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Author Topic: [ANN] BITGESELL - Store of value (Burn rate is 90% of tx fees) #realstoreofvalue  (Read 22175 times)
EmmaWu (OP)
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April 07, 2020, 10:22:25 AM
Last edit: March 13, 2023, 12:01:29 PM by EmmaWu
Merited by OcTradism (5), Daltonik (2), FutureBitcoin (1), SPQRCoin (1), my luck (1), rat03gopoh (1), Mihawk (1), Bittoshi (1), bitaps (1)
 #1


This project is called in the honour of Silvio Gesell.
He created monetary units that were losing their nominal value over time (demurrage) and combined with currency emission this would result in people spending them quicker and incentivizing economic activity. He called this as a term "freigeld". Modern monetary policy that includes planned inflation as depreciation is influenced by the ideas of Silveio Gesell as well.

This project have combined the concept of "freigeld" and gold as traditional store of value and demurrage works in reverse (not the way it was used for currency but for gold) adding more properties of digital gold through gradually increasing scarcity over time. Could you imagine gold which volume in existence is gradually decreasing over time?

One of the essential functions of money is that it constitutes a means for saving and securing the fortune of people, since it guarantees immediate cash flow. In the pre-banking era, the house or the ground served as a safe where they kept and hid their small or large savings and hoards, both during wars, enemy raids and natural disasters as well as during peaceful times. The private banks and those operating inside sanctuaries in the ancient Greek Roman world are the forerunners of the banking system that was organized and developed in the late Medieval period and in Modern times into the banks of the mercantile societies of Venice, Genoa and the Netherlands. Cryptocurrency is new generation type of organization for solving this issue. Bitgesell - Future of Bitcoin and True store of value.

Code is widely based on bitcoin code, so it is stable and reliable.
Blockchain started 04/04/2020.

Website: https://Bitgesell.ca

https://coinmarketcap.com/currencies/bitgesell/
https://crypto.com/price/bitgesell

DEXes:
Bridge for transferring BGL <-> WBGL on Eth/BSC
https://bglswap.com

Wrapped BGL (WBGL) on Ethereum blockchain:
https://etherscan.io/token/0x2bA64EFB7A4Ec8983E22A49c81fa216AC33f383A
Wrapped BGL (WBGL) on BSC blockchain:
https://bscscan.com/token/0x2bA64EFB7A4Ec8983E22A49c81fa216AC33f383A
rules and custodian addresses described in this post https://bitcointalk.org/index.php?topic=5238559.msg56786603#msg56786603

The contracts were audited by CertiK, you can find report here: https://bitgesell.ca/docs/Certik-WBGL-Report-22_04_2021.pdf


Specifications

Essentially this is a full bitcoin fork, but:
Block Reward = nFees*0.1 + GetBlockSubsidy()    // Burn rate is 90% of tx fees (https://www.blockchain.com/charts/transaction-fees)
Block Weight <= 400,000;                                     // 10 times smaller than bitcoin
100% Segwit                                                          // Eliminates problems with legacy types of transactions
Halving Interval = 210000 blocks / 4;                    // Halving is every year (bitcoin halving is every 4 years)
Block Subsidy = 50 * 4;                                         // 21 000 000 coins max
Hashing algorithm for blocks is Keccak (sha-3).

https://github.com/BitgesellOfficial/bitgesell


Take part and join #realstoreofvalue #thehardestmoney community:
https://discord.gg/ceEqhxchzN
https://t.me/bitgesellofficial
https://twitter.com/bit_gesell

Official Wallet software:

Block explorer:

BGL DAO snapshot voting hub:
https://snapshot.org/#/bgldao.eth

Borrow/lending platforms:

Testnet:

Mining Pools:

Software:

About project in media:

Videos:
Explainer video from Professor Crypto - https://www.youtube.com/watch?v=RTIR89HMH_U
Professor Crypto - https://www.youtube.com/watch?v=8ZI0CvhgOyc
Bitcoin for Beginners - https://youtu.be/QkUGIxjdjaA
The right traders - https://www.youtube.com/watch?v=ZzjhstNSi50
https://www.youtube.com/watch?v=FzsRCH8JDEM
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EmmaWu (OP)
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April 07, 2020, 10:31:37 AM
Last edit: March 20, 2023, 08:39:47 AM by EmmaWu
 #2
Hi dear BGL community!

We have a few paid initiatives and possibilities, which could help to uplift the project greatly.
We did discuss with a community what is most relevant and important, so here's the list of options:


Paid activities:

https://gitcoin.co/wu-emma/active

BGL (Bitgesell) Bounty/Improvement Program ($50 000 budget)
https://gitcoin.co/issue/29030


BGL node incentive program:
Every week (1008 blocks) 10 nodes would be randomly picked and awarded $5 each.

https://bglcontest.bitaps.com/nodes (some fixes to the UI are pending and would be corrected)
Hourly updated list of nodes: https://bglcontest.bitaps.com/nodes_list

Payouts are now done automatically from address https://bgl.bitaps.com/bgl1qe66smvq80dclu6srtparcesj3np7wmlvfj3wzs


I decided to also fund most of the big activities with BGL coins in the amounts to get them covered when the price reaches $1.

All supporters could provide their Name/Nickname and in such case would be mentioned on forum and a file in Git repository

PS: We have public wallet for donations in genesis block:
"Your support helps ecosystem keep growing. bgl1qkecxxg8ekyruwkkhea7ye5c0ganmhdl7d5nna3".
A large coin number is accumulated there for the future.
We plan to divide it to six parts and spend one part each year to support the project.
The wallet is transparent, if anyone would like to manage this activity and arrange a pipeline it would be very welcome.

We also have burn address: bgl1q00000000000000000000000000000000tm54qt
All coins that are sent to it, would be considered burned. You can use it for any activities that use burn feature

Roadmap:

Tactical tasks (approx. time):
- (done) Stress-test (let's make transaction contest, rules would be announced soon);
- (done) Technical issues (unit tests, code sync with BTC codebase, automated builds);
- (done) Software (wallets) - we are going to make hackatons;
- (done) Infrastructural growth (node growth incentivizing, as bitnodes did with goal of 1000 nodes);
- (done) Cross-chain and DeFi integration (WBGL);
- Implement and merge dynamic block size; https://bitgesell.ca/download/bglips/bglip1.pdf
- CEX Listing;
- Framework/DAO for community governance for BGL public wallet and project (grants for project development);

Strategic priorities:
- Core team expansion and formation;
- Marketing activities, social media channels;

Advisory wanted:
  • DeFi-knowing people and decentralized bridge to BSC/Ethereum, similar to wrapped BTC
  • How to most effectively establish code maintaining process? (Maybe Bitcoin is not the perfect example, considering how hard is to make any change go through main maintainers) The main idea is to have community-driven flexible management.
  • How to organize website maintenance (including content)? Open-sourcing website looks like a proper first step.

Project traction:


How to create and use bitgesell wallet:

1) Download wallet software from bigesell.ca
2) Backup your wallet.dat file, when you first start BGL, new address/key is created
3) Register on exchange
4) Buy bitgesell
5) Withdraw to your wallet address of 'bgl...'

If you install wallet on another device, replace new wallet.dat file with stored wallet.dat to
gain access to existing wallet. We would be providing mnemonic-supported wallet soon.

To sell BGL:

If you already have BGL, send them to address that exchange provides for BGL coins

How to mine Bitgesell:

1) Register on www.nicehash.com/
2) Top-up balance
3) Register on any of BGL pools (pool.bitaps.com or mining-dutch.nl)
4) Take note of pool settings. It looks like :
stratum: stratum+tcp://pool.bitaps.com:8888
workername: <your email>.worker1
password: x
5) Come back to www.nicehash.com/, to 'Marketplace', choose 'keccak'
6) Make an order for mining with your pool settings
7) If everything is ok, mining will start according to your order, as people will plug in their hashing powers on it
8 ) Go to pool.bitaps.com or mining-dutch.nl and do withdrawal after some mining rewards are credited to you by the pool.

How to setup a node of bitgesell:

1) Just download BGL-core software from bitgesell.ca
2) Launch it (graphical wallet or command-line BGLd)
3) Keep it working, it will sync automatically with the blockchain and find other nodes to be a part of network
(or even better you can run a node on a server to support the project https://bglcontest.bitaps.com/node_setup)
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April 07, 2020, 12:48:17 PM
 #3
Add node please
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April 07, 2020, 01:04:28 PM
 #4
What are your goals that you want to achieve for this project? And since you mentioned that it is in honour of Silvio Gesell, I googled it as honestly, I don't know him.

https://en.wikipedia.org/wiki/Silvio_Gesell

His economic philosophy is great but in reality, it's not happening to us. Do you know by any chance any area or country that is practicing his concept or at least near to what he wanted? You have a lot of things to do here. I hope you are not relying from the community to accomplish those things that you listed. Domain and website is a basic task to accomplish by the dev himself.
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April 07, 2020, 02:18:18 PM
 #5
Quote from: tippytoes on April 07, 2020, 01:04:28 PM
What are your goals that you want to achieve for this project? And since you mentioned that it is in honour of Silvio Gesell, I googled it as honestly, I don't know him.

https://en.wikipedia.org/wiki/Silvio_Gesell

His economic philosophy is great but in reality, it's not happening to us. Do you know by any chance any area or country that is practicing his concept or at least near to what he wanted? You have a lot of things to do here. I hope you are not relying from the community to accomplish those things that you listed. Domain and website is a basic task to accomplish by the dev himself.

I just named this currency in the honour of Silvio Gesell and nothing else.

Examples:
https://en.wikipedia.org/wiki/W%C3%B6rgl#The_W%C3%B6rgl_Experiment
https://en.wikipedia.org/wiki/W%C3%A4ra
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April 08, 2020, 05:31:18 PM
Last edit: April 08, 2020, 06:18:18 PM by MiningCoinsPool
 #6
Assets :

64bits:
Windows64.zip
Linux64-16.04.zip  
Linux64-18.04.zip

32bits:
Windows32.zip
Linux32-16.04.zip


Virus Total of 64bits Windows qt-wallet:
https://www.virustotal.com/gui/file/cd48dd9f0b4943187ee9b77644f1119b4dc6937cc5af9b1c2777055de2b2869a/detection
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April 08, 2020, 06:30:15 PM
 #7
Is any open source miners available?
https://bitaps.com
MiningCoinsPool
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April 08, 2020, 06:53:32 PM
 #8
Quote from: bitaps on April 08, 2020, 06:30:15 PM
Is any open source miners available?

Try this one https://github.com/doktor83/SRBMiner-Multi/releases
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April 11, 2020, 08:40:58 PM
Last edit: April 12, 2020, 08:21:56 AM by EmmaWu
 #9
Quote from: MiningCoinsPool on April 08, 2020, 05:31:18 PM
Assets :

64bits:
Windows64.zip
Linux64-16.04.zip  
Linux64-18.04.zip

32bits:
Windows32.zip
Linux32-16.04.zip


Virus Total of 64bits Windows qt-wallet:
https://www.virustotal.com/gui/file/cd48dd9f0b4943187ee9b77644f1119b4dc6937cc5af9b1c2777055de2b2869a/detection

Hey! Thanks a lot for checking out project and making builds.
Tomorrow will have a look at them and will list as software in the top post.
Can I ask you why have you removed your pool https://miningcoins.ca/ ? Were there any technical issues?
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April 13, 2020, 08:12:30 AM
Last edit: April 15, 2020, 06:32:34 AM by bitaps
 #10
Just started mining pool for BGL coin.

https://pool.bitaps.com

  • Algorithm: Keccack
  • rewards type: PPS (PPLNS will be added same later)
  • payouts:  daily by request (auto payouts will be added soon)
  • pool mining fee: 1.5%

Pool settings:

 Stratum URL: pool.bitaps.com:8888
 User: your_account@email.com.worker1
 Password: any

Difficulty: variable by default, + manual settings available

Support email: support@bitaps.com
https://bitaps.com
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April 14, 2020, 01:14:14 AM
 #11
Quote from: EmmaWu on April 11, 2020, 08:40:58 PM

Hey! Thanks a lot for checking out project and making builds.
Tomorrow will have a look at them and will list as software in the top post.
Can I ask you why have you removed your pool https://miningcoins.ca/ ? Were there any technical issues?


Oh hey !

Yes there were some issues for the payouts, couldn't solve it.
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April 14, 2020, 08:44:48 AM
Last edit: July 09, 2020, 02:28:55 PM by mprep
 #12
Quote from: bitaps on April 13, 2020, 08:12:30 AM
Just started mining pool for BGL coin.

https://pool.bitaps.com

  • rewards type: PPS (PPLNS will be added same later)
  • payouts:  daily by request (auto payouts will be added soon)
  • pool mining fee: 1.5%

Pool settings:

 Stratum URL: pool.bitaps.com:8888
 User: your_account@email.com.worker1
 Password: any

Difficulty: variable by default, + manual settings available

Support email: support@bitaps.com

Amazing! I'll try it out. Thanks


Quote from: MiningCoinsPool on April 14, 2020, 01:14:14 AM
Quote from: EmmaWu on April 11, 2020, 08:40:58 PM

Hey! Thanks a lot for checking out project and making builds.
Tomorrow will have a look at them and will list as software in the top post.
Can I ask you why have you removed your pool https://miningcoins.ca/ ? Were there any technical issues?


Oh hey !

Yes there were some issues for the payouts, couldn't solve it.

Ok. Please be advised that BGL has different address prefix defined, so
check this when pool generates addresses for coinbase transactions.
You are the first to respond with pool activity (thanks), so I reserve your first
position in the software list.


[moderator's note: consecutive posts merged]
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April 15, 2020, 01:04:28 AM
 #13
Quote from: EmmaWu on April 14, 2020, 08:49:56 AM

Ok. Please be advised that BGL has different address prefix defined, so
check this when pool generates addresses for coinbase transactions.
You are the first to respond with pool activity (thanks), so I reserve your first
position in the software list.



OKk thanks !

I've made, if i remember well, a legacy wallet for the pool's wallet address.

If i am not wrong, the segwit isn't activated yet ?

I am not sure at 100% anyway of what was the cause of the issue and what was the issue exactly, i will reinstall it later and let you know : )
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April 15, 2020, 06:19:30 AM
 #14
how do you do conf in pool and what is it using algo? I don't see the type of algo in this op
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April 15, 2020, 06:37:57 AM
 #15
Quote from: Exadro on April 15, 2020, 06:19:30 AM
how do you do conf in pool and what is it using algo? I don't see the type of algo in this op


Algorithm: Keccack

I use https://github.com/alexis78/ccminer for our GPU rigs


If you use our pool

Stratum URL: pool.bitaps.com:8888
 User: your_account@email.com.worker1
 Password: any
https://bitaps.com
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April 15, 2020, 09:24:36 AM
 #16
Quote from: MiningCoinsPool on April 15, 2020, 01:04:28 AM

If i am not wrong, the segwit isn't activated yet ?

I am not sure at 100% anyway of what was the cause of the issue and what was the issue exactly, i will reinstall it later and let you know : )

BGL supports segwit transactions only. As for wallet address, it is possible and more convenient
to create BIP84-compatible HD-wallet addresses (taking 'bgl1' prefix into account).

Also note that if block contains transactions, coinbase reward is block subsidy plus 10%
of transaction fees (90% is fees demurrage).

In particular, this difference is the most significant value of the project. Total number of Bitcoins is stable
(21M max), number of ETH tokens is always increasing. In Bitgesell, on the contrary, number of BGLs decreases
over time, because part of transaction fee essentially being burned.
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April 16, 2020, 05:29:13 PM
Last edit: July 09, 2020, 03:05:34 PM by mprep
 #17
hi, where is explorer?



Quote from: EmmaWu on April 07, 2020, 10:31:37 AM
Paid job:
  • domain & website (I'll prepare and send you description upon request) - 0.06btc for one-year contract
  • listing (!!!) (HotBit- 1btc, Hitbtc -1btc, Cat.ex - 0.2btc, Coinlim - 0.2btc, VinDAX - 0.1btc) - by agreement
  • translate and publish posts about Bitgesell (Chinese, German, Spanish, Indonesian, Russian, Italian, Korean!, Japanese, Turkish) - 0.015btc per post
sent you a pm
italian translation done: https://bitcointalk.org/index.php?topic=5241224.msg54240472#msg54240472

[moderator's note: consecutive posts merged]
bTCBTCbiᴛcoinᗷＴＣethDOGEzecⅬTCＵSDT
MiningCoinsPool
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April 17, 2020, 07:25:09 AM
 #18
Quote from: EmmaWu on April 15, 2020, 09:24:36 AM
Quote from: MiningCoinsPool on April 15, 2020, 01:04:28 AM

If i am not wrong, the segwit isn't activated yet ?

I am not sure at 100% anyway of what was the cause of the issue and what was the issue exactly, i will reinstall it later and let you know : )

BGL supports segwit transactions only. As for wallet address, it is possible and more convenient
to create BIP84-compatible HD-wallet addresses (taking 'bgl1' prefix into account).

Also note that if block contains transactions, coinbase reward is block subsidy plus 10%
of transaction fees (90% is fees demurrage).

In particular, this difference is the most significant value of the project. Total number of Bitcoins is stable
(21M max), number of ETH tokens is always increasing. In Bitgesell, on the contrary, number of BGLs decreases
over time, because part of transaction fee essentially being burned.


Oh okk, sorry for delay ive been very busy these last days

I will fix it tomorrow (laying to bed at the moment)

If you still need help by the way, i can do the website/domaine name, and also the block explorer, nodes and the short explainer video.
 Do you want a domain name for the block explorer as well?
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April 17, 2020, 09:40:11 AM
Last edit: July 09, 2020, 03:36:11 PM by mprep
 #19
Quote from: Grumo on April 16, 2020, 05:29:13 PM
hi, where is explorer?


Hi, I must say that I do not have experience with writing or modifying blockchain explorers
(modern JS and other front-end things), would take pretty long time to make it myself.

Let's hope that community has experts in this area who can help Smiley


Quote from: Grumo on April 17, 2020, 07:17:48 AM
sent you a pm
reserved for italian

Sure, reserved!


Quote from: MiningCoinsPool on April 17, 2020, 07:25:09 AM
If you still need help by the way, i can do the website/domaine name, and also the block explorer, nodes and the short explainer video.
 Do you want a domain name for the block explorer as well?

Great, thanks for the initiative! Let's do everything step by step!

[moderator's note: consecutive posts merged]
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April 19, 2020, 12:22:50 AM
Last edit: April 19, 2020, 03:36:54 PM by MiningCoinsPool
 #20
Block explorer:  https://bitgesellexplorer.com
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