Topic: Bit Gold (BG) is Now Live! Inspired by Nick Szabo's Early Concept! (Read 54 times)

Bit Gold (BG) is live and trading on Uniswap and Dex-Trade!

I just wanted to introduce, Bit Gold and give some historical context behind the inspiration for it. Please note that Nick Szabo is not the creator of this token, nor does he have any direct involvement in the project. He is, however, the inspiration behind it.

Nick Szabo, the brilliant computer scientist, and prolific cryptographer, first developed the concept for Bit Gold in 1998, making it one of the oldest cryptocurrencies to ever be conceived. Szabo was intent on creating a solution to address some of the failures in the traditional finance industry. A well-designed monetary system had to have three properties, according to Szabo: It had to be secure from theft, its value had to be costly and considered valuable, and its value had to be accurately approximated by simple observations or measurements. The one asset that has been regarded as a true store of value throughout history is gold. Szabo wanted to create a digital gold. It would be valuable, scarce, and secure. He envisioned a digital currency that would enable transaction functions to be trustless. Szabo’s concept for Bit Gold ultimately laid out the framework for the future of cryptocurrency and is regarded as the inspiration for Bitcoin itself.

To truly understand the importance and influence of Szabo’s ideas regarding the origins of blockchain technology, perhaps a reference to Bit Gold by Satoshi Nakamoto, the pseudonymous founder of Bitcoin, will shed light. In 2010 Nakamoto acknowledged, “Bitcoin is an implementation of Wei Dai’s b-money….and Nick Szabo’s Bitgold proposal”.

Furthermore, there has been wide speculation that Szabo himself is in fact Satoshi Nakamoto. From their similar writing styles to the fact that Bit Gold is the precursor to Bitcoin, it has been theorized that these two men are one and the same for years.

On January 2nd, 2023, Bit Gold was born on the Ethereum blockchain, finally realizing Nick Szabo’s vision 25 years after its conception. Bit Gold (BG) possesses the very traits that Szabo had laid out. The Ethereum network offers the security and trustlessness that Szabo had deemed necessary in order for a cryptocurrency to improve on the current monetary systems. Bit Gold’s supply is scarce, capped at 21 million, making it comparable to the highly sought-after precious metal, gold.

Bit Gold is an ERC20 token, built on the Ethereum blockchain.

As previously mentioned, the Bit Gold supply is capped at 21 million.

A 3.8% tax is enacted for buybacks and maintaining a strong liquidity floor and refunding holders for ETH gas fees in the form of USDC.

The tax breakdown is as follows:

2% for buybacks and liquidity strengthening. This feature was included to allow for sustainability. Buybacks are enacted when price impact exceeds a healthy percentage. Liquidity is also added to the pool intermittently, contributing to more stability and maintaining a rich liquidity pool.

1% ‘cash back’ in the form of USDC is airdropped to holders. Payout is triggered with trading volume. The amount that holders receive correlates with the amount of BG tokens that users hold. This feature was added as it gives holders added incentives on top of holding their digital gold, bringing even more utility to this store of value asset.

*Note that the amount of BG held by holders must exceed the cost of gas in order for USDC distribution to be triggered to specific holders. For example, if a user holds $4 USD worth of BG, they will not likely receive the USDC distribution as the gas outweighs the amount that is held. If a holder has $50 USD worth of BG tokens or more, they will certainly receive USDC distribution.

0.8% of all transactions are automatically added to the liquidity pool. This ensures that the pool is continuously being enriched autonomously, raising the liquidity pool floor.

Taxes apply to buys, sells, and transfers of tokens.

Contract Address:

0xC24F904b9427F7e1d12BF8dfaB8de9388ad74605

Website
https://bitgold.site/

Block Explorer
https://etherscan.io/token/0xc24f904b9427f7e1d12bf8dfab8de9388ad74605

Twitter
https://twitter.com/BitGoldERC

Telegram
https://t.me/BitGoldERC

Medium
https://medium.com/@bitgolderc