Bithium (BTH) - Scrypt POS/POW | NEXT GENERATION OF BITCOIN DECENTRALIZED DIGITAL CURRENCY







  • A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer to peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based POW/POS, forming a record that cannot be changed without redoing the POW/POS. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As the blockchain industry expands and the number and value of crypto assets increase, the market for crypto-investing and speculation will also grow. Crypto markets are borderless, open 24/7, subject to minimal regulatory control, and offer huge potentials for growth. Because of these characteristics, crypto markets represent an incredible, new opportunity for investors over traditional markets. Currently, the crypto-investment market is primed to attract new investors into the blockchain industry. However, the learning curve for investing in crypto assets is extremely steep and the marketplace lacks sophisticated tools and information products that will encourage new users to make the jump into the crypto community.

    What is Bithium?

    Bithium (BTH) is a digital currency that can be sent between people over the internet. Bithium (BTH) stays true to the original vision of cryptocurrency: a financial system owned by its users, the people’s coin. Bithium (BTH) is not controlled by large banks or mining hardware manufacturers and can be mined by anyone profitably.
    Bithium (BTH) is an open source, blockchain based, decentralized cryptocurrency that enables instant payments to anyone with minimum transaction fees. Bithium also allows you to earn interest for helping maintain security on the network by holding BTH in a Qt Desktop wallet that is attached to the network and allowing transactions to flow
    through it. A finite resource similar to gold, you can rest assured that Bithium (BTH) will keep your money safe from vested interests and ensure that transaction fees are proportionate and shared between a large number of miners. With Bithium (BTH), you can truly be your own bank. Bithium (BTH) is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. We have seen counterparty reduction emerge in e-commerce, where goods are now often purchased straight from manufacturers. In financial services, the trend up until now has seen financial technology companies building their businesses by piggybacking off existing infrastructure to create better solutions for individual products. For example, remittance companies have emerged simply because they could process bank wires faster in various countries.
    However, such technologies have created numerous counterparties. By being a core participant in financial markets, Bithium (BTH) can provide many services without the need for such counterparties.

    Watch Video About Bithium

    Bithium Specifications:

    Coin Name - Bithium
    Abbreviation – BTH
    Algorithm – Scrypt
    Types – Proof-of Work / Proof-of Stake
    Total Coin Supply – 21 Million
    Block Reward – 25 Coins
    Proof-of-Stake Percentage – 35% per Year
    Coin base Maturity - 50 Blocks
    Target Timespan – 1 Block
    Transaction Confirmations – 6 Blocks
    Target Spacing – 60 Seconds
    Last POW Block - 10000

    FEATURES

    Fast

    Bithium Coin is even faster than Bitcoin, our block chain technology allows Bithium Coin the capability of surpassing Bitcoin and other digital cashes when it comes to the speed of money transaction.

    Rewarding

    Bithium will use PoW and PoS algorithms to secure the blockchain network, enabling both miners and stake holders to earn interest in the form of transaction fees or mining rewards.

    Minimum Transaction Fees

    Bithium allows you to make payments with incredibly low fees for each transaction. Using blockchain technology, transactions are performed directly between users.

    Protection

    To ensure the safety of the Bithium ecosystem, Bithium has implemented full replay protection and unique wallet addresses, essential features that protect users and their coins from several kinds of accidents and malicious threats.

    Transparency

    Bithium is a free open source software project that is built by volunteer developers and supported by a rapidly growing community of Bitcoin enthusiasts that stretches around the globe.

    Active Developers & Team

    Our lead developer & team are constantly working to pursue advancements in blockchain technology. We have an open - source community where we share info and implement advanced features.

    Web Wallet

    This is a secure and easy way to send Bithium to friends or family. Control your own private keys. Merchants can also use t his on their tablet or phone to accept Bithium payments without downloading any app. All you need is the internet.


    WALLET

    Coming Soon!

    Proof-of-Work

    To implement a distributed timestamp server on a peer-to-peer basis, we will need to use a proof- of-work system similar to Adam Back's Hashcash [6], rather than newspaper or Usenet posts. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work

    required is exponential in the number of zero bits required and can be verified by executing a single hash.

    For our timestamp network, we implement the proof-of-work by
    incrementing a nonce in the block until a value is found that gives the block's hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof of work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.

    The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. We will show later that the probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added. To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.

    Mining

    You can also earn profits by mining Bithium Coin. You need to invest in hardware resources, (CPU and GPU or ASIC) and using POW for mining Bithium Coin. You just need to download miner for mining BTH and start Bithium coin mining.
    What is Bithium mining?
    Bithium mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bithium. Faster Bithium mining hardware is able to attempt more tries per second to win this lottery while the Bithium network itself adjusts roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. In the big picture, Bithium mining secures transactions that are recorded in Bithium's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bithium network scales with the amount of hashing power that is being spent by all mining participants.

    Mining Hardware

    ASIC

    The bithium mining world is now solidly in the Application Specific Integrated Circuit (ASIC) era. An ASIC is a chip designed specifically to do one thing and one thing only. Unlike FPGAs, an ASIC cannot be repurposed to perform other tasks.
    An ASIC designed to mine bithium can only mine bithium and will only ever mine bithium. The inflexibility of an ASIC is offset by the fact that it offers a 100x increase in hashing power while reducing power consumption compared to all the previous technologies. Unlike all the previous generations of hardware preceding ASIC, ASIC may be the "end of the line" when it comes to disruptive mining technology. CPUs were replaced by GPUs which were in turn replaced by FPGAs which were replaced by ASICs. There is nothing to replace ASICs now or even in the immediate future. There will be stepwise refinement of the ASIC products and increases in efficiency, but nothing will offer the 50x to 100 x increases in hashing power or 7 x reductions in power usage that moves from previous technologies offered. This makes power consumption on an ASIC device the single most important factor of any ASIC product, as the expected useful lifetime of an ASIC mining device is longer than the entire history of bithium mining.
    It is conceivable that an ASIC device purchased today would still be mining in two years if the device is power efficient enough and the cost of electricity does not exceed its output. Mining profitability is also dictated by the exchange rate, but under all circumstances the more power efficient the mining device, the more profitable it is. If you want to try your luck at bithium mining then this Bithium miner is probably the best deal after the successful of completing our bithium mining pool.


    Proof-of-Stake

    Bithium can implement any type of blockchain algorithm: proof-of-work, proof-of-stake, or even centralized. Due to the shortcomings of the proof-of-work mechanism, the Bithium seed protocol implements a proof-of-stake system. There are considerable theoretical hurdles to designing a working proof-of-stake system, we will explain our way of dealing with them. Is Proof-of-Stake Impossible? There are very serious theoretical hurdles to any proof-of-stake system. The main argument against the very possibility of a proof-of-stake system is the A full, technical, description of our proof-of-stake system is already given in the Bithium white paper. A new user downloads a client and connects for the first time to the network. He receives a tree of blocks with two larges branches starting from the genesis hash. Both branches display a thriving economic activity, but they represent two fundamentally different histories. One has clearly been crafted by an attacker, but which one is the real chain? In the case of Bitcoin, the
    canonical blockchain is the one representing the largest amount of work. This does not mean that rewriting history is impossible, but it is costly to do so, especially as one’s hashing power could be used towards mining blocks on the real blockchain. In a proof-of-stake system where blocks are signed by stakeholders, a former stakeholder (who has since cashed out) could use his old signatures to costless fork the blockchain — this is known as the nothing-at-stake problem.

    Staking

    You can deposit you Bitcoins, Litecoin, Dashcoin & other AltCoin at the BTH exchange and then Bithium coin. You can then deposit you Bithium coin in your Windows, Mac and Linux wallet. The profit depends on the amount of coins deposited by you. The higher the coins the more will be the earned profit. As Bithium Coin’s blockchain technology will give you bonus you when you hold your coin and your coin will be used to stake. It is a way to confirm transaction for the system, the more you keep Bithium Coin, the more bonuses you earn from Staking. This means that if you just hold your coin in your wallet over time, and your coins are not used for Staking, you could miss substantial benefit. So, if you have Bithium Coin that you are not involved in trading then you should be involved in staking. With Bithium Coin, you are always guaranteed to earn profit in one way or another.

    Roadmap:

    This roadmap is highlight of Bithium Team’s vision and development
    priorities. This roadmap is intended to provide an idea of when certain
    features are likely to become available before the Q3-2018. Some should
    be available before the 3rd rounds of ICO run out. We are making sure
    that our developers working 24 hours a day by shifting the works among
    themselves. From the successful 2nd rounds of ICO, Bithium will emerge
    as the first cryptocurrency successfully fulfill the investors
    expectation before the ICO run out.



    Links:

    website:https://bithiumcoin.com/

    facebook:https://web.facebook.com/Bithi...

    github:https://github.com/Bithiumcoin...

    twitter:https://twitter.com/BithiumCoi...

    telegram:https://t.me/Bithium

    blog:https://medium.com/@bithiumcry...

    bitcointalk:https://bitcointalk.org/index....

    google+:https://plus.google.com/commun...

    instagram:https://www.instagram.com/bith...

    youtube:https://www.youtube.com/channe...

    reddit:https://www.reddit.com/user/bi...

    white paper:https://bithiumcoin.com/assets...

    forum:https://bithium.org/forum

    More Information About BIthium:

    Blockchain

    The Bithium Blockchain focuses on addressing critical issues related to community adoption and sustainability. This means that people who find themselves using the currency mined on this blockchain must be able to maintain their sovereignty by protecting their balances in such a way that adversaries cannot analyze and make targets of the users. Therefore, the currency must employ anonymizing features to protect the people who use it.
    Secondly, users should be able to exercise activities over the blockchain, in this case exposing a marketplace where people can buy and sell the things that they want and need from other people without leaving the confines of the Bithium peer to peer network. In addition, the sustainability aspect depends on the blockchain not being constrained and prone to spam attacks due to full blocks as is the case with Bitcoin.


    Mathematical Representation

    A blockchain protocol is fundamentally a monadic implementation of concurrent mutations of a global state. This is achieved by defining “blocks” as operators acting on this global state.
    The free monoid of blocks acting on the genesis state forms a tree structure. A global, canonical, state is defined as the minimal leaf for a specified ordering.
    This suggests the following abstract representation:
    - Let (S,≤) be a totally ordered, countable, set of possible states.
    - Let⊘ ∈/ S represent a special, invalid, state.
    - Let B⊂ S S∪{⊘} be the set of blocks.
    The set of valid blocks is B ∩ S S. The total order on S is extended so that ∀s ∈ S,
    ? < s. This order determines which leaf in the block tree is considered to be the canonical one. Blocks in B are seen as operators acting on the state.
    All in all, any blockchain protocol (be it Bitcoin, Litecoin, Peercoin, Ethereum, Cryptonote, etc) can be fully determined by the tuple:
    ( S,≤, ⊘, B ⊂ S S∪{⊘})
    The networking protocol is fundamentally identical for these blockchains. “Mining” algorithms are but an emergent property of the network, given the incentives for block creation.
    In Bithium, we make a blockchain protocol introspective by letting blocks act on the protocol itself. We can then express the set of protocols recursively as
    P = {(S, ≤, ⊘, B ⊂ S (S×P) ∪{⊘})}


    Smart Contracts

    Though Bitcoin does allow for smart contracts, most of its opcodes have been historically disabled and the possibilities are limited. Ethereum introduced a smart contract system with some critical differences: their scripting language is Turing complete and they substitute tasteful accounts to Bitcoin’s unspent outputs. While emphasis has been put on the Turing complete aspect of the language, the second property is by far the most interesting and powerful of the two. In Bitcoin, an output can be thought of as having only two states: spent and unspent. In Ethereum, accounts (protected by a key) hold a balance, a contract code and a data store. The state of an account’s storage can be mutated by making a transaction towards this account. The transaction specifies an amount and the parameters passed to the contract code. A downside of a Turing complete scripting language for the contracts is that the number of steps needed to execute a script is potentially unbounded, a property which is generally incomputable. To address this problem, Ethereum has devised a system by which the miner validating the transaction requires a fee proportional to the complexity and number of steps needed to execute the contract. Yet, for the blockchain to be secure, all the active nodes need to validate the transaction. A malicious miner could include in his block a transaction that he crafted specially to run into an infinite loop and pay itself an exorbitant fee for validating this transaction. Other miners could waste a very long time validating this transaction. Worse, they could just slack and fail to validate it. In practice though, most of the interesting smart
    contracts can be implemented with very simple business logic and do not need to perform complex calculations. Our solution is to cap the maximum number of steps that a program is allowed to run for in a single transaction. Since blocks have a size limit that caps the number of transactions per block, there is also a cap on the number of computation steps per block. This rate limitation foils CPU usage denial of service attacks. Meanwhile, legitimate users can issue multiple transactions to compute more steps than allowed in a single transaction, though at a limited rate. Miners may decide to exclude too long of an execution if they feel the included fee is too small. Since the Bithium protocol is amendable, the cap can be increased in future revisions and new cryptographic primitives included in the scripting language as the need develops.

    Technical Background

    During the starting of the mining, your Bithium mining hardware runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header. For each new hash that is tried, the mining software will use a different number as the random element of the block header, this number is called the nonce. Depending on the nonce and what else is in the block the hashing function will yield a hash which looks something like this:
    83ef6f358fbb553c60802496764352290d4c63735b7fe5bdaac821de96a53a9a
    You can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) To ensure that blocks are found roughly every ten minutes, there is what's called a difficulty target. To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target is
    1000000000000000000000000000000000000000000000000000000000000000
    Any number that starts with a zero would be below the target, e.g.:
    0787a6fd6e0782f7f8058fbef45f5c17fe89086ad4e78a1520d06505acb4522f
    If we lower the target to
    0100000000000000000000000000000000000000000000000000000000000000
    We now need two zeros in the beginning to be under it:
    00db27957bd0ba06a5af9e6c81226d74312a7028cf9a08fa125e49f15cae4979
    Because the target is such an unwieldy number with tons of digits, people generally use a simpler number to express the current target. This number is called the mining difficulty. The mining difficulty expresses how much harder the current block is to generate compared to the first block. So a difficulty of 70000 means to generate the current block you have to do 70000 times more work than Dev Who had to do generating the first block. To be fair, back then mining hardware and algorithms were a lot slower and less optimized.
    To keep blocks coming roughly every 5 minutes, the difficulty is adjusted using a shared formula every 2016 blocks. The network tries to change it such that 2016 blocks at the current global network processing power take about 14 days. That's why, when the network power keep rising, the difficulty rises as well.




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