In an industry filled with paranoia, privacy is at the top of our list.
Some privacy oriented coins are well-known, while others, not so much.
Today’s coin...not so much, but we see them bustling on Twitter.
Today’s review is Bulwark.
Let’s dig in…
Bulwark (ticker: BWK)
Wtf is this shit?
Bulwark is a privacy-focused coin using features from PIVX and DASH.
Bulwark started with PoW until block height 182,700 and then began PoS at 182,701 onwards. At this time, PoS is enabled...the PoW phase is over already. PoS will help the system scale better, and deploying a new difficulty algo will provide for lots of unnecessary work anyways. The PoW algo was NiST5 and was originally meant to be ASIC resistant, but as of late, this has been questioned. That's neither here nor there at this point.
They take advantage of Private Send type of features (basically coin mixing..from Dash) as well as a masternode system. When you hear Private Send type of services, you should then assume masternodes are involved. The masternodes use CoinJoin as the foundation logic for mixing coins.
While on the topic of masternodes, there is also SwiftTX (swift transactions) which give masternodes the authority to reach their own consensus on transactions, then lock the transaction. This means that transactions can be validated even before a new block is added to the chain. When the masternodes are ready, the locked transactions can get pushed to the main chain. This helps with scalability.
5000 BWK are required for a masternode….you’ll get bigger staking rewards as a result...hence, it’s a masternode. Lol
We do have a couple of comments/concerns.
Their whitepaper is a bit soft for our liking. They do not dive into much detail about the technology and the first couple of sections are made of basic explanations, without providing much explanation of what Bulwark is really innovating.
It seems their main focus is creating HARDWARE to enhance privacy, such as their own routers, hardware wallets, and physically secure nodes. We question if they did market research on this and if it desirable.
With PIVX/Dash in mind, it should go without saying they include the zerocoin protocol and stealth addresses.
Now...keep in mind they did PREMINE some coins to fulfill a marketing budget. So, while they emphasize the fact that they had no ICO, they did pre-mine, which is also undesirable. They pre-mined 489,720 coins (3.494% of the PoW portion of coins...considering they will go PoS), but still, this is worth noting, even though have been transparent about this.
All in all, there ya go...Bulwark a rather unknown privacy coin, leveraging both PIVX and DASH features. Our biggest complaint is that the whitepaper could use some more information and be more clear.
Who tf is behind this shit?
They have 8 core members. Would be great if the team page showed their last name and more information about their backgrounds. Check out their team page, you’ll see what we mean. https://bulwarkcrypto.com/ Overall, they have been gaining some attention and the marketing efforts aren’t half bad.
All in all, low-tier shitcoin. They can use some more exposure as well as technical explanations to more properly articulate their vision. Let’s see if they can climb that marketcap!
Hope you learned some shit.
- Mike and Aaron