I think we have so many stablecoins because it's easy to create one. Companies are created for stablecoins. I don't think there's much overhead cost. Most of the cost is in marketing. The market cannot coalesce around one single coin. And that is bad. As a user, I don't know which stablecoin to use/trust. Communities cannot get big enough to support a coin.

So far, there're 2 people mining Bitflate. I have 61.38% of the supply. The other person whom I don't know has 38.62%. We're at 639k coins. In our first year, we're supposed to reach 10 million coins. So we're still very far off. I do not want to own more coins. I will keep my miner down once there are more people mining. The coin uses the same Proof of Work consensus as bitcoin. I expect coin ownership to spread out when more miners come.

The chain inflates its supply after 4 years. So eventually, my bag will devalue. My long term goal is to create software services around the chain.

https://bitflate.org/

We just launched a explorer UI for Bitflate coin.

https://explorer.bitflate.org/

We just launched Bitflate explorer. Check it out:

https://explorer.bitflate.org/

Note: hashrate is low, the network susceptible to attack.

I think deflationary currencies are only the first 1/2. The 2nd half is inflationary currency. Existing cryptocurrencies are trying to have some kind of limited supply. Bitcoin is the most successful one. Other cryptos aren't as successful. They never achieve the kind of decentralization that Bitcoin has. Their founders always premine a bunch of coins. Bitcoin is deflationary. It's an SoV. It makes people HODL. People have talked about using Bitcoin for transactions. I think that'll never happen. It's an SoV. Why should I spend it for coffee purchases?

Bitcoin exists because it has inflationary nemesis, fiat currencies. But fiat currencies suffer from human's political agenda. Stablecoins attempt to connect deflationary currency with inflationary fiat. I think the better long term solution is a digital native inflationary currency.

There are some interesting characteristics of inflation.

1. Inflation will decentralize token holders. If you don't put your tokens to work, they will worth less over time. Bitflate is permissionless. Businesses have equal access. They are free to participate in the system. Inflation can level the playing field for everyone. Businesses have incentives to circulate their tokens. With Bitcoin, you have Bitcoin whales. They hold lots of bitcoins. They can decide to pump and dump.

2. As the project's creator and a token holder, I don't have a lot of incentives to premine or hold a bunch of tokens. I premined a few thousand blocks to create checkpoint. I know that the currency will eventually inflate. I don't need to hold my bag. My long term goal is to provide services to businesses using this inflationary currency.

3. Digital native inflation means that the supply inflates at a constant rate. It's predictable. We can build business to mitigate the effect of inflation. For example, you can run a bank and give people interest rates on their inflationary currency. This is similar to how we have saving interest rates for your fiat currencies.

I design the chain parameters to reward early adopters with more tokens. I think it will encourage early grass root adoption. Reward schedule below:

0: 50
1: 25
2: 12.5
3: 6.25 (end of halving)
4: 6.45 (start of inflation 7%)
5: 6.90
6: 7.39
7: 7.91
8: 8.46
9: 9.05
10: 9.68

Bitflate supply inflates at 7% per year. If the token is successful and gain adoption, I think its price will appreciate more than 7% per year. If you are an early participant, you're likely to benefit.

Bitflate is not a competitor to Bitcoin. It's not a SoV. I think in the future, people will have 2 types of accounts: long term saving SoV and short term transaction tokens. Users swap between SoV and transactional tokens depending on their needs. I think it'll benefit the price of bitcoin as well. Cryptocurrencies will consist of 2 contradictory types: inflationary and deflationary.

I'm not building a community of HODLers to pump and dump their bags. I'm building a community of people who want to drive cryptocurrency adoption for businesses.

Block explorer is coming. For community, I'm looking at discord, telegram, and slack. I'm not sure which one to use. Will announce when I have it finalized.

Awesome! Let me know if you have any question. I'm monitoring this thread.

I don't believe spending bitcoin for small purchases will ever happen. Bitcoin is settling into SoV narrative. It's an important driver for cryptocurrency adoption. Bitcoin will be used for settling SoV type of transactions. For example, I save money to buy real estate in Bitcoin. When I have enough and decide to buy a house, I'd convert my bitcoin into real estate. It encourages HODL behavior. Bitcoin exists because it has inflation nemesis, fiat currencies. If Bitcoin ever gobbled up all of the world money, we'd be in the same dark place as inflationary fiat system. In some sense, Bitcoin is as evil as fiat.

I think the monetary system will consist 2 contradictory forces: deflationary and inflationary.

Disclaimer: I'm working on a digital inflationary crypto (https://bitflate.github.io/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html).

I recently launched my coin. It works like bitcoin but it has inflation. It's not a HODL type of coin. But if it gets adopted by businesses, I think the coin would have good price appreciation. I designed the system to give more reward to early adopters. Halving rewards are below.

0: 50
1: 25
2: 12.5
3: 6.25 (end of halving)
4: 6.45 (start of inflation 7%)
5: 6.90
6: 7.39
7: 7.91
8: 8.46
9: 9.05
10: 9.68

I believe the coin has the potential of becoming a transactional coin for businesses.

For more detail on the coin: https://bitflate.github.io/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html

Update: Current block height: 6399. I designed a reward system to give more coins to early adopters.

You can buy GekkoScience NewPac miner from 419mining.com. All mining equipments cost under $100. Come mine Bitflate coin!

Mining guide: https://bitflate.github.io/post/2019/07/21/bitflate-solo-mining-with-gekkoscience-newpac-usb.html

Crypto space, in the last 10 years, have focused a lot on investible tokens. Besides scams, tokens try to be some kind of long-term Store of Value. People think too much about competing with bitcoin or fixing problems in bitcoin. I think we need to explore inflating tokens. Bitcoin exists because it has inflating nemesis, fiat currencies. Inflating tokens provides reference points for SoV tokens.

Disclaimer: I'm working on a digital native inflating token. (https://bitflate.github.io/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html)

I wrote an article about similarities between the Libra Association and software consortiums. I think the software consortiums work because they are small and focused. The Libra Association is probably going to fail because it's too big.

https://bitflate.github.io/post/2019/07/23/libra-consortium-driven-digital-currency.html

I think Libra has a small chance of success, just like any other altcoins if it can find the right scenarios to focus. These scenarios are going to be small and limited. This way, it can get the most important stakeholders to cooperate.

My thoughts:

https://bitflate.github.io/post/2019/07/23/libra-consortium-driven-digital-currency.html

I'm experimenting with a new concept: stable coin through inflation. Existing stable coins are created using centralized authorities. I think we can make a digital native stable coin through inflation. There's a lot of questions about how to design such a coin.

My experiment is with 7% inflation. More details here:

https://bitflate.github.io/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html

I'd love to hear others' thoughts on this.

I posted a guide to simple mining setup for Bitflate, a cryptocurrency with inflation.

https://bitflate.github.io/post/2019/07/21/bitflate-solo-mining-with-gekkoscience-newpac-usb.html

If you need a pool for mining, you can use mining-dutch or cminors pools. See mining pool instructions below:

https://www.mining-dutch.nl/
https://bitflate.cminors-pool.com/

Come mine this coin. The coin supply starts to inflate after 4 years. But it rewards early adopters with more coins.

First 10 halvings' rewards:

0: 50
1: 25
2: 12.5
3: 6.25 (end of halving)
4: 6.65 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85

Block explorer: https://explorer.bitflate.org

I'm back and happy to announce the release of Bitflate Core binaries. After months of tinkering, it's now ready. Please follow this post for instruction:

https://bitflate.github.io/post/2019/07/19/bitflate-binaries-v0.18.0.html

Please note: the project is in experimental stage.

Phuoc Do

I'm updating on my failed-to-initialised issue. After a reboot of my mac, the problem goes away. It seems like there's an issue with driver initialization. But my current work around is to reboot my mac.

More update on my project.

I revised the block reward schedule a little bit. I still keep 1-year reward intervals. For the first 4 halvings, we follow Bitcoin schedule. On the 5th halving, we switch to inflation of 7%. The idea is to give early adopters more rewards. Here's the block reward schedule for the first 10 periods:

0: 50
1: 25
2: 12.5
3: 6.25 (end of halving)
4: 6.65 (start of inflation 7%)
5: 7.02
6: 7.51
7: 8.04
8: 8.60
9: 9.20
10: 9.85

I'm open for ideas and contributors. We're looking for developers with understanding of Bitcoin Core, mining equipment, mining pools. Please send me an email at dnprock at gmail.com if you want to contribute.

I'm close to having testnet launch. Stay tune for builds.

Yes. It's a Bitcoin fork using SHA-256.

I'm mining an altcoin. It doesn't have mining pool yet. So I setup for local solo mining. I just tried on Ubuntu and got the same error. Is altcoin mining not supported by Gekko NewPac stick?