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BNbitcoin (BNBTC) is a smart contract implementation issued on the Binance Smart Chain (BSC) ecosystem. Born as a fork of an Ethereum-based project, it has been evolved and adapted for compliance with BSC's BEP20 standard, and modified in order to contend with the faster block times of BSC blockchain. It is the purely mined Proof-of-Work (PoW) BEP20 token that is native to the BSC network, with no pre-mine, airdrop, nor Initial Coin Offering (ICO) being adopted for its initial distribution purposes. The PoW mining ensures a provably neutral, fair and transparent distribution.
What is BNbitcoin purpose and what are its distribution details?
BNbitcoin seeks to become the primary PoW-based store of value on the Binance Smart Chain plat-form, which conversely is categorized as a "Proof-of-Staked-Authority" (PoSA) blockchain. The process of BNBTC mining in principle is similar to the Bitcoin mining but with a difference: while Bitcoin’s network security and consensus mechanism are based on the SHA-256 algorithm, BNBTC takes advantage of the SoliditySHA3 hashing algorithm only for its distribution, being secured by the underlying network. The BNBTC miner’s work is issued to the smart contract, which, every epoch, adjusts the mining difficulty based on the amount of total hashpower interacting with it to match the target block-time. Additionally, BNBTC pays homage to Bitcoin's scarcity attribute, having the same neutral dis tribution policy, with its maximum supply limited to 21'000'000 BNBTC, created in the next decades by no other means than the energy-intensive PoW mining process.
Will be BNbitcoin scarcer over the next years like it happens for Bitcoin?
Like Bitcoin, it has a target difficulty adjustment period of 2 weeks, target blocktime of 10 minutes, and even it implements the pre-programmed block reward eras-based halving policy designed by Satoshi Nakamoto, with perpetually integrated scarcity, security and long-term decentralization in mind. The first era begins with a block reward of 50 tokens for the first 10.5 million tokens mined, which is reduced by 50% to only 25 tokens in the following era after the first halving, and so on for 40 eras, which will be mined over the next years.
What is the main feature of the BNbitcoin project?
The bigger advantage of BNbitcoin is that it combines the deflationary policy, neutral distribution, scarcity and transparency of Bitcoin to the less expensive transactions and minting fees typical of the Binance Smart Chain. Being fully BEP20 compliant, it can be managed with several already available wallets, making BNBTC suitable also for small payments.
What hardware or software are needed to mine BNbitcoin?
Currently, BNbitcoin allows both solo and pool mining, with FPGA-based hardware being the reference method and the main contributor of the total network hashrate. However, mining rigs built with both Nvidia and AMD GPU-cards can be used, combined with the mining software currently available for both Linux and Windows operative systems.
Reserves Verification (Beta - we are still building automated signatures)