Topic: [ANN] BitcoinPoW (BTCW) - Bitcoin using PoW/PoT to eliminate mining pools - page 2. (Read 2577 times)

The community has fundraised Xeggex listing !
https://xeggex.com/market/BTCW_USDT

I want to make a note in history at these early times. Current ASIC facilities will soon start to shut down, to be replaced by BTCPOW TXMachines. I am very happy to witness the birth of the biggest project in the post-BTC crypto ecosystem

I have made a commentary video that outlines a comprehensive overview of the BTCW Transaction Fee Market, among other things. I just wanted to give an overview of the project at the moment. Thank you for your time and interest in the BTCW project.

https://www.youtube.com/watch?v=iEViwLIq6Kg&t=118s

imho 100% unique project 100% legit team

This project is a true game changer once you fully understand it clicks. I truly believe it will be massive been mining away and the potential is unreal what it can do. Lesson iv learned in this space when you find something new and innovative in a space full of forks and copycats you go in heavy and be patient.

A small update for those browsing this thread,

For those interested in mining BTCW, I have made a mining guide for our community, and would like to extend awareness of the video's existence to the BitcoinTalk community as well. This tutorial is in English, and is currently up to date with the newest edition of the GUI wallet's latest features, which streamline the mining and transaction sending process:

https://www.youtube.com/watch?v=Wa4IjIakJhQ&t=1405s

Also, I will respond to the user above me


I have not verified the wallet file, but have had no issues up to date. I'm assuming that the developer of BTCW can find a way to prove, without a shadow of a doubt, that the wallet is clean and passes on some of the more comprehensive antivirus scanners. I would suggest hopping in the Telegram group, and shooting him a direct message. If not, see if an admin can get the information you're looking for. They may have a more direct line of contact to the developers.

Also going to try to answer the questions above the previous users' post, to the best of my ability:


1.) PoT is not something that I truly have a firm grasp of at this point, namely because I am not a coder. How it seems to work, as far as I can understand, is that the transactions have a load that the GUI wallet must bear to maintain it's status as a node for the network that is synced to the current block. This puts a load on the CPU, and that load is somehow translated into a supporting hashrate for the network. The criteria of a valid transaction (for mining) is a transaction that is either sent or received. Typically transactions accumulate more easily in the receiving wallet though, for reasons I may need to ask the admins about. Like the user I quoted above, I would suggest hopping in the Telegram chat to find someone more qualified to provide you the information you're looking for.

2a.) Security and scalability of the network, in my opinion, could best be exemplified in BTCW because, if it had a similar number of users (not hashrate, but users) it is harder to attack than Bitcoin. Look back on my earlier posts in this thread, I don't completely recall, but I believe that I pasted a quote from the developer in regards to the security aspect of BTCW. Scalability is namely going to play out for a number of reasons. For starters, I would say that the transaction fee market is a market in its own right. People want to mine, so they are executing a TON of transactions so that their mining wallets can net a higher hashrate (given that their CPU is not already completely overloaded, currently it seems that my CPU would require at least about 200k transactions for it to be at capacity, maybe slightly more). People need both transactions and hardware/electricity to mine BTCW. Mining BTCW requires BTCW to be spend on transaction fees, and in the current market, it costs about 0.007 BTCW in fees per transaction. BTCW is about $0.50 at the moment, so you can see how there is an inherent crypto-based mining cost to this procedure. I think that this makes BTCW scalable, namely, because the transaction market and direct BTCW speculation markets will be inversely correlated. If BTCW price is higher, less people will be willing to blow BTCW on transaction fees, so the transaction fees will drop (in units of BTCW, perhaps not in USD or fiat currency value).

2b.) Now, as far as SHA-1 as the algorithm, I'm not sure what it's all about. This would be another good question for the developer. I suggest hopping in Telegram to ask about this one.

3a.) There were about 10 blocks that had to be mined by the team at the start of BTCW. Once the team had this BTCW, they began airdropping and spreading the word about the project. The first day or so, they were sending 1 BTCW to each user in order to begin executing their own transactions and mining. This gave rise to the speculation and transaction fee markets that exist within BTCW. It all grew organically from here, and for the first 3 weeks, the team was sending about 0.1 BTCW to each new member of the group. After awhile, the transaction fees got so high that 0.1 BTCW would only be good for about 25 transactions, when typically a user needs several thousand transactions to have good odds of hitting a solo block. If you check the beginning of this post, I posted a YouTube link that I recently made (well, I made the video), on how to currently mine BTCW with the latest version of the wallet. The mining process has become extremely streamlined from it's earliest days, and I would say that despite a slightly higher inherent mining cost, the convenience is worth it, to an extent. With BTCW, the cost of mining is reallocated... so instead of buying ASICs and having a big electric bill, you mien with the CPU in your computer, or get a CPU rig if you're really trying to get a high yield... but the thing is, you also have to look into buying a $100-200 stack of BTCW to get perhaps 50-200k transactions paid for in advance (in the current fee market). When compared to the cost of ASICs and electric bills, BTCW is a very affordable way to mine cryptocurrency, especially one with unique fundamentals and an arguably bright future. I have been sold on the project since I joined, and think that it's novelty will attract a lot of new users.

3b.) BTCW has the same emission rate as BTC, with the same halving times and everything. So, if you look at BTC's block reward/coin emission history, you will know the exact inflation rate or emission rate of BTCW.

4a.) I think that BTCW may grow by word of mouth. There are a handful of users, like me personally, who are confident in the project's fundamentals. I think that it stands out compared to other cryptocurrencies by it's PoT protocol, and how it is hybrid with PoW in a sense. It is a very new concept. Word of mouth is more powerful than nearly anything else in this space. Additionally, the team already paid for a DexTrade listing that should be live within a few days, this should give BTCW a bunch of new exposure, which can attract more users like me to the project, which perpetuates the cycle of raising awareness of BTCW:

https://dex-trade.com/news/btcw-will-be-listed-on-dex-trade

4b.) I think the main use case or benefit of BTCW over other cryptocurrencies is the fact that the transaction fee market is directly associated, yet inversely correlated, with the block emissions and mining markets. It makes for a completely new distribution of risk and reward to speculators, accumulators, sellers, and miners. The PoT model is somehow more secure than BTC's mining process (don't ask me how, hop in Telegram and ask the developers, I just don't have my mind wrapped around it all, all I know is I'm bullish on BTCW). Additionally, BTCW gets rid of mining pools. In a sense, BTCW is like "lottery mining"... I'm sure some types of pools will come to be, and this will play out. If BTCW gets massive, ASIC mining may become a thing as well. However, the fact that the PoT protocol will not be changed, poses a challenge to pools in terms of how they will distribute rewards, when compared to traditional mining pools. The entire dynamic of accumulating block rewards has been shifted within BTCW, and could prove to be revolutionary.

5.) I think, in the USA at least, a PoW coin without a pre-mine is deemed not a security, especially if the development team does not ensure a profit based on the efforts of the team. There are specific ways to be legally cautious in regards to establishing a new coin, and this developer has seemed to be ahead of the ball in nearly every aspect as it pertains to the coin's improvements, response to feedback, development, and implementation of new protocols (new wallets, new functions, updates on the sites, etc.). I think that if the developer has premeditated this as much as it seems he has, he likely has the legal aspect ruled out as well.


For those who wish to learn more about BitcoinPoW, I suggest checking out the LinkTree, and most especially the Telegram group. It seems to be where the most activity is. But also, if you are so inclined, please check out my YouTube video. It is a mining tutorial that is dummy-proof, so it should help a lot of the guys who are new to this concept. If you hit a few blocks, and appreciate what I'm doing within the BTCW community, consider sending a BTCW contribution to the cause. I have a BTCW donation address in my video description. I appreciate support, but aim not to beg. In any case, thank you guys for your time and interest.

LinkTree:
www.LinkTr.ee/BitcoinPoW

My BitcoinPoW Mining Tutorial on YouTube:
https://www.youtube.com/watch?v=Wa4IjIakJhQ&t=1405s

Anyway, I tried to download the wallet on my PC but there was a red popup showing that this app could harm my PC and that the risk was too high, is anyone here tried and tested this wallet on your PC?

Interesting project, I like the idea of combining PoW and PoT to eliminate mining pools and increase decentralization. However, I have some questions and suggestions for improvement:

- How does PoT work exactly? What are the criteria for selecting the transactions to verify? How do you prevent double-spending or other malicious attacks?
- How do you ensure the security and scalability of the network? What are the advantages and disadvantages of using SHA-1 as the hashing algorithm?
- How do you distribute the free coins to start mining? What is the total supply and the inflation rate of BTCW?
- How do you plan to attract more users and developers to your project? What are the main use cases and benefits of BTCW over other cryptocurrencies?
- How do you deal with the legal and regulatory issues of operating a cryptocurrency? What are the risks and challenges that you face?

I think your project has potential, but it needs more clarity and transparency. I suggest you update your white paper with more details and provide some evidence or proof of concept for your claims. I also recommend you engage more with the community and get feedback from potential users and investors. I hope you succeed in your endeavor and I look forward to hearing more from you.

Just checking in with an update guys.

Seems that BTCW will be getting listed on DexTrade within the week. It's likely a decent time to accumulate, I'm surprised the team didn't go with Xeggex first. It seesm they're trying to grow as aggressively as possible, and have aggregated over 700 members in the main chat in the last 3 weeks. It is impressive to watch, and to be honest I'm very curious how their first official exchange listing will play out.

https://dex-trade.com/news/btcw-will-be-listed-on-dex-trade

The BTCW dev is indisputably bullish. If he knows marketers, or is a BTC accumulator as he claims, he will be able to make BTCW get a lot of exposure, and it seems that he has done his homework about creating a unique product. Check out an excerpt from the Telegram chat today:

Question(s):
In your whitepaper you've stated that ASICs will take years to develop. Ok, but how the network will deal with attack by a huge GPU farm like one o BitsBeTrippin, where they have tens of thousands GPUs ?

Answer (From the Dev in telegram chat, on 12/17/23 at 8:54pm EST):

BitcoinPoW uses both PoW and PoT. Each block requires both before a block can be mined. Let's first talk about how to attack BTCW. BTCW is protected by the hash rate of the transactions. The transactions can only be mined by the user that has its private key. Currently there are 2.26 Million Hashes/sec on the BTCW network. This is a combination of all users mining with thousands of different private keys.

To attack a typical PoW chain, an attacker would take a snapshot of the chain, start mining on their own private chain, get more work on their private chain, then connect to the public chain and attack it by having it reorg 6 blocks deep. This is how PoW like BTC/LTC/BCH is attacked. This attack doesn't work on BTCW. When the attacker makes a private chain for BTCW, he doesn't have the 2.26 Million Hashes/sec of mining power because he does't have the thousands of privates keys to all of those transactions. Instead he needs to start from scratch building his hash power. He will never catch up and will fail to attack the BTCW network.


BTCW does not have the standard PoW algorithm. With BTCW we have what is called, Proof-of-Smart-Work (PoSM). Using SMART work, you don't burn thru DUMMY computations as fast as possible, you search thru known vectors( tx hashes - SMART), until you find the solution. The magic is that only the user that owns the private key to a particular tx can use its power to mine with it. This is what makes it SMART work. Any new user always starts with ZERO hash power because they don't have the private key to any of the transactions on the blockchain.

If a huge GPU farm wanted to attack BTCW, they would need to buy BTCW on the exchange and keep generating transactions until they have about 50% of the hash rate that the BTCW community has. That is very difficult because the community already has a head start of 2.26 Million txs/sec and the attacker can only get at most is 4000 tx per block if they spend the most money on tx fees. The attacker would need to outright take every tx from every block for the next 600 blocks in order to have the same amount of hashes as the community. Then the attacker would have to deploy his transactions to either CPUs or GPUs to perform the attack. This process is not an easy feat. All the community has to do is keep getting at least half of the txs in a block all the time and an attack would never happen.


BTCW miners protect the chain by both mining with their transactions and generating new txs to either mine with in the future or mine with on hardware they have available. They do this in exchange for the chance at getting a block reward.

With BTCW's new innovative mining technique, no attacker has a chance because it is not a competition of DUMB work, but SMART work!

Please let me know if you have further questions.

My Comment (Back here in the Bitcointalk.org thread):

I think that honestly, if this developer is as intelligent as he seems, and if he has premeditated the project as much as it seems... this could be a fairly revolutionary concept, something that will stand out. Call me absolutely crazy, but it could potentially become a rival of BCH, and eventually, well... there will be BTC maxis, and there will be the new age BTCW maxis.

It seems, that by virtue of how the protocol has been created, risk and reward are redistributed to different network participants, and leveled out in a more "fair" manner. With transactions becoming a truly marketable and transferrable commodity on this network (something that has never been done before as far as I can tell), supply and demand of transactions, as well as their inherent cost (depending on network congestion and current transaction fees)... BTCW is like a market, within a market, within a market. It is extremely intriguing, and I pity those who do no see the bigger picture. I would invite those curious about the project to contact the developer directly from within the main BTCW chat, because honestly, I'm just a guy who is impressed. I'm not a programmer, I'm not a BTC maxi, and I don't know a ton. I've been around the block since 2017, but that doesn't mean anything, really. But I am intrigued, that much is for sure.

The software can run on many variations of Operating Systems and CPUs out there. Come join the Telegram to see if the community has seen anything similar.

https://t.me/BitcoinPoWPoT

Hello, I want to start mining but my wallet won't let me, for what reasons could it be?
I have an old i5-450M CPU. Is mining this cryptocurrency not compatible with my CPU?

The dev team is mining about 10% of the blocks now. Everyday the community is increasing the hash power. Go to the Telegram chat and see for yourself, others are posting their mined blocks, others stay quiet about it.

Of course there is NO mining pool, did you read the tile of this thread? Mining pools cannot mine this coin, impossible. Only the user can sign a block to get the reward and only the user has the private keys to do so.

There are over 500 nodes running BitcoinPoW now. I'm hearing that users with 1000 servers are going to start turning on their machines to start mining. Keep in mind that you need both CPU/Transaction pairs to mine. You need to feed the CPU enough transactions so that it can do optimal PoW. Spinning up 1000 servers with low amount of transactions will not mine much.

The competition to get transactions is fierce and the mem pool is constantly flooded. This is by design. This creates a fair market where both users and miners compete to get access to the blockchain. If you really want to send coin or get txs to mine, you might have to bump of your fee to get priority.

There is a reason the block size only allows so many transactions at a time. It is part of the security model of Bitcoin. Keeping the size small allows regular people like us to run our nodes at home and take part in mining. Now that the blocks are filled up, we all need to start competing to be added to the chain. If your blocks are never getting confirmed, it is time to start paying more transaction fees to get higher priority. PoW is always a competition. If you want to mine more with more CPU power, you need to pay more to get more transactions. This is similar to how BTC works, if you want to mine more, you need to pay more to buy ASICs and solar panels/electricity.

Note: As the price of BTCW increases, the mem pool will eventually start to decline when market doesn't want to pay a certain price to send txs. The market determines when the mempool floods. Right now the devs are handing out free coin which makes it very easy to flood the mempool. Market dynamics will adjust the number of transactions in the mempool.

Come join the Telegram group to learn how to mine.

https://t.me/BitcoinPoWPoT

There are at least 400 wallets mining BTCW. Competition is growing. Each block has around 4000 transactions. Your 3000 is a small fraction against the community. Don't forget, it is NOT txs that make the hash rate, it are the CPUs iterating thru the txs that give the hash power. You can consider transactions to be 'FUEL' and the CPU needs 'FUEL' to do its PoW. The more CPUs running 'FUEL', the more hash power you have. Each CPU can only handle so much 'FUEL'. So at some point you need to use more CPUs. This is 99.9999% PoW coin with a small amount of PoS that makes this coin impossible to be centralized with a mining pool.


Come learn how to mine BTCW on Telegram:

https://t.me/BitcoinPoWPoT

I have been unable to find a block after 3 days of mining with 3000 transactions. Could it be that the mining conditions are too difficult? 

mining conditions are difficult, no pool, network is too slow or paralyzed, only more than 150 blocks were found after 24 hours, and now only the first blocks of the network, what will happen to the blocks 20000 50000 ,network participants will have to wait dozens of hours to several days...,you haven't realized your mistake in block 1349?

There isn't a limit on the number transactions to enable mining. Mining is always on by default. It starts mining with 0 tx, but will never find a block, so transactions must be brought in. You can mine with 1 tx or 10k tx or 50k tx. Once you have established your transactions for mining, you have them for life. You don't need to do it again unless you want to get more tx hashes to feed more CPU to do more PoW to increase your hash power.

That's interesting, because I'm just testing this just now, and the "inactive" wallet found a block. Maybe just a gui bug?

A wallet will mine when it has mature coins and at least 1 transaction and at least connected to 4 other nodes. However you want to get transactions into a wallet is up the user. There is a Python script in the white paper, the community has made a Nodejs version that sends txs, another dev is working on another approach. You can have many wallets with the GUI, but only one of them can be active at any given time. This means the miner will mine using the active selected wallet. Easiest approach is to use 2 GUI wallets. Send txs from one wallet to the receiving wallet.

There is much mining talk on Telegram, come join the chat and ask the community questions.

https://t.me/BitcoinPoWPoT

Would creating a second wallet to mine in the same GUI instance work? Would both mine at the same time? That way we can save resources as opposed to multiple gui instances opened at the same time