There is a new token on the ERC20 playing field. It’s new and it’s fresh. It brings something new that ERC20 tokens have never seen before. It’s 0xBitcoin (0xBTC); now hold on, I know you want to stop reading there because of the name (I get it), but hear me out. The only reason for the name is due to the fact that it has the same supply as BTC as well as sharing its other features such as reward eras. Just like Bitcoin, 0xBitcoin is a pure mined currency. There’s no team behind it, just a rogue developer and his keyboard who made the smart contract for 0xBTC. No team or board of advisors has any authority over anything. It’s purely code authority. It’s trust-less and autonomously distributed.Wait, what? Back up...An ERC20 token that you can mine? Yup. The EIP 918 standard for tokens was headed by the creator of 0xBTC, Infernal_Toast. What’s cool about EIP 918 is that it was adopted into the main Ethereum library as a standard for PoW tokens. Recently even crazier things have happened, but before I mention those let me talk about 0xBTC some. First off it is the only fairly distributed ERC20 token to ever exist, meaning it is an amazing store of value. 0xBTC is mined through a hashing algorithm written in Solidity (ETH’s programming language) called solidity-SHA3 or keccakSHA3. No current asics can hash this so it’s heaven for GPU mining. 0xBTC is analogous to BTC in that it has the same supply, same reward era’s as well as the same automatic difficulty retargeting and block time. It’s really quite an amazing little smart contract 0xBTC is. 0xBTC is just a solidity written smart contract contract, you can view its entire code (link below), it’s 100% autonomous and finished.Now onto the new tech being developed for 0xBTC. Merge mining was recently implemented to work with 0xBTC meaning that the hashes sent to mining 0xBTC can also get you something like say 0xLTC (LTC analogue). So for every 1 0xBTC you mine you get 4 0xLTC (mike.rs pool). Merge mining is cool because it’s a creative and fair way to distribute tokens. Unlike an airdrop or ICO where human hands make millions or even billions of magic money out of thin air, they deceive where they go. Another recent development that’s being finished up is Lava Wallet. This wallet is cool because it allows you to send 0xBTC without paying gas, but instead paying the fee in 0xBTC. Since 0xBTC is just an ERC20 that means that Lava Wallet will be backwards compatible with any ERC20. It works by giving the fees to relayers who use their ETH and get paid fees. This will eventually lead to a network and whole new economic sphere due to bidding and turning a profit as a relayer. See now that’s some awesome stuff, but it gets better.Recently Infernal_Toast has written a smart contract called “King of the Hill”. KoH is something made yesterday and I still cannot fully grasp it; I’ll do my best to explain though. KoH allows you to embed data into the miners submitted nonces and can essentially allow the next block finder to have authority over the relayer for the next round. This allows a KoH to be set which can do an infinite possibility of things.Pure mined cryptocurrencies are what started this craze and I don’t think they will ever fade away. In my opinion there is not better means of distribution other than PoW. Yes it uses power, but it doesn’t waste it. It takes power to obtain a scarce resource, after all there are only 21,000,000 0xBTC to ever exist.Since 0xBitcoin is an entirely new form of ERC20, it was developed from the ground up with all original code. The mining software for it was also written from the ground up. There was also no pool software either, it had to be developed from the ground up as well. Lots of hard work and hours of development have been poured into and around this project. I’ve seriously never seen a more amazing community filled with talented developers working for no money. They weren’t paid, they just believed in the project and did their part as the community should. After all the community of a coin or token is what makes it or breaks it.Anyways I hope some of you tech lovers see this and check out this awesome 100% community project. It’s code authority, there is no team, no advisors, just a group of down to earth ETH tech lovers. Keep on fighting the good fight out there! Crypto is getting to be amazing technologically and we are only just getting started.CMC: https://ift.tt/2LvVIAs page: https://ift.tt/2uO7xHx contract (read the code, it’s all there to see!): https://ift.tt/2LpAaoJ https://ift.tt/2uO7zPF our Discord and join if you want to see what we are all about community wise. Lots of friendly faces don’t be shy! Thanks if you’ve read this far and I hope you have an awesome day! What do you guys think about all this new stuff being developed for and around 0xBTC? I think it’s all pretty cool and to think this is all inside ETH just blows my mind.
Submitted October 22, 2018 at 11:21AM
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