Bitcoin Rebooted - more details than you likely will ever want to know...
- Work started in July of 2018 with the goal of fixing some of the biggest issues in the alt-coin world (admittedly as perceived by CCGLLC)
- Previous bitcoin forks like Bitcoin Cash started out with almost 80% of the mineable coins already mined!
- Many alt-coins miners suffered when profit-switching pools flooded the coins hashrate
- Switching pool would often grab a large number of "quick" blocks until the coins difficulty adjustment algorithm (DAA) caught up
- Switching pools often level the mainstream miners hanging when they left, sometimes for days or weeks, and once normality was restored, they would sweep back in
- SegWit scams miners out of transaction fees
- Bitcoin Rebooted addresses the above by:
- Starting the coin out with a new blockchain (new genesis block, new magic number, "R" leading address digit, etc.)
- New Fuzzy Effect Wave DAA created
- Based on the statistical Effect Size calculation done between the past 192 blocks and the latest 13 blocks
- Calculated after each new block is found
- Use "Fuzzy logic" to blend the response between the short term and long term projected hashrates to drive towards an average blocktime of 2.5 minutes.
- Smooth transitions
- A long block results in more shorter blocks
- Has special "Cliff detector" that kicks in at 15 minutes if a block is not found (with significantly increasing impact after 45, 90, and 180 minutes). Thus there should never be a block longer than 3 hours, and that should be quite rare. Should any case occur and a “normal” block is found shortly thereafter, the “easier” blocks will die the death of any shorter difficulty chain (e.g. confirmations will become increasingly unlikely, so little damage done.)
- Supports a new "-daalog" wallet option for logging additional details around why the DAA is making the choices it makes.
- Since the goal of the DAA is to drive to an average, instead of being concerned about the last few block times, difficulty can easily bounce around a fairly comfortable zone, making it harder for profit switching pools to accurately predict future behavior (unless they wish to switch on a block-by-block basis, which is not typically profitable for them)
- Original Source code cloned from Bitcoin Core 0.14.2 in order to facilitate future BIP changes without having to code those BIPS from scratch. Why 0.14.2 (June 18th, 2017 release)?
- Reasonably current without as much SegWit code needing to be removed as in the 0.15.x and 0.16.x source trees
- Ability to roll forward any later security and/or performance updates in the future. For example: BTR is fully patched for CVE-2018-17144 per a port of the efforts of the Bitcoin team.
- Full traditional miner support such as Coin Age Priority and full –blockmaxsize option support
- Free transactions (default limited to 5% of a block) capability restored (like supported by 0.13.2 and prior releases as well as Bitcoin Cash)
- Simply faster than starting at 0.12.1 (the last Segwit free version) and porting forward all the performance improvements like BIP152's compact blocks (critical for >1MB block sizes).
- Code enforces two additional restraints on block times:
- There is a minimum block time of 2 seconds, explicated added to prevent large pools from swooping in and getting a bunch of "cheap" blocks. This also helps prevent some time dilation attacks.
- Empty blocks, blocks that contain no transactions that would profit miners, are rejected for the first 20 seconds after a block is found. This is considered controversial by some, but prevents some pools from mining empty blocks when there are transactions waiting to be processed. This is balanced by the 20 second limit which allows miners to earn block rewards if no transactions are available (most "empty block" mining pools only do so for a few seconds until they can calculate a more profitable block to mine).
- Other coin stats
- Coin symbol is BOOT. Originally it was BTR (pronounced "better"), but eventually found another coin using that.
- 268,234,500 fixed coin supply (50 years of mining). More coins = more affordable coins
- 50 coin initial reward/block
- 2.5 minute block time target - proven stable by Litecoin
- Block maturity remaining at 100 which yields confirmed blocks in a bit over 4 hours.
- Transaction confirm 4 times faster
- Effectively allows the 16mb maximum block to contain as much as 64mb of other 10 minute coins like Bitcoin Cash.
- SHA256D to allows the worlds ASIC mining pools to be used profitably
- Halving algorithm replaced with a single coin reduction per year (~every 210,380 blocks)
- Presumes 365.24238 days per year for leap year and related adjustments
- 3600 seconds/hour * 24/hours per day * 365.24238 days per year / 150 seconds per block rounded up to the nearest whole block = 210,380
- Therefore ~50 years of mining, given block luck averages out
- Year 1 – 50 coins/block + transaction fees
- Year 2 – 49 coins/block + transaction fees
- Year 3 – 48 coins/block + transaction fees
- Year 49 – 2 coins/block + transaction fees
- Year 50 – 1 coins/block + transaction fees
- Year 51+ - Transaction fees only
- By default runs on ports 5858 (Mainnet), 15858 (Testnet), and 25858 (Regtest) for reduced port conflicts with other cryptocurrencies
- Full DNSseed support day one - no need for Addnodes
- ~1 week of pre-mining (~4000 blocks) by the development team simply to stabilize the block chain and allow for checkpoints (providing a small amount of day 1 fork protection). Coins may also be used for bounties and similar unique payment needs TBD.
- No ICO, no airdrops, etc.
- Pre-mining will be with standard code, no special block rewards, which will be verifiable via block explorers.
- Release of production code with pre-mined genesis block will signify the official launch of the coin's mainnet.
- Pools expected shortly thereafter (an hour or so)
- Exchanges likely somewhat later
- Testnet runs identically to mainnet. Full -testnet support available at launch. Testnet will always be up and will behave like mainnet, including difficulty adjustments, just with a lower minimum difficulty. Note: Testnet is for TESTING, any coins generated there will not be spendable
- Max transaction size bumped from 100,000 bytes to 400,000 bytes for better long-term large pool payout support
- Code cleaned up with previous, mostly soft forked, BIPS mainstreamed (9, 16, 32, 34, 65, 66, 68, 112, 113, 152, and 159 specifically)
- All wallets are HD formatted with HD chain split technology
- Onion (TOR) network disabled by default but fully supported if desired
- Minor RPC changes:
- Getmininginfo returns both the historical last block difficulty and, less edge conditions, the current target difficulty. No more guessing how hard the cracking the next block will be!
- Getmininginfo returns both the historical 120 block average network hashpower and the network hashpower during the last block (and in human readable form no-less!).
- Other tidbits:
- Because this is a reboot of the blockchain, no previous Bitcoin or Bitcoin Cash people will receive free coins. Any market value BTR has should be based on its own worth, without undue pressure of free coins being sold.
- Removal of SegWit support also blocks lighting networks that further reduce transaction size and therefore payments to miners
- Because of the block time constraints, pools and solo efforts need to run NTP or may have their work rejected
- At the start, BTR is unlikely to have a development staff capable of competing with BTC or even BCH. It is the plan to leverage the opensource nature of cryptocurrencies to facilitate making changes to BTR in the future, as was the case with CVE-2018-17144
- Many MANY thanks to the development team of Bitcoin and the Bitcoin Core fork – whose work is the basis of this effort
- Roadmap: For starters, reviewing all current BIPS and rolling forward those of interest (with a focus on security and performance improvements)
Special thanks to:
A. Eien Carpenter for the graphics work and moral support
Clashicly for allowing us to help with BTCC prior to this effort
FuzzyWarm for keeping us on track with the DAA
Jimmy @ Cryptocurrencytalk for moral support, announcement guidance, and help with the Explorer
... and all our other Discord, Kano.is, and BitCoinTalk friends who helped in numerous ways