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Author Topic: [ANN] Beidoucoin - A Prototype of Fiat Cryptocurrency  (Read 309 times)
allainzhang
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December 01, 2017, 09:51:15 AM
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Beidoucoin makes cryptocurrency  accepted by more governments and gradually develops into fiat money.


1.Mission of Beidoucoin

Bitcoin as a representative of the cryptocurrency has been widely spread and applied worldwide, and almost all the governments have paid more and more attention to bitcoin . Some countries prohibit bitcoin trading, because of the illegal transactions brought by bitcoin privacy, and the impact of bitcoin on the national financial system without regulation. But many other countries’ attitude to bitcoin is very positive, they not only encourage trade and use of bitcoin, but also study of relationship between bitcoin and fiat money. And even some countries have already begun to prepare to issue fiat cryptocurrency.

Beidoucoin was born for this task. The coin retains some of the advantages of bitcoin, such as encryption security, distributed storage, low comprehensive cost, and enhances security performance, such as transaction restriction, geographic information implantation etc.

In the future, because beidoucoin is safer and lower transaction costs than bitcoin, it will replace bitcoin in many applications.

More importantly, beidoucoin is more in line with the national financial regulatory policy. It will put forward strategies and technical solutions to the development of cryptocurrency. Beidoucoin will become the underlying technology platform of fiat cryptocurrency in many countries.

Beidoucoin believes that the era of fiat cryptocurrency is coming!



2.Features Overview


The technical of beidoucoin have four main features:

1)Augmented security

Improving transaction security through asset management and transaction constraints.

2)Embedding geographic information

The geographic information is embedded in the structure of blockchain transaction.

3)Strengthen government regulation

Providing KYC and AML to meet the requirements of government regulation.

4)Energy saving

More environmental friendly mining mode, to avoid a lot of power consumption.

 

The codes of Beidouchain forks from Bitcoin Core, which retain the advantages of bitcoin, but have more more technical updates.

bitcoinbeidoucoin
Encryption SHA256,ECDSA Compatible with bitcoin, some optimization to prevent a developer error
P2P Network Same communication protocol Same communication protocol
Asset Only one native currency, that is bitcoin Support mang assets natively at the blockchain level
Permission Hardly any Permissions and transaction constraints are assigned on a per-address basis
MiningPOW based on ASIC miningPOWT based on CPU mining, energy saving
AnonymityAnonymity or pseudonym“Front end anonymity, Backend real name”,Be line with KYC and AML regulation



3.Coin Management

The total circulation of beidoucoin will be around 500 million. The ownership structure will be:

1)Miners Salary Pool 420 million  (84% of circulation): to pay the miners for about 10-15 years,

2) Investment Pool 50 million  (10% of circulation): to exchange with other cryptocurrencies,

3)Bonus Pool 30 million  (6% of circulation): be used in marketing and community development.



4.Become A Miner

In the beidoucoin system, the tasks of miners are  transaction verification and data storage. They don’t have the ability to “create” new coins. Incentives for miners come from the wages paid by the currency board. In 2017-2018, the average wage paid to a miner is  2000 beidoucoin per month.

The mining algorithm of beidoucoin is “Power of Work Time”(POWT for short), replacing that of  bitcoin “Power of Work”(POW for short). When a miner connects to the beidoucoin network, he/she will receive salary according to the working time. The algorithm of POWT will ensure the relative average work assignment of each miner as much as possible. The POWT using the most basic CPU mining model, can save a lot of power resources.

Basic requirements of beidoucoin mining machine:

1)CPU dual-core, RAM 2G, Storage 100G;

2)Ubuntu 14.04 x64;

3)A static IPV4.

If you would like to take part in mining, please fill in your details in this registration form below and you will receive the “Beidouchain Miner Manual”.

[url https://www.beidoucoin.org/become-a-miner/]  Become A Miner [/url]



5.Some Information

[url https://www.beidoucoin.org/]  Official Website [/url] 

[url https://wallet.beidouchain.com/]  Official Web Wallet [/url] 

[url http://explorer.beidouchain.com/]  Blockchain Explorer [/url]

The main chain (called corechain in beidouchain) started 2017-09-28.
Until today(2017-12-01), the asset(beidoucoin) has been issued 18,000 which are payed for the miners.
There was NO pre-ming.



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