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Author Topic: Bitflate - crypto with inflation  (Read 2241 times)
dnprock
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February 16, 2019, 12:23:38 AM
Last edit: October 21, 2019, 04:31:49 PM by dnprock
 #1

Hello,

I'm working on a new Bitcoin derivative, Bitflate. The main difference: It inflates 7% per year. The project's goal is to create a stable crypto currency, stable coin through inflation.

It has the following differences:

- It creates 19,3 million coins in the first 4 halvings.
- In subsequent halvings, coins inflate 7%.
- Proof of Work timespan is 3.5 days. We want 1-year halving interval.

https://bitflate.org/

Download the latest binaries: https://github.com/bitflate/bitflate/releases/tag/v0.18.1

What is Bitflate?

Bitflate is a Bitcoin-based crypto currency. Bitflate has inflated supply.

Bitflate chain is separate and has no relationship with Bitcoin chain.

Why Bitflate?

Bitcoin has a supply limit of 21 million coins. This limit creates a value puzzle for Bitcoin. When all bitcoins are mined, there’s 0 coin reward. This means the value of a bitcoin can be infinite.

Bitcoin encourages HODL behavior. It’s being seen as a Store of Value (SoV). We believe other cryptocurrencies with a supply limit would behave as a SoV.

The goal is to create a stable crypto currency, stable coin through inflation.

By adding inflation, we can:

- Prevent price from fluctuating wildly.
- Discourage HODL behavior, increase liquidity.

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

Mining pool:

https://www.mining-dutch.nl

We're looking for developers, marketers. Come join the project if you're interested. My email contact at bitflate dot org.

Trading on Unnamed Exchange. Use with caution. https://www.unnamed.exchange/Exchange?market=BFL_BTC

Join our Discord community: https://discord.gg/utnEyp8
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dnprock
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May 04, 2019, 08:03:19 PM
Last edit: August 26, 2019, 10:16:43 PM by dnprock
 #2

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.
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July 19, 2019, 09:25:00 PM
 #3

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
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July 25, 2019, 10:48:48 PM
 #4

I'm mining some blocks with my gekko-newpack . Grin
dnprock
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July 25, 2019, 11:09:54 PM
 #5

I'm mining some blocks with my gekko-newpack . Grin


Awesome! Let me know if you have any question. I'm monitoring this thread.
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July 26, 2019, 02:12:56 PM
 #6

I think this coin need an explorer , and you should create a discord channel to increase the community
dnprock
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July 26, 2019, 06:25:15 PM
 #7

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.
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July 26, 2019, 06:48:54 PM
 #8

There is no way people in the space are going to buy into what you are selling, for me the idea of the project is sound but the way you want to sell it with inflation to me is wrong, the term inflation could be what is driving away people from your project and prevent it from having strong community around it


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dnprock
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July 26, 2019, 08:55:47 PM
Last edit: July 26, 2019, 09:17:20 PM by dnprock
 #9

There is no way people in the space are going to buy into what you are selling, for me the idea of the project is sound but the way you want to sell it with inflation to me is wrong, the term inflation could be what is driving away people from your project and prevent it from having strong community around it

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.
dnprock
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August 06, 2019, 08:22:04 PM
 #10

We just launched Bitflate explorer. Check it out:

https://explorer.bitflate.org/

Note: hashrate is low, the network susceptible to attack.
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August 11, 2019, 09:33:11 PM
 #11

We released version 0.18.1 of Bitflate Core.

https://bitflate.org/post/2019/08/11/bitflate-binaries-v0.18.1.html

Please upgrade your binaries.
CryptoSDesigner
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August 12, 2019, 02:43:54 AM
 #12

Hi please help how to mine ?

High quality cryptocurrencies building service Discord https://discord.gg/W6mUUVM Thread Services  https://bitcointalk.org/index.php?topic=5182619.0
Mining Pool : http://mining-coins.com/
dnprock
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August 12, 2019, 05:07:24 PM
 #13

Hi please help how to mine ?

Thank you for your interest. Here's our mining guide:

https://bitflate.org/post/2019/07/21/bitflate-solo-mining-with-gekkoscience-newpac-usb.html
dnprock
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August 12, 2019, 10:11:29 PM
 #14

I tweeted a picture of my mining setup:

https://twitter.com/bitflate/status/1154155116980604928

Computer: ~ $200.
GekkoScience NewPac miner stick, fan, usb port, amp meter: ~ $200.

The whole setup consumes about 30 - 50 Watt.

Reminder: Always use a dedicated computer to avoid malware infection. Download build from github.com.
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August 13, 2019, 12:32:40 AM
 #15

tutorial on windows mining please Smiley

High quality cryptocurrencies building service Discord https://discord.gg/W6mUUVM Thread Services  https://bitcointalk.org/index.php?topic=5182619.0
Mining Pool : http://mining-coins.com/
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August 13, 2019, 03:48:53 PM
 #16

Anyone else not syncing?
dnprock
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August 13, 2019, 04:28:55 PM
 #17


I'll add mining instruction on windows today.
dnprock
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August 13, 2019, 04:31:56 PM
 #18

Anyone else not syncing?

What syncing problem do you have? Try to run bitflated daemon before bitflate-qt. There're 2 seed servers:

159.203.68.109 (s1.bitflate.org)
157.230.117.175 (s2.bitflate.org)

We have these seed nodes listed for daemon to discover. But you can always add them manually:

# addnode s1 seed
./bin/bitflated --adnode=159.203.68.109

If you still have problems, can you post a snippet of your bitflated daemon log?

More info: https://bitflate.org/post/2019/08/11/bitflate-binaries-v0.18.1.html
CryptoSDesigner
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August 13, 2019, 10:34:45 PM
 #19

Dev please contact on Discord : https://discord.gg/W6mUUVM


High quality cryptocurrencies building service Discord https://discord.gg/W6mUUVM Thread Services  https://bitcointalk.org/index.php?topic=5182619.0
Mining Pool : http://mining-coins.com/
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August 13, 2019, 10:44:18 PM
Last edit: August 14, 2019, 04:56:52 AM by Saint-loup
 #20

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