Topic: What do you think about 0xBitcoin? (Read 203 times)

Agree. 0xBitcoin needs more exchange listings if it wants to achieve greater trading volume and activity. Without these two, prices will remain low on the market. I think most people aren't aware about the project because of the lack of marketing/promotion efforts from the team. This reduces 0xBitcoin's chances of success as we know it. While some may say that Wrapped Bitcoin is better than 0xBitcoin, the fact is that both coins are different from the other. You can mine 0xBitcoin right from the ETH blockchain, while that's not the case with WBTC. This brings a whole new era of mineable tokens without the need to start a blockchain from scratch. Imagine mining Litecoin, Dogecoin, or other PoW coins from a smart contract with ease. It's the next step in crypto's evolution. Yet, people don't seem to care about PoW or even PoS tokens on ETH, as they're only focused on NFTs (ERC-721) and ordinary ERC-20 tokens. As long as the majority is with these other token standards, mineable tokens like 0xBTC won't be going anywhere. At least, the idea is there. Getting it to become a success is another story.

Nonetheless, 0xBitcoin could become another "nail in the coffin" as interest for PoW tokens fades into oblivion. After all, mineable tokens on the ETH blockchain are a very small minority. The same applies to stakeable tokens like PoSToken. These days, people lend their ERC-20 tokens to a "De-Fi" platform for profit. Current rates are quite attractive, so there may be no reason for PoW or PoS tokens on smart contract platforms. Who knows what lies ahead in the future for 0xBitcoin? Just my opinion

I fully agree with both Abiky and Bitstar_coin.
Luckily the Community behind mineable tokens on EVM is growing rapidly and a well-structured united front is an option which we are discussing in these days, but I can't say more now...  
0xBitcoin, which is the reference for the mineable tokens, is not only a smart contract: it's a symbol. A symbol that means Community governance, fair distribution, and so on.
The insane increase of gas costs on the eth mainnet was not clearly predictable, as well as the extension of DeFi phenomenon. For this reason the MIT license of the 0xbitcoin contract is the open door to the code evolution and implementation on other platforms which are somehow DeFi-proof or DeFi-ready as the Binance Smart Chain. And BNbitcoin is an essential step towards this direction.
Marketing plays a keyrole to let the world know you've done a good project, but I believe it's the most difficult part to achieve success.
BNbitcoin is newborn, is almost unknown, but many are starting to appreciate its moral value and to support it with solo-mining.
One step, that needs to be done mandatory, is to make the mining easier and practicable also by people that are not familiar with scripts, remote procedure calls and so on... I believe that efforts should be done in this direction: to allow a few-mouse-clicks mining or so.
I believe in general that there is a big margin to let mineable tokens popularity grow in a disruptive way, but I believe it will be an "all-together" way, not a single project prevailing on the others...

We'll do our best

The first thing I check after reading your post (because am just hearing this project for the first time) is what exchange it is trade on, and behold uniswap with its gas gulping nature is first on list with another exchange I have never heard of, my point is the team need to do more on a good exchange, one is enough for easy access to potential investors, and they need to up their game on marketing as well like you already mentioned,  if the project is good no need to be hidden, needs to be expose to attract more people.

Exactly. High gas fees is what's killing most tokens on the ETH blockchain. It makes no sense to mine 0xBitcoin on the Ethereum blockchain when fees are high and transaction confirmation times are utterly slow. Luckily, the 0xBitcoin smart contract code is open source. Anyone can port this code into other blockchain networks with ease. I'm glad to know that we have an alternative to 0xBitcoin on the Binance Smart Chain. This restores 0xBitcoin's vision of bringing Bitcoin to the smart contracts world. I think it's better to have Bitcoin as a mineable token on a smart contract platform than a "wrapped" version which can't be mined at all. Both 0xBitcoin and BNBitcoin represent an upgraded version of Bitcoin for the world. Whenever they'll experience mainstream adoption or not, it's yet to be determined.

Nonetheless, it's good to know that it's possible to mine tokens right from the ETH blockchain. Right now, ERC-20 and ERC-721 tokens are the major driving force of Ethereum because they're the "hype of the moment". We could see other mineable ETH tokens in the future if more developers join the game. I'd like to see the day where we have a mineable version of Litecoin, and Dogecoin living on a smart contract platform like ETH, BNB, or ADA. This will mark a new era for crypto reducing the need to launch a blockchain network from scratch. The future lies on PoW and PoS tokens built into smart contract platforms for true interoperability. Who knows how popular 0xBitcoin will become by then? Just my opinion

High gas fees are killing/have killed many Dapps, games and so on... DeFi on the Ethereum mainnet is eating everything... this is the reason why we studied 0xbitcoin contract and created BNbitcoin, mined BEP-20 token on Binance Smart Chain: even if if it more centralized (consensus is based on 21 validators) gas fees for mining are acceptable now (0.25/0.30 USD) furthermore we restored the same difficulty adjustment period originally designed by Nakamoto (2 weeks) and max target to 2^224... BSC stress tests have been recently performed when volumes became higher than eth mainnet without increase of gas costs...

PoW is bad enough for the world when it is used to secure a network. As simply a replacement for a distribution function it's pretty horribly terrible. That of Bitcoin already present would have been a fine choice.

Yes, I'm aware. Both Wrapped Bitcoin and OxBitcoin are entirely different from the other. It's like comparing apples vs oranges. What's innovative about 0xBitcoin is the ability to mine coins out of a smart contract right from the ETH blockchain. Most other tokens are either based on the ERC-20 or ERC-721 standards as it's the hype of the moment. Tokens that are mineable (like 0xBitcoin) and stakeable (like PoSToken) are out of the spotlight as people are focused on other projects. With 0xBTC, we get a "better" version of Bitcoin that's both scarce and programmable at the same time. It's an entirely independent crypto asset that's not pegged to Bitcoin itself. Imagine the future of PoW coins being based on smart contracts instead of a separate blockchain network built entirely from scratch. It would revolutionize the industry as we speak.

Nonetheless, it's all about mainstream adoption for a crypto project to succeed in the mainstream world. Despite 0xBitcoin's innovative features, its use cases for the mainstream world are extremely limited. The project's team needs to ramp up marketing/promotion efforts in order to spread awareness of the token. Otherwise, it'll go down the drain faster than you could've ever imagined. At least, the smart contract's code is open for the public. Anyone can choose to improve the existing project or build another one from scratch. Whenever PoW tokens built on the ETH blockchain will be the future of crypto or not, it's yet to be determined. With high gas fees, I don't think this approach won't be going anywhere soon. Just my thoughts

No, I am not the original 0xbitcoin developer. I believe the reference person for 0xbitcoin is infernal_toast, whom I greatly respect for his work.

I only made some minor modifications and settings to the 0xbtc contract to make it compatible with the Binance Smart Chain (BEP-20) and to restore some original Nakamoto's design features. We announced it yesterday: for more details you can visit https://bnbitcoin.org.

Currently BNbitcoin is the cheapest EVM-based token to be mined because of the low gas fees of the Binance Smart Chain: it's even cheaper than the first 0xbitcoin mints 3 years ago...

BTW I know that they published some works on their repos on GitHub about L2 scaling... let's see what happens...

Thank you!

Are you the original dev on 0xBitcoin? I hear ya on the gas fees, they are ridiculous right now. I haven't delved much deeper into rollups and other scaling solutions on Ethereum blockchain, but Matic seems to be the go to these days for many projects.

Could 0xBitcoin minting be moved to a L2 solution? I feel that would help reduce smart contract execution costs somewhat.

I agree... But things in the crypto universe change at the speed of light, and the added value of a project must be considered within its chronological context IMHO.
The added value of 0xbitcoin, at that time when it was born more than 3 years ago, was that the PoW was implemented into the EVM, making Ethereum a solid shield against 51% attacks, while keeping mining cheap due to low gas fees (for example, check this token minting transaction of 1047 days ago).

No one had the idea at that time that Ethereum gas fees would become ridiculously high as today due to the DeFi.

The smart contracts are immutable, but the context changes fastly and deeply, and IMHO 0xbitcoin, as many other promising projects, suffer from this condition.

For this reason we moved to the Binance Smart Chain, which today represents something promising.

IMHO marketing and technical skills should follow different paths. Unfortunately several inconsistent projects have been very pumped in terms of marketing (i.e. a lot of ICOs) and after attracting many investors drained most of their funds. For 0xbitcoin we are on the diametrically opposite approach of leveraging on the high technical skill: reading the smart contract it is clear that there is a deep study about bitcoin PoW mechanism and how to port it into the EVM. But mining is not for all, even if it is not too complex, it requires to modify settings, scripts... Then 0xbitcoin is more popular among developers and geeks, but there is a vast number of token owners that waited other miners to inject 0xbtc on the exchanges to buy it. I don't know but maybe that 0xbitcoin marketing strategy has not been backed by big funds, that often make questionable projects look like the next generation, revolutionary crypto...   

Its not a problem if the copy project try to give additional value on its project, because sometimes the community of the copied project didnt want any change of its project. Example, Ethereum is a copy (fork) from Ethereum Classic, or Bitcoin Cash which try to solve some Bitcoin problem. But i agree, some project just copycat the name and value of the copied project which make the project becoming an useless one.

It seems that many projects still think there can be growth opportunities thanks to relying on successful coins in the market. To me, it's a redundant product in the crypto space, why don't people spend time researching new and more interesting things instead of creating copy.

This coin escape my radar they have a good volume and on 4 exchange, surprisingly they are launched in 2018 I like their introduction to their project newbies will fall on this but with so many coins in the market which also claims to be the first, fast, and made to last, they need a lot of marketing to be competitive.

I believe infernal_toast made a great job with 0xbitcoin. In fact there exist a lot of worthless projects, not only on the Ethereum mainnet, that drained a lot of time and money. But behind 0xbitcoin there is a non-common technical skill, and the will to create something that can be very different to common ERC-20 "copy-paste-and-deploy" with 20% of total supply premined in the hands of contract owner...
The problem is that Ethereum gas fees have become unsustainable, even for the simplest transactions, and actually to have cheap transactions workarounds are needed...
This is the real reason why we deployed BNbitcoin on the Binance Smart Chain: because actually you can mine a tokenized bitcoin BNBTC block with 0.25 USD...

Again an ERC20 based copy of the name, I don't have much opinion on ERC20 with bitcoin
https://coinmarketcap.com/currencies/wrapped-bitcoin/ 
Like this is more than enough.
Like the above, i considered it to be a worthless copy, so i think its future is unlikely to thrive. This shitcoin only makes us lose more time in vain, the idea is also very bad when they really think it is possible to do this when there is a successful product before.

With the DeFi widespread the scenario about gas costs changes completely on the Ethereum mainnet...  We just deployed a smart contract (BNBTC) derived from 0xbitcoin, but on the Binance Smart Chain where mining fees are very low, furthermore we restored the original Nakamoto's settings for the difficulty adjustment period (2 weeks) and the max target (2^224). It is an interesting experiment...

It is not only because of its marketing but the minting process itself is not small and expensive.
when we are going to mint it, the miner needs to pay the gas fee that is considerably high at this price. after paying the fee, the miner starts to mine the network but with a real live difficulty from Bitcoin network itself. considering those two problems, we have other less expensive Bitcoin in Ethereum network such as rBtc,wBtc,tBTC.
will you use 0xBitcoin or the others after seeing those problems? personally, I will use the others.

WBTC is different from 0xBitcoin.

0xbitcoin was a crap coin that being created when tokenization for the existing asset in crypto market has become a trend a few years ago. WBTC totally backed by the real bitcoin and that makes the price of WBTC will be 1;1 with bitcoin.

https://coinmarketcap.com/currencies/0xbtc/markets/

https://coinmarketcap.com/currencies/wrapped-bitcoin/
You can check it directly.

0xBitcoin brings the "best of both worlds" by combining the economics of Bitcoin and the programmability of the ETH blockchain. You can mine 0xBitcoin as you would with the original Bitcoin (BTC). As it's a smart contract living on the ETH blockchain itself, you can easily use the same token with other contracts enabling true interoperability. It's something like "Wrapped Bitcoin", but better because you can mine it right from the ETH blockchain. Price per coin is ridiculously low these days, probably because most people are unaware of it. The team may need to ramp up marketing/promotion efforts to increase adoption for the token in the mainstream world.

What do you think about 0xBitcoin? Will it have a future? Is it worth it? Do you think this will pave the way for other mineable tokens to emerge on the ETH blockchain? Your input will be greatly appreciated. Thanks.