What is Bitcoin Networks (BTCN) | What is Bitcoin Networks token | What is BTCN token
In this article, we’ll discuss information about the Bitcoin Networks project and BTCN token
Introduction:
Bitcoin Networks (BTCN) is a digital token based on Proof-Of-Stake consensus. It is decentralized and works on the BEP-20 (Binance Smart Chain) protocol. Binance Smart Chain is one of the best trusted, fastest, and most secure blockchains, which works in parallel with the Binance Chain. It uses peer-to-peer technology to operate with no central authority or banks. The network carries out the transactions collectively.
There is no central control over the token. The liquidity of the token is locked forever. The team only holds 0.4762% of the total supply. All transactions at this address will be public and will be used for marketing purpose. Bitcoin Networks (BTCN) is open source, community driven, and decentralized. Developers are all volunteers. The Bitcoin Networks (BTCN) community and developers are working towards mass adoption of the currency in real-life.
Why choose us?
Bitcoin Networks on BSC: A peer-to-peer system that supports a large variety of smart
contracts.
Open-Source: Bitcoin Networks is an open-source project, and its code is available on both, BSC Scan and GitHub!
Secure: All blockchains are secure but due to BSC’s latest algorithms, it makes it more reliable.
Fast: BSC is the fastest blockchain with each block mined in 3 seconds and has very low gas fees.
Proof-Of-Stake:
Proof of stake is a type of consensus mechanism used by blockchain networks to achieve distributed consensus. It requires users to stake, e.g., their ETH on the Ethereum network, or BNB on the Binance Smart Chain, to become a validator in the network. Validators are responsible for the same thing as miners in the proof-of-work consensus: ordering transactions and creating new blocks so that all nodes can agree on the state of the network.
Proof-of-stake comes with a number of improvements to the proof-of-work system:
• Energy efficient: You don’t need to use lots of energy mining blocks
• Cost effective: lower barriers to entry, reduced hardware requirements, no requirement for elite hardware to stand a chance of creating new blocks
• Stronger immunity to centralization: Proof-of-stake should lead to more nodes in the network
**Validators: **
Proof-of-stake is the underlying mechanism that activates validators upon receipt of enough stake. Validators are chosen at random to create blocks and are responsible for checking and confirming blocks that they do not create. A user’s stake is also used as a way to incentivize good validator behavior.
The initial Validator Set will consist of a few trusted nodes in the genesis stage. After the blocking has begun, anyone can compete to become a validator nominee. The top 21 highest staked nodes are chosen as the next validator set based on their staking status, and this election occurs every 24 hours. For betting management, BSC prefers to focus on BC. On BC, there is a separate staking module for BSC. BSC staking from BNB holders will be accepted, and the highest staking node collection will be calculated
BEP-20 tokens:
BEP-20 is a token standard on the Binance Smart Chain that extends ERC-20, the most common Ethereum token standard. You can think of it as a blueprint for tokens that defines how they can be spent, who can spend them, and other rules for their usage. Due to its similarity to Binance Chain’s BEP-2 and Ethereum’s ERC-20, it’s compatible with both. BEP-20 was conceived as a technical specification for Binance Smart Chain, with the goal of providing a flexible format for developers to launch a range of different tokens. Like BEP-2 tokens on Binance Chain, BEP-20 token transfers are fueled with BNB. This provides an incentive for validators to include their transactions in the blockchain, as they’ll collect the BNB as a fee for their troubles
You may know that Binance Smart Chain was envisioned as something of an extension to Binance Chain. With dual chain architecture, both chains are complementary – Binance Smart Chain caters to decentralized applications without congesting the original chain, which is optimized for ultra-fast trading.
Bitcoin Networks Overview:
Total Supply: The total supply of Bitcoin Network tokens is 21,000,000 BTCN. This is the same as the total supply of Bitcoins. Of these, 1,000,000 BTCN will be pre-mined. These tokens will be used to provide liquidity on different exchanges as well as for marketing.
Mining: Bitcoin Network Token BTCN is a minable token. The mining reward is directly proportional to blocks generated on the Binance Smart Chain. The rewards each holder will receive will depend upon the number of tokens they are holding. Unlike bitcoin mining, where you need to mine the tokens using highly expensive hardware miners, with proof of stake you just need to hold tokens in your wallet and you will receive the mining reward automatically in your wallet.
With bitcoin network token, each mining phase has a halving interval after which the block reward will decrease and the time per block will decrease. There are four phases of mining.
• Phase 1: In the first phase, the reward for each mining interval is 200 BTCN tokens. The first phase consists of the first year from the time of deployment of the smart contract.
• Phase 2: This will consist of two years, and the reward will be half that of Phase 1. Therefore, the reward will be 100 BTCN tokens for each mining interval.
• Phase 3: In this phase, the rewards further decrease to half that of Phase 2, i.e., 50 BTC tokens. This phase consists of 4 years.
• Phase 4: This phase will have a reward of 25 BTCN tokens per mining interval. It is believed that this will be the golden period, as mining rewards will be decreased and total users will be increased. 1800 1200 900 600 0 500 1000 1500 2000 2500 Phase 1 (1 Year) Phase 2 (2 Year) Phase 3 (4 Year) Phase 4 (8 Year) Time period M
BSC Block Rewards and BTCN Block Rewards:
BSC block rewards refer to the cryptocurrency rewarded to a miner when they successfully validate a new block. The block reward is comprised of two components: the block subsidy and the transactions fees. The block subsidy consists of newly generated coins and represents the biggest part of a block reward. The other part is made up of all fees paid by the transactions that are included in the block.
Binance Smart Chain achieves “3-second block” times with a Proof-of-Stake consensus algorithm. Specifically, it uses something called Proof of Staked Authority (or PoSA), where participants stake BNB to become validators.
BTCN Block Rewards:
BTCN features digital mining that results in no complex calculations done by heavy energy use machines. Therefore, to achieve its functionality, the BTCN algorithm relies on the BSC blocks. BTCN generates mining rewards after a specific number of BSC blocks are mined. For example, in the first phase after six hundred blocks of BSC are mined, one block of BTCN is mined and users receive their mining reward. Because no special efforts are required from any user to mine BTCN blocks, all the users receive block rewards according to the number of tokens they are holding.
There are a total of four phases for the mining of Bitcoin Token Networks, or BTCN. Each phase consists of an estimated time and a certain amount of BTCN mined.
How to mine?
Bitcoin Network Tokens (BTCN) can be mined by just holding the tokens in your wallet (e.g Metamask, TrustWallet). The greater the number of tokens you hold, the more you will receive as a reward, that is, the number of tokens you hold is directly proportional to the reward you receive. As BTCN is a digitally mineable coin, this means that the token you hold can be utilized by you whenever you want. BTCN mining never limits the users from spending their tokens; however, if you spend all your tokens and have zero BTCN in your wallet, you will not receive a mining reward.
Note: The mine function is called once a transaction is performed after every 30 minutes.
How to see mining reward:
To see mining reward you can add your token in Metamask or Trust wallet. Once you have added, the reward will be transferred automatically, once mine function will called in smart contract, in your wallet.
How and Where to Buy BTCN token ?
BTCN token is now live on the Binance mainnet. The token address for BTCN is 0x646b8470feA7c413DaC19F41b5c97328EBF70De4. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
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You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
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Next step
You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Transfer $BNB to your new Metamask wallet from your existing wallet
Next step
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap BTCN token
Contract: 0x646b8470feA7c413DaC19F41b5c97328EBF70De4
Read more: What is Pancakeswap | Beginner’s Guide on How to Use Pancakeswap
The top exchange for trading in BTCN token is currently Pancakeswap v2
Find more information BTCN
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