0xBitcoin: Bitcoin ported onto an Ethereum smart contract. PoW mining included

0xBitcoin Decentralized Ethereum Payments

http://0xbitcoin.org

Icon: https://imgur.com/a/4YmjW

Symbol: 0xBTC

Bitcoin was ported onto Ethereum as 0xBTC on Feb-06-2018 04:03:46 AM +UTC.

It is the first PoW-mineable erc-20 token. It has the same halvings, difficulty, eras, and total coin cap of Bitcoin, but with the speed, and versatility of an ERC20 token on Ethereum.

Essentially, it has everything that gave Bitcoin value in the first place, however now it is run on a faster, more efficient, and more advanced blockchain that allows for smart contracts--Ethereum.

0xBitcoin is faster, more decentralized (will be), more secure, and more versatile than BTC itself, all while keeping the features which inspired the original Bitcoin.

Its community has dozens of miners and an active developer base working on mining pools and open source GPU miners for everyone to use.

Attributes:

- No premine

- No ICO

- Mine for free with a CPU/GPU in a pool or solo

- Deployed on the Ethereum MAINNET

- Decentralized community and ownership (Operated as a DAO) - There is no company or central entity controlling or operating this

- Mine and transfer exactly like bitcoin, but 10x faster and 100x cheaper

- Interfaces with smart contracts for storing and transferring value, unlike Ether. (Ether is not intended to be used for payments and is not a token.)

Related Websites:

- BitcoinTalk: https://bitcointalk.org/index.php?topic=3039182.msg31301369#msg31301369

- Reddit: https://www.reddit.com/r/0xbitcoin/

- Discord (Support and Chat) : https://discord.gg/JGEqqmS

- GitHub Contract: https://github.com/0xbitcoin

- GitHub Miner: https://github.com/0xbitcoin/0xbitcoin-miner

- Contract: https://etherscan.io/address/0xb6ed7644c69416d67b522e20bc294a9a9b405b31

- Exchange: https://forkdelta.github.io/#!/trade/0xBTC-ETH

- Community pool: http://0xpool.io

coralreef 8y ago ↗

I read some articles, but I'm still pretty confused.

Aside from being fun and interesting, what is the utility derived from this?

quickthrower2 8y ago ↗

To burn more fossil fuels.

You have to mine the token, then when you spend it, send money to miners on Ethereum. It's double the carbon!

jlogelin 8y ago ↗

I think that there is still substantial utility in leveraging a mining paradigm as an alternative to centralized staking for ERC-20 tokens. Standardizing new mineable tokens on a proposed Mineable EIP offers a homogenous framework for mining software and equipment in the Ethereum ecosystem. Hardware mining is a viable way to economically bridge value from the real world (electricity and hardware costs) to an ethereum token. It allows for early adopters to participate substantially without necessarily requiring a centralized, OTC or distributed marketplace. 0xBitcoin offers the best of both worlds - the economic peg of hardware mining/electricity with the exchangeability of the ERC-20 ecosystem ( centralized and decentralized exchanges ). As the tooling and standard gets flushed out, I believe 0xTokens could usher in a new wave of assets on a superior ubiquitous platform.

Full Disclosure - I drafted this standard with the advice of the 0xBitcoin team https://github.com/jlogelin/EIPs/blob/6b5e0e0aeae120105240a9...

coralreef 8y ago ↗

Wow, those are some very nice buzzwords. But really...

Wouldn't the most economical way of bridging value from the real world be to just take real money, rather than have it inefficiently pass through hardware and electricity costs? Aka, trading ETH for tokens like every other token. I mean I COULD pay my barber with sacks of potatoes...or I could just give him cash.

As for the argument of not needing exchanges, you don't need an exchange to issue tokens. You send ETH to a smart contract, and it stores the address. This already works and is decentralized. If you wanted to TRADE those tokens, you do need an exchange. So this mining scheme doesn't really solve exchangeability at all.