Bitcoin PoSW [BTSW] solves blockchain-control by miners and rewards you for decision-making.
What we are building will empower your ideas, gives you as stakeholder control over decisions, at lightning fast speed and Segwit
TechnologyBitcoin PoSW allows users to seamlessly transition from one set of consensus rules to another. This is a complex problem, as demonstrated by the difficulties experienced in Bitcoin decision-making. It uses an innovative hybrid proof-of-stake (PoS)/proof-of-work (PoW) system similar to proof-of-activity (PoA) to solve this problem and gives users of the currency decision-making power about the set of consensus rules to activate.
This hybridized consensus system is used to strike a balance between miners and users to create a more robust currency. Typically, the miners who operate the infrastructure wield considerable influence while the users have relatively little sway.
Bitcoin PoSW allows users to participate in the project directly without the need for expensive mining hardware.
DevelopmentBitcoin PoSW fosters a multi-stakeholder development ecosystem that welcomes and empowers participants who want to improve on existing features or build new tools. Anyone can submit feature proposals, and developers are paid for work to fulfill requirements in full view of the community. Funding for this work comes directly from the
Bitcoin PoSW blockchain.
Community and PrinciplesBitcoin PoSW is constructing a layered decision-making organization that extends beyond the miners and users to bring forward and represent insider and outsider voices in the community. Decentralization is a process, and a decentralized ledger is only the first step in that process.
The project is bound by the
Bitcoin PoSW Constitution, so users can know what to expect: a finite number of coins, decentralized decision-making and a place to share their views.
Bitcoin PoSW's community plays an important role in making decisions, both informally via the
Bitcoin PoSW infrastructure and formally via the blockchain.
The snapshot for the FORK will be announced soon
Getting StartedWallets
coming soon
Mining Software
coming soon
Exchanges
coming soon
Proof-of-Stake (PoS) Pools
coming soon
Proof-of-Work (PoW) Pools
coming soon
Roadmap
2017
coming soon
Update 1: Proof-of-Stake (PoS Mining) with TicketsLast updated 19.November 2017 v1.1.4
This update is meant to be an educational resource for Proof-of-Stake mining (staking) with Bitcoin PoSW. It will cover the purpose of the Proof-of-Stake protocol, a brief introduction to the staking process, a ticket lifecycle, and get you started with ticket buying.
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OverviewBitcoin PoSW’s unique Proof-of-Stake protocol serves multiple purposes:
To provide a metric for stakeholders/end-user support of any decision-making updates. That is, stakeholders are able to vote on specific proposals/agenda on the Bitcoin PoSW blockchain. Agendas may include deciding whether or not the Devs spends time implementing a specific feature, activating the code of a feature already submitted for implementation, or making other decisions such as how the Dev subsidy should be spent. More information on voting can be found in our Mainnet Voting Guide.
Bitcoin PoSW’s PoS also provides a system of checks and balances for nonconforming miners. Stakeholders can vote a block invalid if it doesn’t match to the consensus rules of the network.
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Staking 101To participate in proof-of-stake mining, stakeholders lock some BTSW in return for a ticket. Every ticket owned gives a stakeholder the ability to cast a single vote. Upon voting, each ticket returns a small reward plus the original Ticket Price of the ticket. Each ticket is selected to vote at random, giving an average vote time of 28 days, but possibly requiring up to 142 days, with a .5% chance of expiring before being chosen to vote (this expiration returns the original Ticket Price without a reward). Every block mined must include 5 votes (Miners are penalized by a reward deduction if less than 5 votes are included). Every block mined can also include up to 20 fresh ticket purchases. A new ticket requires 256 block to mature before it is entered into the Ticket Pool and able to be called upon to vote.
There are a few important variables that you should familiarize yourself with while staking.
Every 144 blocks (~12 hours), the stake difficulty algorithm calculates a new Ticket Price in an attempt to keep the Ticket Pool size near the target pool size of 40,960 tickets. This 144 block window is referred to as the StakeDiffWindowSize.
The Ticket Price/Stake Difficulty is the price you must pay for a ticket during a single 144 block window.
The Ticket Pool is the total number of tickets in the Bitcoin PoSW network.
The Ticket Fee (ticketfee) is the fee rate that must be included in the ticket purchase to incentivize Proof-of-Work miners to include that ticket in a new block. Ticket Fee usually refers to the BTSW/kB fee rate for a ticket purchase transaction. Therefore, with a higher transaction size, you will end up paying a higher absolute fee. For example, solo-staking ticket purchases are around 300 Bytes, which means a Ticket Fee of .3 BTSW/kB will result in the spending on .1 BTSW if, and only if, that ticket gets included in a block.
When the Ticket Price gets relatively low for a single Ticket Window, you can usually expect a fee market to form, with many stakeholders trying to buy tickets before the window ends. When the Ticket Price is not at an extremely low and profitable price, the default Ticket Fee of 0.001 BTSW/kB rate is usually high enough to be included in a block.
When a ticket is called to vote, the wallet that has voting rights for that ticket must be online. If the wallet is not online to cast its vote, the ticket will be marked as missed and you will not receive a reward for that ticket. Stakepools are offered as a solution for those that cannot have a voting wallet online 24/7.
Stakepools allow stakeholders to generate ticket purchase transactions that give a stakepool voting rights for your ticket. They vote on your behalf, usually requiring a small fee for participation (under 7%) which covers the cost of hosting the minimum of 3 servers required to run a stakepool. This fee is known as the Pool Fee and is only taken out of the small PoS reward.
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Ticket LifecyclePurchasing a ticket for PoS is quite simple (see below) but what happens to it after you buy it? A ticket on main net (test net uses different parameters) will go through a few stages in its lifetime:
1. You buy a ticket using a BTSW-wallet. The total cost of the each single ticket transaction should be Ticket Price + Ticket Fee(ticketfee).
2. Your ticket enters the mempool. This is where your ticket waits to be mined by PoW miners. Only 20 fresh tickets are mined into each block.
3. Tickets are mined into a block in with higher Ticket Fee transactions having a higher priority. Note that the Ticket Fee is BTSW per KB of the transaction. A few common transaction sizes are 298 Bytes (a solo ticket purchase) and 539 Bytes (a pool ticket purchase).
4. A - If your ticket is mined into a block, it becomes an immature ticket. This state lasts for 256 blocks (about 20 hours). During this time the ticket cannot vote. At this point, the ticket fee is non-refundable.
B - If your ticket is not mined, both the Ticket Price and Ticket Fee are returned to the purchasing account.
5. After your ticket matures (256 blocks), it enters the Ticket Pool and is eligible for voting.
6. The chance of a ticket voting is based on a Poisson distribution with a mean of 28 days. After 28 days a ticket has a 50% chance to have already voted.
7. Given a target pool size of 40960 tickets, any given ticket has a 99.5% chance of voting within ~142 days (about 4.7 months). If, after this time, a ticket has not voted, it expires. You receive a refund on the original Ticket Price.
8. A ticket may miss its call to vote if the voting wallet does not respond or two valid blocks are found within close proximity of each other. If this happens, you receive a refund on the original Ticket Price.
9. After a ticket has voted, missed, or expired, the funds (ticket price and subsidy if applicable, minus the fee) will enter immature status for another 256 blocks, after which they are released. If a ticket is missed or expired, a ticket revocation transaction is submitted by the wallet which then frees up the locked ticket outputs. NOTE: Revocations can only be submitted for a corresponding missed ticket. You cannot revoke a ticket until it is missed.
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How to StakeA wallet that is open and unlocked 24/7 is highly recommended for staking but not necessary!
Stakepools are available for those unable to keep a personal voting wallet online forever.
The only other requirement for staking is that you buy a ticket.
If you intend to use a stakepool, you must first sign up for one. Links to officially recognized stakepools are provided soon.
Update 2: Proof-of-Work (PoW) Mining and Mainnet Voting Guide (Decision-Making)Last updated: 20. November 2017 v.1.3.6
OverviewProof-of-work mining, more commonly referred to as PoW mining, is the activity of committing your computer’s hardware and resources to process network transactions and build the blocks that make up the blockchain in the Bitcoin PoSW network. Each time a block is created (by a miner), about 30 new Bitcoin PoSW coins are made. These coins are then split up as follows:
60% PoW Miners
30% PoS Voters
10% Bitcoin PoSW development subsidy
Mainnet Voting Guide (Decision-Making)This page is intended to give a brief introduction to how agenda voting works and details the process for setting your tickets to cast your preferred vote for any agenda.
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IntroductionThere is a two-phase process for voting to implement consensus changes that would create a hard forking scenario.
First, it’s important to note that the Bitcoin PoSW blockchain has specifically designated two different block intervals for the voting process. There is a Stake Version Interval (SVI) of 2016 blocks (~1 week) and a Rule Change Interval (RCI) of 8064 blocks (~4 weeks). 4 Stake Version Intervals fit within 1 Rule Change Interval.
The first step of the voting process is to meet the upgrade threshold on the network. After the hard fork code is released (such as the sdiff algorithm change in v1.0.0), a majority of the nodes on the network participating in PoW/PoS need to first upgrade before the voting can be scheduled to begin. For Proof-of-Work, at least 95% of the 1000 most recent blocks must have the latest block version. For Proof-of-Stake, 75% of the votes cast within a single SVI must have the latest vote version. Once miner and voter upgrade thresholds are met, the voting is scheduled to begin on the first block of the next RCI (due to there being 4 SVIs per RCI, it can take up to 6048 blocks [3 SVIs] for the next RCI to begin).
The second step of this process is the actual voting. A single RCI transpires while a maximum of 40320 votes are cast. The votes are tallied at the final block of the RCI, and outcomes are determined prior to the next block being mined.
There are a few possible outcomes of a vote:
1. If more than 90% of all votes within the RCI are “Abstain” votes, the agenda vote remains active for the next RCI.
2. If all non-abstaining votes within the RCI fail to meet the 75% Yes or No majority threshold, the agenda vote remains active for next RCI.
3. If 75% of all non-abstaining votes within the RCI are in support of the agenda (“Yes”), the agenda is considered locked in and the consensus changes will activate 8064 blocks after the vote passed.
4. If 75% of all non-abstaining votes within the RCI are in opposition of the agenda (“No”), the agenda fails and the consensus changes will never activate.
5. If an agenda reaches its expiration before ever reaching a 75% majority vote, the agenda expires and the consensus changes will never activate.
Below is a diagram of the entire cycle for a single agenda with consensus upgrades.
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Voting PreparationTo participate in voting, you first need a wallet.
Next, you’ll need to learn the basics of Proof-of-Stake. You’ll need to be able to buy tickets with your application of choice.
Finally, you’ll need to set the votechoice for your tickets in order to cast a “Yes”, “No”, or “Abstain” vote for an agenda. By default, your tickets will cast “Abstain” votes. To set your vote choice.
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Verifying Your VoteThe easiest method to track your how your tickets actually voted is to use the block explorer to view each of your votes.
The block explorer has been updated to display “YES”, “NO”, and “ABSTAIN” votes for each agenda with each ticket. The first and second tickets in the following example image voted “ABSTAIN” for both agendas while the third ticket voted “YES” for both agendas. The image will be updated to reflect the v5 agenda when voting is live.
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Tracking Vote ProgressIt will be on the official website
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Update 3: Bitcoin PoSW ConstitutionLast updated: 22. November 2017 v.1.2.9
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Bitcoin PoSW is an open, progressive, and self-funding cryptocurrency with a system of community-based decision-making integrated into its blockchain. The project mission is to develop technology for the public benefit, with a primary focus on cryptocurrency technology. Bitcoin PoSW, as a currency and as a project, is bound by the following set of rules, which include guiding principles, a system of governance, and a funding mechanism. These rules have been established in an effort to create an equitable and sustainable framework within which to achieve Bitcoin PoSW‘s goals.
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Principles• Free and Open-Source Software - All software developed as part of Bitcoin PoSW shall be free and open source-software.
• Free Speech and Consideration - Everyone has the right to communicate opinions and ideas without fear of censorship. Consideration shall be given to all constructive speech that is based in fact and reason.
• Multi-Stakeholder Inclusivity - Inclusivity represents a multi-stakeholder system and an active effort shall be maintained to include a diverse set of views and users. While it would be ideal to include everyone, Bitcoin PoSW shall comply with all relevant bodies of law in the jurisdictions where applicable, such as embargoes and other trade sanctions.
• Incremental Privacy and Security - Privacy and security are priorities and shall be balanced with the complexity of their implementations. Additional privacy and security technology shall be implemented on a continuing and incremental basis, both proactively and on-demand in response to attacks.
• Fixed Finite Supply - Issuance is finite and the total maximum number of coins in Bitcoin PoSW shall not change. The total maximum supply for Bitcoin PoSW is 20,999,999.99800912 coins, with a per-block subsidy that adjusts every 6,144 blocks (approximately 21.33 days) by reducing by a factor of 100/101. The genesis block subsidy starts at 31.19582664 coins.
• Universal Fungibility - Universal fungibility is fundamental to Bitcoin PoSW being a store of value and attacks against it shall be actively monitored and countermeasures pursued as necessary.
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Blockchain Decision-Making• Decisions of the network occurs directly through the blockchain via hybridization of a block’s proof-of-work (“PoW”) with its proof-of-stake (“PoS”). PoS contributors, known as stakeholders, can effectively override PoW contributors, known as miners, if 60% or more of the stakeholders vote against a particular block created by a miner.
• A lottery system is used to determine which stakeholders vote on each block and collect a subsidy.
• To be a stakeholder, one must purchase one or more tickets, which entails locking a specified amount of coins for approximately 1 day (256 blocks).
• After waiting for the ticket to mature, the ticket is entered into a lottery that runs once per block where the winning tickets gain the ability to vote on the previous block.
• Stakeholders must wait an average of 28 days (8,192 blocks) to vote their tickets, and during this time the coins used to purchase the ticket remain locked. The wait may be much longer or shorter than the average of 28 days because the ticket selection process is pseudorandom. Tickets expire after approximately 142 days (40,960 blocks).
• Stakeholder votes recorded in the blockchain are rewarded with 6% of each block subsidy, and each block can have up to 5 votes for a total of 30% of each block subsidy.
• PoW receives 60% of each block subsidy, subject to the constraint that their subsidy scales linearly with the number of PoS votes included, e.g. including 3 of 5 votes reduces PoW subsidy to 60% of the maximum.
• The votes themselves decide by majority decision whether the general transaction tree of the previous block, including the PoW subsidy, is valid. Thus, if PoS voters vote against a particular PoW block, it destroys the PoW subsidy (and development subsidy) and invalidates any regular transactions within that block.
• Additional vote bits may be set when stakeholders submit votes, allowing stakeholders to vote on matters besides the previous block.
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Project Governance• Off-chain decision-making shall be used to resolve disputes related to development and voted on by the Bitcoin PoSW Assembly as they arise, as an effective proof-of-assembly (“PoA”), until such time PoA is integrated into the blockchain.
• The Bitcoin PoSW Assembly shall be composed of diverse Assembly members who are selected for membership by the Admission Council from the project ecosystem for representation.
• Councils that are composed of Assembly members shall be formed to address ongoing and episodic matters. The initial Councils shall serve the separate functions of admission (Admission Council), creation (Creation Council), and attrition (Attrition Council).
• The Admission Council shall vote on the inclusion of new members into the Assembly. All additional Councils shall be created by the Creation Council. The Attrition Council shall be responsible for deactivating both Councils and Assembly members as necessary.
• Membership of the Bitcoin PoSW Assembly shall consist of Assembly members who have been confirmed by a 60% or greater affirmative vote by the Admission Council. There is no restriction on the age or nationality of Assembly members, the only requirement is that of merit as judged by the Admission Council. Merit is judged on the basis of two characteristics: (1) the amount of time over which one has been involved with the project, and (2) one’s body of work and its impact in the context of the project.
• Attrition is embraced by temporarily deactivating or actively expelling Assembly members by a 60% or greater affirmative vote by the Attrition Council on the basis of: (1) substantial non-fulfillment of duties for one or more Councils or the Assembly, and/or (2) counterproductive behaviour that goes against the framework set forth in the Constitution without constructive action toward solutions.
• All matters formally presented to a Council shall be resolved by a vote in 365 days or less.
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Funding• Sustainability and longevity require that a subsidy of 10% of all block rewards be given to a development organization on an ongoing basis. The initial development organization shall be Bitcoin PoSW Holdings Group LLC (BPHG), that is responsible for funding work related to the development of the project, such as software development, infrastructure, and awareness.
• BPHG shall only fund work that adheres to the guiding principles.
• BPHG shall issue public financial statements every six months, starting March 8th, 2016. The frequency of financial statements may increase with activity, but it shall not occur more often than quarterly.
• BPHG shall put forth a budget proposal each year on March 8th, after the corresponding public financial statement has been issued.
• The Funding Council shall review, propose changes, make changes, and ultimately approve the proposal by April 8th, one month from the initial budget proposal.
• Final approval of the budget via PoA vote shall occur after Funding Council approval by April 18th, two months from the initial proposal.
• BPHG shall make public requests for proposals (“RFPs”) for projects that are to be completed by parties on a contractual basis. RFPs shall include a scope and an explanation of how the work shall benefit the project. Parties that submit proposals shall be required to include: (1) a detailed description of the work to be performed, (2) a series of milestones that can be verified as work is completed, and (3) a quote for the work, itemized by milestone, in U.S. Dollars (“USD”).
• All proposals, both submitted and accepted, shall be made public one week after a proposal has been selected. Once the selection occurs, the associated RFP shall be removed. Contracted parties shall be paid exclusively in Bitcoin PoSW (“BTSW”) at the current effective BTSW/USD rate at the time of payment, unless specifically noted otherwise.
• In the future, the development organization may need to change from BPHG to another entity that serves an identical function. If and when this occurs, BPHG shall transfer all assets to the new entity and the development subsidy shall be directed to the new entity.
We are currently 3 4 5 devs, 1 2 for marketing and we are looking for even more contributors. Just pm us if you wanna be on board of the evolution
