Topic: 0xBitcoin and Mineable Tokens (Read 186 times)

We fully agree with you.

Nevertheless when 0xbitcoin was deployed (more than 3 years ago) the Ethereum network scenario was very different from today's situation.... I remember when I tried to solo-mine with CPU in the early hours after deployment and how much delusion when, some time after, GPUs joined the game...  

No one would never have imagined that a phenomenon like DeFi could happen in a such massive and disruptive way.... and yet it did.

All credits go to infernal_toast, jlogelin, admazzola and all the Project Contributors that have made possible the mined tokens on the EVM.

A very fresh new is we have studied the contract and adapted it to be implemented into the BEP-20 standards. We have deployed BNbitcoin (BNBTC) (https://bnbitcoin.org), the minable bitcoin-like token on the Binance Smart Chain. This was necessary because the gas fees on the Ethereum mainnet have become insanely high due to DeFi. Solo mining is then re-feasible for now, but on the BSC.
If you look at a recent minting transaction from Mike.rs pool, you can see that 13.11 USD have been spent... this is really, really too much.

Even if BSC has a consensus based on 21 validators, and someone can say it is more centralized than Eth 2.0 (that will have 1000 validators), today it guarantees very low fees for minting and taking rewards.

Minor modifications of the smart contract have been applied to the epoch maths to keep a 10 minutes duration BNBTC block, due to the different block time of BSC (3 seconds).

Furthermore the difficulty adjustment period has been restored to 2016 (instead of 1024 of 0xBTC), like in the original Nakamoto's bitcoin design, as well as max target, which has been restored to 2^224.

Over time, all Proof of Work chains go through halvenings which decrease the mining reward for the miners.  Without an extremely high volume of transactions and transaction fees, these chains will be paying their miners a tiny, paltry allowance after only 4 or 5 halvenings.      

By paying only very small rewards to miners, PoW chains are not incentivising enough Hashpower and thus become very inexpensive to 51% attack. Hackers can re-organize the blockchain up to 8 months and decimate all users funds, like the attack on Verge (XVG) today.  

This will cause all PoW chains except those in the top 10 in terms of activity to die out and fail over time.  

With this in mind, 0xBitcoin was launched on the Ethereum Network in Feb 2018 and it is the first PoW coin that is secured not by mining, but by the Ethereum Network.   This is because it is an ERC20 token that is pure-mined using SoliditySHA3 algorithm.  The PoW challenge, supply schedule, halvenings and difficulty adjustment all happen automatically in the Smart Contract.  

It is highly advised that you read the Smart Contract since 0xBTC is the only ERC20 token that lets you prove authenticity and incorruptibility of the money supply.  This is because the contract code proves that no tokens were given to the original contract deployer: every single token has been mined using neutral unbiased mathematic Proof of Work.

https://etherscan.io/address/0xb6ed7644c69416d67b522e20bc294a9a9b405b31#code

If you have more questions check out one of the community websites: https://0xbitcoin.org


As an immutable and immortal PoW currency, 0xBitcoin brings lost-energy-based currency to Defi without the use of Synthetics.  You control your own funds.  This is because self custody is more important than anything; even price pegs (in our view).