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=1405sAlso, I will respond to the user above me
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?
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:
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.
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-trade4b.) 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/BitcoinPoWMy BitcoinPoW Mining Tutorial on YouTube:
https://www.youtube.com/watch?v=Wa4IjIakJhQ&t=1405s 
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