtained by people using the token’s Uniswap contract or the in-house shop. Moreover, the company detailed that even though the schedule is not confirmed yet, it has plans for creating Ethereum and other PoW mineable coins.

It will be interesting to see how the market responds to these newly launched tokens backed by PoW hashrate. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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