You know, it isn’t often that I find projects that appear to stand a fighting chance in the modern, brutally competitive cryptocurrency market.
Many people in the modern industry put an extreme emphasis on marketing, while in the end, it seems that sound products are the only thing the people want. The truly niche specific and exceptional projects are the ones that prosper. Now of course, some of the best products in the world have never had sufficient exposure, and never got adopted by society. It’s a balance, as with all things. But some things… well… they grow. In my time, I have always believed that a good product sells itself to those who can get it exposure.
I have the assumption that the project I’m discussing today is going to become fairly well known in a short period of time. Word of mouth can get a message very far, and when each messenger in the chain is equipped with knowledge that can back a life-changing conviction, a belief in what they are involved with, that is when word of mouth is all one needs.
Today, I am speaking about BitcoinPoW (BTCW). It is a distinctly unique project that offers up and utilizes a concept that has never been implemented before. This concept, and its game-changing trait, is truly decentralized mining, by means of forcing users to solo mine in order to participate in the distribution and accumulation of coin emissions/block rewards.
Bitcoin Cash had the goal of increasing block sizes, which they accomplished, but it seems evident that Bitcoin is not experiencing severe enough scalability issues to make it obsolete. Over 6 years after its inception, 1 Bitcoin Cash coin is worth merely (currently) half a percent of the value that 1 Bitcoin is worth.
I would argue that BitcoinPoW offers and provides a concept, and a set of attributes that may truly change the game, and the cryptocurrency industry as a whole. Several aspects of BitcoinPoW are identical to Bitcoin, many people get annoyed or outright offended at the idea of a new coin including the word “Bitcoin” in its name… but in my opinion, it seems that BitcoinPoW, at the very least, has a bone to pick with the likes of Bitcoin Cash in regards to its rite of passage, as it relates to the Bitcoin narrative and Bitcoin/cryptocurrency innovation.
Miners that wish to participate in the BitcoinPoW network require previous transactions within the network, as well as hardware. In order to mine, you can’t simply have one, you need both components. Transactions, in this instance, are a literal commodity within the internal BitcoinPoW market, with their own inherent supply and demand. Transactions give nodes within the network more of a computing load, which allows the hardware a node is running on to validate transactions, support network security, and mine BTCW blocks.
If for no other reason, BTCW is interesting because it is extremely experimental.
In the beginning phases, the development team has airdropped (and is currently continuing to airdrop) small quantities of BTCW to their community, so that transactions can be initiated, and block rewards can consequently be distributed among the initial adopters. The mempool has been flooded for the last several days, and the transaction fees are rising. In this way, the value of each transaction is increasing, and an internal market, with a demand for more coins (to fuel more transactions) has begun.
As a market continues to develop for coins, and as coins become more valuable, people will likely have to decide if their coins are worth spending on transaction fees, or if they are better to be held. There are multiple forms of speculation already occurring within BTCW because of what makes it unique. Generating a hashrate doesn’t simply depend on having powerful hardware, it depends on having nodes with many previous, mature transactions as well.
Mining pools cannot integrate BTCW. Many people may feel that this is impractical, but Satoshi Nakamoto’s vision of one node equaling one vote within the network may have a true chance at being actualized within BTCW. Mining pools will not be able to collect fees or commissions on BTCW’s block emissions, and as the market evolves, newer and newer miners will step in to attempt to get their share of the block rewards.
Here is the original announcement thread about BitcoinPoW:
https://bitcointalk.org/index.php?topic=5477364.0 There is a post that I made in this announcement thread several days ago, I would like to include it below:
My Intro Comment (In the Bitcointalk.org BTCW Announcement thread):The BTCW dev is indisputably bullish. If he knows marketers, or is a BTC accumulator as he claims, he will be able to make BTCW get a lot of exposure, and it seems that he has done his homework about creating a unique product. Check out an excerpt from the Telegram chat today:
Question(s):In your whitepaper you've stated that ASICs will take years to develop. Ok, but how the network will deal with attack by a huge GPU farm like one o BitsBeTrippin, where they have tens of thousands GPUs ?
Answer (From the Dev in telegram chat, on 12/17/23 at 8:54pm EST):BitcoinPoW uses both PoW and PoT. Each block requires both before a block can be mined. Let's first talk about how to attack BTCW. BTCW is protected by the hash rate of the transactions. The transactions can only be mined by the user that has its private key. Currently there are 2.26 Million Hashes/sec on the BTCW network. This is a combination of all users mining with thousands of different private keys.
To attack a typical PoW chain, an attacker would take a snapshot of the chain, start mining on their own private chain, get more work on their private chain, then connect to the public chain and attack it by having it reorg 6 blocks deep. This is how PoW like BTC/LTC/BCH is attacked. This attack doesn't work on BTCW. When the attacker makes a private chain for BTCW, he doesn't have the 2.26 Million Hashes/sec of mining power because he does't have the thousands of privates keys to all of those transactions. Instead he needs to start from scratch building his hash power. He will never catch up and will fail to attack the BTCW network.
BTCW does not have the standard PoW algorithm. With BTCW we have what is called, Proof-of-Smart-Work (PoSM). Using SMART work, you don't burn thru DUMMY computations as fast as possible, you search thru known vectors( tx hashes - SMART), until you find the solution. The magic is that only the user that owns the private key to a particular tx can use its power to mine with it. This is what makes it SMART work. Any new user always starts with ZERO hash power because they don't have the private key to any of the transactions on the blockchain.
If a huge GPU farm wanted to attack BTCW, they would need to buy BTCW on the exchange and keep generating transactions until they have about 50% of the hash rate that the BTCW community has. That is very difficult because the community already has a head start of 2.26 Million txs/sec and the attacker can only get at most is 4000 tx per block if they spend the most money on tx fees. The attacker would need to outright take every tx from every block for the next 600 blocks in order to have the same amount of hashes as the community. Then the attacker would have to deploy his transactions to either CPUs or GPUs to perform the attack. This process is not an easy feat. All the community has to do is keep getting at least half of the txs in a block all the time and an attack would never happen.
BTCW miners protect the chain by both mining with their transactions and generating new txs to either mine with in the future or mine with on hardware they have available. They do this in exchange for the chance at getting a block reward.
With BTCW's new innovative mining technique, no attacker has a chance because it is not a competition of DUMB work, but SMART work!
Please let me know if you have further questions.
My Outro Comment (In the Bitcointalk.org BTCW Announcement thread):I think that honestly, if this developer is as intelligent as he seems, and if he has premeditated the project as much as it seems... this could be a fairly revolutionary concept, something that will stand out. Call me absolutely crazy, but it could potentially become a rival of BCH, and eventually, well... there will be BTC maxis, and there will be the new age BTCW maxis.
It seems, that by virtue of how the protocol has been created, risk and reward are redistributed to different network participants, and leveled out in a more "fair" manner. With transactions becoming a truly marketable and transferrable commodity on this network (something that has never been done before as far as I can tell), supply and demand of transactions, as well as their inherent cost (depending on network congestion and current transaction fees)... BTCW is like a market, within a market, within a market. It is extremely intriguing, and I pity those who do no see the bigger picture. I would invite those curious about the project to contact the developer directly from within the main BTCW chat, because honestly, I'm just a guy who is impressed. I'm not a programmer, I'm not a BTC maxi, and I don't know a ton. I've been around the block since 2017, but that doesn't mean anything, really. But I am intrigued, that much is for sure.
Back to This Discussion Thread (12/19/23)...With this all in mind, it seems that many people are coming into the community to expedite the process of adoption and further innovation, both from a technical development side of things, as well as a networking side of things. A good developer is the bedrock of every successful cryptocurrency project that has stood the test of time. In today’s market, a good development team is arguably the most precious component of any project out there. I have been compelled to bring BitcoinTalk’s attention to BTCW.
To me, BTCW appears to be, metaphorically, like a seed. It is a seed with genetics that have never been discovered before, and that deserves the most fertile soil money can buy. BTCW, as a specimen, needs a worthy community from its inception if it is to reach its potential. If BTCW does not prosper, its new protocol, (a combination of Proof of Work and Proof of Transactions) surely should. It is worthy of a considerable amount of attention from those who believe in decentralization, and the original intentions that Bitcoin sought to fulfill.
As mentioned in my input in the original BitcoinPoW announcement thread, I am not on the development team. I don’t have every answer to every question, but I have invited the development team to join me in this thread, for a public and documented discussion about their intentions, their aspirations, and their accomplishments up to date.
BTCW is just over two weeks old, and is likely to have a very bright and lasting future. I wish I could provide more of the hard facts, but that’s why I have chosen to invite him to this thread. I simply wanted to start the conversation, and offer the input I have, based on my limited knowledge, as well as my first impression of this uprising phenomenon, the awakening of something that just might shift the paradigms within the world of crypto.
Anyway, as you can tell, I am very excited to be a part of the group. I have been in this space for a number of years, basically since the 2017 bull run, and have yet to see something like this. I believe Telegram currently hosts the most active and popular community gathering, there is discussion of a Discord server emerging in the near future.
If you’re interested in learning more about BTCW, or getting started mining, I believe there is still a “manual faucet”/airdrop in place within Telegram to jumpstart your journey.
