The BTCs project is headed by dozens of technology enthusiasts in many across the globe, who are loyal fans of Satoshi Nakamoto (Bitcoin creator) and follow Satoshi’s idea – making them to stay anonymous.
The testnet and technical white paper will be launched in first quarter of 2022, and the official mainnet will be launched in second quarter of 2022. The technical whitepaper will detail the operating mechanism of the entire Satoshi public chain and the SATOSHI+ consensus algorithm.
The whitepaper summary of the BTCs stated thus, “Future Blockchain Economy Infrastructure Bitcoin-based SATOSHI+ Consensus Algorithm Optimal Solution for Decentralization of Smart Contract Public Chain Authority.”
Introduction to Bitcoin
Bitcoin is a social experiment based on blockchain technology started by Satoshi Nakamoto and others in 2009, and it has been running successfully for more than ten years. Bitcoin has been significant since its born.
Building Trust by Using Mathematical Logic Reasoning
Bitcoin uses asymmetric encryption technology to determine assets ownership and PoW (Proof of Work) to solve the final consistency problem. The use of chain data structure ensures the non-tampering features of data and the use of P2P networks to ensure the openness and transparency of data. This system builds a trust system that does not require endorsement from any institution or organization based on mathematics and logic.
Bitcoin has been running successfully for more than ten years. Instead of being compromised by any form of hackers, it has attracted more and more people to participate, which shows the reliability of the mathematical logic behind it.
Prove the Viability of Free Banking
As mentioned earlier, there are drawbacks in how the central banks issue the currency. Therefore, we place our hopes on free banks, looking foward that each banks freely issuing its currency. Hayek believes that currency doesn’t have to be issued by the state, and free banks can provide better currency. Nevertheless, Economists of old age are always worried that non-state issued currency might have various problems.
Bitcoin, as a social experiment, proves that free banking is viable. Bitcoin can provide a feasible path for future currency reforms. It reasonably uses mathematical logic to endorse currency and ensure that the issuance and circulation of currency are open, transparent, and immutable.
Inspiring the Emerge of Programmingism
Programmingism refers to the determination of rules in the form of code to ensure the no one can violate the regulation sociological thinking. Inspired by Bitcoin, many inheritors believe that not only the “rule” of transactions can be confirmed mathematically, but all “operable and unambiguous rules” can also be confirmed mathematically.
Many projects that support smart contracts, represented by Ethereum, have emerged one after another. Although it seems that there are monopoly and performance problems, they provide an effective platform for practicing programmingism.
Exploration of Blockchain Technology Implementation
Many governments worldwide have recognized the critical role of blockchain in social development, and it accordingly accelerates the development of blockchain technology and industrial innovation. We believe that Satoshi can contribute to society in the following scenarios.
New Tool for Bookkeeping
Since blockchain can solve the trust problem, organizations and individuals can use the new bookkeeping model to measure their contributions in a small range. For example, by issuing a small-scale use of points, everyone can avoid the losses caused by the central bank’s currency transmission process. One can exchange for higher-level points to complete transactions with others when they need to trade on a larger scale.
Financial Engineering Innovation
Blockchain accounting is entirely transparent. Therefore, we can clarify each loan’s object, risk, and the amount by using blockchain. If this credit goes wrong, it will not affect other credits. In this way, financial risks will not accumulate, and therefore get rid of periodic financial crises.
On this basis, each bank can issue its currency. The bank with better risk control will attract users to hold the currency more, contributing to society’s better currency. Even if the risk is not well controlled, it will only cause the money issued by the bank to return to zero (although this will have a great social impact) and will not trigger a financial crisis in the entire society.
Decentralized Autonomous Organization (DAO)
Blockchain can build an algorithm for a group of people to collaborate. The collaboration includes incentives and the overall plan. Reducing the collaboration cost means eliminating collaboration friction, improving individual social welfare. Based on this, a unique autonomous-organization DAO has formed.
The main feature of DAO is that algorithms determine all bookkeeping and authority based on algorithms. Society is also a unique organization if we think of it from a higher level. Therefore, it is another option to carry out digital legislation through the blockchain, thereby reducing the cost of law enforcement.
Satoshi Introduction Decentralization of the Public Chain
Since the emergence of the Ethereum smart contract, public chain projects have carried out various innovations worldwide. Still, these innovations revolve around the technology itself, while optimizing for the authority is degrading. Ethereum is gradually transitioning from PoW to PoS to solve the performance and scalability. Other public chains are either PoS or on the way to PoS or lost in PoW inefficiency.
The most important revolution of Bitcoin is decentralization, decentralization of authority. However, PoS brings authority back to centralization, and authority monopoly has become a capital game. Take Ethereum as an example, when the pledge of ETH obtains the authority, the capital will do its best to accumulate ETH to monopolize computing power and become the monopoly of Ethereum, and this monopoly is unbreakable. Authority and interests are constantly being strengthened with rewards and transaction fees obtained from block production.
After more than ten years of development of blockchain technology, the best authority decentralization so far is still Bitcoin’s PoW. Bitcoin’s PoW is based on energy technology and chip technology so that no one can monopolize computing power permanently. It is needed to develop lower-cost energy and chips that can generate higher computing power to reach more hash-rate. The process is the progress of human civilization. However, PoS only needs to buy Token and pledge it into the computing power, and it can monopolize constantly.
Satoshi Public Chain
Satoshi public chain is a future blockchain economy infrastructure, an optimal solution for the decentralization of smart contract public chain authority. The future is a smart contract world, a programmable world, and the new world will have new currencies, finances, organizational structures, new ways of collaboration…
Satoshi invented the SATOSHI+ consensus algorithm, the third revolutionary technology in the blockchain and encryption. The first is the invention of Bitcoin (PoW), the second is the invention of Ethereum (smart contracts), and the third is the invention of the SATOSHI+ consensus algorithm.
The emerge of SATOSHI+ allows the Bitcoin network to run smart contracts with high performance. All Bitcoin’s computing power naturally supports Satoshi’s computing power, and all the energy and computing power paid for Bitcoin PoW protect Satoshi’s decentralization capabilities. In one sentence, “Satoshi bookkeeping smart contract by using Bitcoin’s computing power.” Please think about this sentence, and this is the best solution for the current public chain technology. There are no others.
The underlying of the Satoshi public chain is through the SATOSHI+ consensus algorithm that connects Bitcoin’s PoW consensus algorithm so that the world only needs to have one set of PoW to run everything. Satoshi will become the best underlying infrastructure for decentralized currency systems, financial engineering, and autonomous organization in the future.
A total of 2.1 billion BTCs are issued, which can be obtained through two mining methods. The BTCs were obtained through Satoshi APP mining in the early stage, and the BTCs can be obtained through on-chain decentralized node mining in the later stage.
APP mining is an innovative airdrop method. Airdrops are carried out through the APP built-in block mining method, which effectively solves the problems of free cost, fairness, and incentives and allows all users to obtain BTCs for free through their efforts. In this process, the Satoshi consensus is gradually being constructed.
A large number of users building a net like spiders weaving a web, and a huge consensus network covering more than 100 countries around the world has been built, laying a solid foundation for the main net of Satoshi public chain and its future development. Satoshi hopes more people can get BTCs for free. The Satoshi public chain will airdrop 525.6 million BTCs to all users in the world for free and fair. The airdrop mining cycle is about two years and is expected to end on December 12, 2022.
APP mining is a huge opportunity for people to change for free. Because people can only mine through the decentralized chain node in the later stage, and the number of mining each year will be minimal. It is far less than the number of APP mining. In other words, the BTCs mined by APP account for a large proportion of the future circulation. After APP mining is over, the computing power in the APP will also end, and mining can no longer continue. Later, BTCs can only be obtained through node mining.
The on-chain decentralized node mining will start after the main net goes online, and validator nodes and repeater mining will be open at that time. There are two types of validator nodes: Bitcoin computing power nodes and BTCs pledged spare nodes.
The spare node is only used when the computing power node is insufficient. For details, please read the technical white paper to be released later. During the unfinished period of APP mining, it will run with node mining. In the future, running nodes and repeaters will be the only mining method.
Join the BTCs Telegram Group Chat to stay updated with necessary information regarding the project. Regards.
Comment on “Satoshi Core Mining: Whitepaper Reviews”
Satoshi is very very nice cryptocurrency project of the world