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It is a complete reimplementation of Bitcoin, and it will BE Bitcoin if it gets acceptance. Since it is far better than Bitcoin in all twelve ways and since we have a billion dollar promotional campaign on tap for the next 18 months, we think we have a chance.

It will have an identical distribution to Bitcoin at the time of the snapshot, so it's certainly related to Bitcoin in that anyone that owns Bitcoin will also be eligible to own BTC-U, somewhat similar to byteball but in a more decentralized fashion and on a far greater distribution scale.