white paper

BitBi as more decentralized Bitcoin

Abstract

BitBi is a decentralized digital currency that leverages a novel proof-of-work (PoW) algorithm called randomX to promote broader participation in the mining process. By favoring CPU mining over GPU and ASIC mining, BitBi aims to create a more equitable and decentralized network while lowering the barrier to entry for ordinary users.

In the near future, BitBi plans to implement decentralized ID verification for miners to prevent the monopoly problem in mining and enhance the network's decentralization and security, making it more resilient against malicious actors.

This black paper outlines the technical specifications, emission schedule, and governance model of BitBi, highlighting its potential to address the challenges of centralization and accessibility in the cryptocurrency ecosystem.

Introduction

The original Bitcoin whitepaper introduced a revolutionary concept: a decentralized digital currency that eliminates the need for intermediaries. However, the increasing dominance of GPU and ASIC mining has led to centralization and reduced accessibility for ordinary users.

RandomX PoW Algorithm

BitBi employs the randomX PoW algorithm, designed to be resistant to specialized mining hardware. RandomX utilizes a combination of memory-hard functions and random data access, making it computationally intensive for GPUs and ASICs.

Benefits of RandomX

  • Increased decentralization: By favoring CPU mining, RandomX enables more individuals to participate in the mining process, reducing the risk of centralization.

  • Reduced hardware costs: CPU mining does not require specialized hardware, making it more accessible and cost-effective for ordinary users.

  • Improved security: RandomX's resistance to ASICs enhances the network's security against malicious actors who attempt to gain control.

Technical Specifications

Based on the same codebase as Bitcoin, BitBi shares many of its technical specifications, including networking and consensus. However, it differs in its use of the randomX PoW algorithm, the future implementation of decentralized ID verification for miners, and the following key parameters:

Block time: 5 minutes

Block reward: 10,000 BTB coins initially, and dropped by 1/20 every year

Total supply: 21 billion BTB coins

Difficulty adjustment: Every 2,016 blocks

Transaction fees: Determined by market demand

Emission Schedule

The emission schedule for BitBi coins follows a yearly-dropping mechanism. Unlike Bitcoin, which undergoes a steep halving every 4 years, BitBi reduces the reward by 1/20 every 105,120 blocks (approximately 1 year). This approach decreases the rate of new coin creation over time, ensuring long-term sustainability.

Governance

BitBi is a community-driven project with no central authority. Decisions regarding network upgrades and other important matters are made through consensus among the community.

There is NO ICO, NO Premine, and No Airdrop associated with BitBi. The only way to acquire BTB coins is through mining or purchasing them from other miners.

Conclusion

BitBi draws inspiration from Bitcoin and shares its foundation, enabling it to inherit all the valuable elements of the Bitcoin ecosystem. While BitBi aims to address the issue of mining monopolies that have impacted the Bitcoin ecosystem, it remains focused on adhering to Bitcoin's core principles and does not pursue extensive innovation beyond them.

By implementing the randomX PoW algorithm and decentralized ID verification for miners, BitBi empowers ordinary users to actively participate in the mining process and contribute to a more decentralized and secure network.

Furthermore, BitBi ensures long-term sustainability and avoids excessive favoritism towards early miners by employing a yearly-dropping emission schedule. This approach opens up opportunities for wider recognition and engagement, fostering a fairer distribution of rewards. BitBi also adopts a community-driven governance model, allowing stakeholders to collectively make decisions and shape the future development of the network.