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 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 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.
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.
|Start||April 20, 2019|
|End||June 28, 2019|
|Soft cap||$60 000|
|Hard cap||$300 000|
|Minimum investment||0.1 ETH|
|Tokens for sale||30000000|
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.
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.
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