[ANN] Bitcoineum (BTE)

Official website: www.bitcoineum.com
contract at bitcoineum.eth : 0x73dD069c299A5d691E9836243BcaeC9c8C1D8734
Internal Burn address: 0xdeaDDeADDEaDdeaDdEAddEADDEAdDeadDEADDEaD
Ether burned so far: 536 Ether ( $180,367.74 USD )
Launched: July 19th, 2017.

Hi guys,


This is the official Bitcoin talk announcement for Bitcoineum (BTE). BTE is an ERC20 token that is meant to mimic the deflationary characteristics of Bitcoin, and was built largely as an alternative to ICO fever. I had two main goals. First, I wanted to build something with the deflationary aspect of Bitcoin but the smart contract capabilities of Ethereum. Most projects have attempted to do this by linking side chains, or building additional infrastructure. I took a different tact, specifically building Bitcoin's difficulty algorithm into Ethereum in a way that would be globally accessible and not require specialized hardware. Second, I wanted to build a coin that was reasonably fair in structure and operation, that could operate without third party control and supervision. I think the ICO situation is a bit out of control, BTE is one mechanism to make the process fairer.

BTE is created via an on-chain synthetic mining algorithm. It is essentially a combination of proof-of-burn and proof-of-stake, and is distributed to participants based on Ether contribution. The reason why I designed it this way was to facilitate mobile mining and easy participation. The original miner was web based and required a fully synced Geth/Parity node. The complexity of this setup made early mining difficult. I addressed this by releasing pool mining via smart contract. BTE supports on-chain smart contract based pools, which is by far the easiest way to mine it, and opens it up to being used for a variety of interesting contracts.

BTE includes one other very important feature, and that is its Transmutable property. I wanted BTE mining to be a plausible way to bootstrap other tokens, and Transmutable gives BTE the ability to convert directly into tokens that support the interface. This is transferable proof-of-burn. BTE is destroyed in the process of creating the secondary token. This lets us use the BTE infrastructure to mine arbitrary tokens. An ICO can be structured as partially or wholly fair-mined instead of just taking Ether from people.

I launched the token July 19th, 2017. Contract creation tx, 0xe35a03e898b5f3224a2345d1735312bf93c587ca20ece95e92423107e0dc8b26
I told a small group of people about it as well as provided mining instructions, but was pretty much the sole miner for two days because people had technical problems configuring and using the web based miner. There was some discussion as to whether we should re-launch to make it 100% fair to all participants, I'm open to people's opinions on that. I'm developing and working with the Chinese community around BTE, especially the guys at BigShark Club. There are a lot of enthusiastic and smart people working in digital currency there. They have provided tremendous support to the project.

The contract is accessible at bitcoineum.eth ( 0x73dD069c299A5d691E9836243BcaeC9c8C1D8734 )

You can mine BTE directly via smart contract pools

0x2918daf5b7c6cd43e3c9fce08b3bde11b09a15b5
0x6cd239a7717c1639214880e53f38f47c99d6cffc

You can view the pools information at http://bigshark.club/bte  (Chinese site, but google translate works fine)
Right now it looks like pool 1 has the most users and yield. Eth sent to these pools is divided over 100 blocks and submitted to BTE as mining attempts, rewards are divided among participants. If you send eth a second time within that 100 block window it will pay out whatever it has accumulated. If you are past the mining window you will need to call the redeem function to get your BTE out.

The entire project is open source, and has verified source on Ethscan.io.
Bitcoineum code, http://gitlab.com/mbrix/bitcoineum
Sharkpool code, http://gitlab.com/mbrix/Bitcoineum_Sharkpool
Reddit forums at /r/bitcoineum  but I haven't spent any time developing it. Come say hi.
Slack at bitcoineum.slack.com
My twitter: @brantonbits


Any questions feel free to ask. The white paper, and web miner are available directly from www.bitcoineum.com, and there is additional information there in both English and Chinese. I'm currently working on an extended road map which includes more tools and smart contracts built around BTE, there are also several third party projects that are starting to develop that should be very interesting.

* Fixed the big shark club url

Well, its not ico'd so we don't really have a reserve set aside for really anything. I'd love someone to take up local advocacy in Indonesia though, and perhaps we could get community members to donate for a translation bounty.