Hey guys
My apologies for the short delay in posting update here. We have had a few very busy days behind us (BitMiles and non-BitMiles related) and things are easing to normal again. So, just to give a few word on whats happened/happening :
1. Block rewards will increase on block 44640 (that is 1925 blocks from time of writing this post). Rewards will increase from 400 BTMi to 2400 BTMi (good time to start mining). Speaking of blocks - our block explorer is live (in-house) :
http://blocks.bitmiles.org/2. We have been in touch with several travel related merchants over the past two weeks (resorts, car rental agencies, cab services, and even airlines to name but a few), and have already had some good feedback from Ettalong Beach Resort (could possibly be the very first resort to start accepting BTMi in addition to the BTC they already accept), as well as a lodge. We are still awaiting feedback from most of the merchants we have contacted and we still have a boat load of merchants we need to get in touch with (which we will be ongoing). All partnerships will be posted here (as merchants accept/integrate BitMiles). Hoping to have the first relevant partner before the end of January 2015.
3. We have participated in the POD (Proof of Developer) program and are currently in review for our rating. Once our rating becomes available, we will add it where necessary.
4. We have rethought the airline (specific) adoption side of things and decided to alter the system a bit to be more accommodating to our users (also to give them ease of mind when it comes to using their BitMiles for what it was originally intended). So, the main reason for this change was :
4.1 we understand that not all airlines will adopt BitMiles as an alternative to their already existing frequent flyer program (perhaps not even one airline). Should NO airline adopt BitMiles, there is no way for you (the miner) to use your BitMiles with any airline as an alternative. So, what's the point of having a stash of BitMiles?
This is why we are altering the system for direct and indirect usage with airlines (this will not apply to accommodation, car rentals, cabs, etc).
direct usage will be for any airline that choose to use BitMiles as an alternative to their own ffm program
indirect usage (exchange type system that we are working on right now), will allow you to exchange your BitMiles for Skymiles (Delta). This is just an example.
Example :
you have 4,000 BitMiles and you have a Delta SkyMiles account
each BTMi is worth $0.03 (example) and each Delta SkyMile is also worth $0.03 (actual current price is $0.035 per mile:
https://www.delta.com/buygftxfer/displayBuyMiles.action = the aim is to get BitMiles as close as we could to real world price)
you exchange your BTMi for SkyMiles (via the exchange system)
4,000 SkyMiles is credited to your Delta membership account (all we need is your name and member ID/).
Please Note: the bid per BitMile (BTMi) will be based on demand. At this stage, the price per BTMi is super low and chances of the 'indirect' system to work, is incredibly slim - unless we see the price increase ! We would hate to see this die. We don't want 1,000,000 BTMi exchange for 5 SkyMiles (you get the idea). Simply put - we need your help!BitMiles will be able to be credited to and used with fourteen different airline loyalty programs (as a start) :
United - MileagePlus
AeroMexico - Club Premier
Air Canada - Aeroplan
Air France - Flying Blue
British Airways - Executive Club
Cathay Pacific - Asia Miles
Delta - SkyMiles
El Al - Matmid
Emirates - Skywards
Iberia - Iberia Plus
JetBlue - TrueBlue
Singapore Air - KrisFlyer
Virgin America - eleVAte
Virgin Atlantic - Flying Club
We hope that this new addition to BitMiles will bring more people on-board (both miners and merchants). Pun intended!
Once this system kicks into effect (which should be by mid-Feb latest), notification will be posted here as well as our website and social streams.
5. BitMiles paperwallet will be made available this coming week (we are on the verge of finishing up). Then, we are also busy with the Mac OS X wallet which should be done by the end of this coming week.
6. BitMiles Whitepaper and website (
http://bitmiles.org) will be updated/revamped over the next few days.
Happy mining
