Bither - ICO Review

Bither: Three-Layered Mining & Power Lending Platform


Bither is a multi-layer platform created by a team of blockchain enthusiasts from Georgia. The main purpose of Bither is to resolve the problems associated with the Proof-of-Stake algorithm, in particular, the enormous amount of power that is being wasted while running this algorithm for mining, as well as the issue of mining centralization and the unprofitability of mining during market disruptions. 

The three-layered solution: the masternodes


The majority of blockchain platforms that run on the PoW algorithm are steadily increasing the computation difficulty in order to improve the network resilience towards different cyber threats. However, the ever-growing difficulty comes along with the increasing wastage of power which rings the alarm bells among the environmentalists and the practical-minded users in general.

Bither offers a three-layered ecosystem that operates on the unique version of the PoW consensus algorithm capable of differentiating the hashing power through the exploitation of trusted masternodes that will be generated in abundance and put into use by the virtue of a hybrid method. The entirety of masternodes constitutes the first layer of the Bither network. 

The creation of a new trusted masternode is possible at the presence of a certain amount of platform’s native token called Bither coins (BTR) in user’s wallet, which is a point of similarity with a Proof-of-Stake algorithm, and upon the approval of the network members and the Bither team. The operating properties of these nodes, as well as the processed information,  is subject to automated revisions aimed at maintaining the efficiency of the network. All masternodes are run by the specially developed software that calculates the network’s overall hashrate and then splits it into four parts.

The four-way use of hashrate


The first part of the hashrate is used for mining Bither coins, as well as the host of other cryptocurrencies listed on the platform, verifying and recording transactions on blockchain, and other operations inherent to the standard PoW platform. Speaking of mining, Bither implements the multi-mining feature that is premised upon the mitigated PoW algorithm that confers the possibility of simultaneous mining of several coins. All these mining solutions make for the second layer of the network.

Another portion of the hashrate is to be utilized for executing and recording transactions on the other two layers.

The third part can be used for nurturing the projects that use Bither as the foundation but which lack their own computation capacities to properly conduct their operations.

The final share of hashrate goes to the third layer of the network designed specifically to provide miners with an opportunity to lease the excessive power to other non-mining projects by the virtue of the Bither Stock, a part of the network established by the Bither shareholders. This layer will use a separate token named Rental Processor.

The implementation of the three-layered approach enables Bither to create a virtually endless number of sidechains, thus facilitating further decentralization of the network and the swiftness of operations with any token featured on the network, even if it is not the Bither token. The significant portion of the leased power will be used by different scientific and research projects that will have partnered with Bither.

ICO details


Bither launches the crowdsale of their tokens on April 20 with the end date being set on June 28. The total of 30 million BTR tokens will be offered for sale to the public. The price of one token is 0.01 ETH with the minimum purchase limit established at 0.1 ETH. The project offers a working prototype of its platform and also lets crypto enthusiasts obtain some free BTR through the airdrop and bounty programs. Citizens of the United States, Canada, Syria, and several other countries will not be admitted to this ICO. 

Author: Alex Paulson for Crypto-Rating.com

  • A revised protocol and a new architecture for efficient mining
  • Creating sidechains on the second and the third layers of Bither network
  • Providing modular admission for the implementation of scientific and research projects
  • Operating internal transactions without needing Bither coins
  • Recording the transactions on the sidechains
  • More financial security for miners at the time of market downturns
  • Establishing holding companies on top of Bither platform
  • Standards to prevent fraud throughout an ICO process
  • Offering the required computing power for the new projects
  • Launching decentralized and user- friendly exchanges on Bither platform
Pre-Ico Start dateMarch 23, 2019
Pre-Ico End dateApril 5, 2019
Industrymining infrastructure
PlatformEthereum
Founded2019
Websitehttps://bitherplatform.io/
WhitepaperYes
CountriesGeorgia
  • Alex Z.Kouchal. CEO
  • Reza Abbasgholiha. CSO & head of operations department
  • Daniel Driessen. Community Support Manager
  • Ali Ghasemirad. CTO & Digital Marketing Strategist
  • Erik van der Veen. Director of Customer Experience & Community Expert
  • Shayan Shirazi. CRO & Director of Engineering
  • Natia Nargizashvili. Executive Assistant & Data Analyst
  • Hosein bahrami. CMO & Market Research Director
  • Vladimer Kurdadze. Web Developer & Software Quality Assurance Engineer
  • Revaz Nakhutsrishvili. Developer & Solution Architect
  • Malvina Nachkebia. Legal & privacy assistant
  • Alvina Trofimchuk. E-Commerce Specialist & Content Manager
  • Tamila Tkemaladze. UI/UX Designer & Blockchain Researcher
  • Q3 2018. Bitherplatform Whitepaper Release.
  • Q4 2018. Marketing.
  • Q1 2019. Marketing; Private Sale; Token Pre-sale.
  • Q2 2019. Token ICO; Listing on Exchanges.
  • Q3 2019. Bither Stock (BSK) and Rental Processor (BRP) Business Development.
  • Q4 2019. Testnet Launching.
  • Q1 2020. Bither Mainnet Launching; Wallet Release.
  • Q2 2020. Bither Stock (BSK) and Rental Processor (BRP), Mainnet Launching; Planning Roadmap for The Next Stage.
  • Q3 2020. Working on partnerships with large companies and Best Science And Technology Research Labs for Bither Platform.
  • Q4 2020. Bither Decentralized Exchange Launching.

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Bither
StartApril 20, 2019
EndJune 28, 2019
Expired
TokenBTR
Soft cap$60 000
Hard cap$300 000
Minimum investment0.1 ETH
Tokens for sale30000000
AcceptingETH

The project has an interesting idea, in general, and the team is quite good as well. However, it was noticed by many that the team has the wrong approach when it comes to fundraising, particularly in the business development department. Soft and hard caps are too far apart, for example. Many might see it as too strange, and it could potentially compromise the project.

Niko   June 13, 2019  


Other than that, the project received quite good ratings, it has a good white paper, social media presence, a working product, and more. It does lack partners and collaborators, however, and there might be a few legal loopholes to look out for, but overall, it is worthy of consideration.

Carl   May 16, 2019  


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