Bitnet Economics
Everything on Bitnet's Cryptocurrency BTN
Understanding BTN
Welcome to an overview of Bitnet Economics, focusing on Bitnet’s cryptocurrency BTN. As an innovative peer-to-peer blockchain and financial network, Bitnet is designed to significantly impact the way everyone engages with programmable assets and financial systems. Central to this platform is BTN, which is supported by a robust, hardcoded supply policy aimed at ensuring operational reliability and fostering a sound economic environment.
Network Information
Network Name: Bitnet
Currency Symbol: BTN
Consensus: Proof of Work
Algorithm: Ethash
Target Block Time: 15s
Genesis Block: July 14, 2023
Emission: 1 BTN/block
1st Gen. Uncle: 0.875 BTN/uncle
2nd Gen. Uncle: 0.75 BTN/uncle
3rd Gen. Uncle: 0.25 BTN/uncle
Total Supply: ∞
Pre-mined Coins: No
Smart Contract Support: Yes
EVM Compatibility: Yes
Emission Mechanics
Maintaining a consistent emission rate is key to encouraging spending and increasing the velocity of BTN within Bitnet BTN’s ecosystem.
To support controlled supply growth, Bitnet generates a steady amount of new BTN annually through block creation, aiming for a gradual decrease in supply expansion rate in alignment with the protocol’s long-term economic principles.
These mechanisms are designed to promote network growth and early adoption by regulating supply according to the protocol’s principles, ensuring a healthy economy as the network evolves.
Initial Distribution
Similar to Bitcoin, Bitnet BTN’s launch was fair, with no BTN pre-mined or allocated to founders, developers, or venture capitalists.
The protocol debuted on the Bitcoin Talk Forum on July 14, 2023. Shortly thereafter, a diverse group of CPU and GPU miners joined, and within 24 hours, community mining pools had formed, promoting a fair and unbiased distribution.
Distinct from Bitcoin, the structure of Bitnet BTN’s launch prevented early miners or developers from accumulating excessive amounts of coins, due to the limited network size and miner count.
Future Outlook
Bitnet BTN’s supply policy, hardcoded into its protocol, aims to ensure operational consistency and align with the network’s long-term vision This policy underpins Bitnet BTN’s resilience and adaptability, designed to build trust and ensure predictability for its users. It commits to navigating the future based on solid, unchangeable principles. The network’s design allows BTN to evolve through its hardcoded rules and community consensus, embodying a collective adherence to responsible and principled growth.
Information Sources
Bitnet was established by an anonymous developer, Masayoshi Kobayashi, who uses this pseudonym in all communications. The primary source of information is the Bitnet GitHub repository, which was set up by Masayoshi Kobayashi and contains the codebase and documentation. Additional insights are derived from Kobayashi’s posts on Bitcoin Talk, his articles on Substack, his contributions to the Bitnet Discord community, and the two white papers he has published. As of early 2024, Masayoshi Kobayashi has not made any further public appearances or communications.
Risk Disclosure
The information provided here is intended solely for your information and should not be taken as financial advice. It is crucial to understand that the price or value of BTN, like almost all other cryptocurrencies including Bitcoin (BTC), is determined solely through the mechanisms of supply and demand within the market. Unlike traditional investments, BTN is not backed or tied to any real-world asset, which means its market value can be highly volatile. Before making any investment decisions, you are encouraged to conduct your own research and, if deemed necessary, consult with professional financial advisors. Please consult the Legal Notice for a comprehensive overview and additional guidance.