🪙Bitcoin on SOL
This is the official whitepaper for the project Bitcoin on SOL. A project that aims to relive the early days of Bitcoin while teaching the community about Proof-of-Work and other Cryptocurrency basics
Last updated
This is the official whitepaper for the project Bitcoin on SOL. A project that aims to relive the early days of Bitcoin while teaching the community about Proof-of-Work and other Cryptocurrency basics
Last updated
In 2009, Bitcoin introduced a revolutionary concept: a decentralized digital currency that allowed for trustless peer-to-peer transactions without the need for a central authority. This original vision of Bitcoin as a peer-to-peer electronic cash system has inspired a multitude of projects in the blockchain space. Our project, while drawing heavily from the foundational principles laid out by Satoshi Nakamoto in 2009, introduces significant innovations that reflect the advancements in blockchain technology and the evolving needs of the market.
One of the key innovations of our project is the integration of Solana's blockchain technology, particularly the use of Non-Fungible Tokens (NFTs) as a core component of the mining process. Solana's blockchain is known for its high throughput and low transaction fees, making it an ideal platform for handling a large number of transactions efficiently. By utilizing Solana NFTs, we are not only leveraging the efficiency and scalability of the Solana network but also adding a unique twist to the concept of mining.
In this revised system, mining is no longer an activity that requires massive computational power and energy consumption. Instead, it is tied to unique digital assets - Solana NFTs - each contributing a fixed amount of hash power to the network. This approach democratizes the mining process, as it allows individuals to participate in mining by owning these NFTs. Additionally, this system caps the total number of miners to 10,000 - as represented by the limited number of NFTs. This cap ensures that the network remains decentralized and that no single entity can gain undue control over the Bitcoin network.
Furthermore, this integration of NFTs into the mining process introduces a new dynamic in the distribution of mining rewards. Each miner contributes 10 SOLH/h of Haspower to the Pool that owns it. The Pool that solves the block first get the reward. Pools with higher hashpower have higher probability of solving a block.
The reduction of the block time to 5 minutes is another significant change that aims to improve the responsiveness and transaction throughput of the network. This faster block time allows for quicker confirmations of transactions, making the network more suitable for everyday transactions and increasing its utility in a fast-paced digital economy.
In conclusion, our project is a homage to the original vision of Bitcoin, adapted for the modern era. By incorporating Solana NFTs into the mining process and modifying key parameters such as block time and reward distribution, we aim to create a more accessible, efficient, and equitable blockchain network. This network not only upholds the principles of decentralization and trustless transactions but also reflects the technological advancements and changing needs of today's digital world.
