Bitcoin Low-Carbon Improved Chain

Bitcoin LC will continue using the identical transactional system as in the Bitcoin Core; both as a chain of digital signatures and as it has evolved to the Segregated Witness upgrade activated at block 477,120 on July 21, 2017, in the software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91.

As with the Bitcoin Core, an existing Bitcoin address holder can transfer coins to another address by signing a transaction using its private key in favor of the recipient public key hash based on the Elliptic Curve Digital Signature Algorithm (Secp256k1).

The payee will continue to verify the signatures to evidence chain of custody.

Also, as with the Bitcoin Core, the payee must be able to verify that one of the previous coin owners did not double-spend the coin, and so the payee will continue to need to rely on the distributed PoW and in this respect, Bitcoin LC has a significant advantage over the existing Bitcoin Core chain.

Bitcoin LC will use Bitcoin Core blocks headers in each block minted into the Bitcoin LC chain. As such, the probability of allowing a double-spend attack is reduced to virtually zero. Furthermore, the integrity of the Bitcoin LC timestamp is doubly locked down by using the Bitcoin Core block headers in Bitcoin LC blocks.

Therefore, Bitcoin LC is highly distributed upon inception (at the moment of the fork) as it immediately forces Bitcoin Core block headers into the protocol.

Agreement on which transaction comes first occurs at every few blocks or so which makes it unlikely to impossible for the majority of the nodes to disagree on the order of transactions. Currently the existing Bitcoin Core chain is vulnerable under circumstances whereby a concentration of dishonest hash power tries to take significant advantage in proposing a longest chain and proof-of-work. Bitcoin LC protects against this in that the next mining block can only be undertaken by using the corresponding Bitcoin Core block header and where timing is subject to normal statistical fluctuations of blocks time creation of both chains. This permits every node on the network to evaluate the valid transactions and reach consensus with the longest chain almost in real-time, without slowing overall transactions.

The following diagram details the parallel Bitcoin Core and Bitcoin Low Carbon chains