BitcoinSOV and The Coming Swarm
BitcoinSOV is an innovative completely driven community ERC-20 blockchain that launched 6/17/19.
The BitcoinSOV [BSOV] team is comprised of community members throughout the world and has no centralized authority figure or founder that controls the ethos or project. Each community member has an equal 'vote' in the direction the project takes as it progresses.
SovCube 1.0 & 2.0.
One feature the BSOV team has developed is the SovCube. The SovCube has a built in smart contract that is built upon the BitcoinSOV protocol. SovCube enables BitcoinSOV holders to execute withdrawals from SovCube at a rate of 1,000 BSOV per 7 days once holders have locked up their tokens.
The BSOV team describes this operation as "proof-of-commitment". By cubing tokens the thought is that holders will lower their degree of time preference and hold their tokens in SovCube for the long-run which in turn decreases the actual number of tokens that are circulating in the ecosystem.
The largest BSOV time-locked amount in the SovCube today has 461,121 tokens time-locked in the program. To release that amount of BSOV from the SovCube will take 8.88 years once the withdrawal begins.
As of 28 February, 2020 there were 1,009,739 BSOV locked in SovCube 1.0. You can find more details about SovCube 1.0. and 2.0. here.
Stay tuned for SovCube 2.0, which will be integrated in the mining pool of the First BitcoinSOV Foundation (BSOV-F1), among other upcoming features.
BitcoinSOV's burning handbook for non-violent deflationists
Burning fat-money as a symbol. [from Page 6 of the handbook] "In some places it is illegal to burn fat-money, even if the money is supposed to be a part of your individual property. Do citizens not have freedom over their own hard-earned money?" - BSOV Community Contributor
It's clear throughout the BitcoinSOV website, handbook,Telegram channel, etc., that this is a collective of individuals that are passionate about money and the important role it plays within our society. It may not be everyone's calling to dedicate their life to sound money but BitcoinSOV's community has created a project that hopes to store value over time and provide a safe-haven for the expropriated in this age of central banking debasement and theft.
This passion project is an experiment just like Bitcoin [BTC] that a group of individuals can create a better money for the world than centralized elite that control the money supply of nations in the shadows and without any interest at heart other than self-interests.
Join Up - Join the BSOV Swarm
It is more important arguably than ever to understand money than in the history of mankind. There are so many different schemes by government, central banks, and corporate banks to manipulate the money and the business cycle. BitcoinSOV loyalists have proposed what they call the BSOV Swarm, where people committed to deflation, blockchain, and decentralization collide and work together for a common aim of freedom through sound money.
The idea of the swarm is cited in the deflationist handbook [page 4] as an idea put forth by Rick Falkvinge in his book, Swarmwise. Falkvinge is uncoincidentally a blockchain proponent and founder of the political Swedish pirate party.
The handbook goes on to outline so of the most integral concepts flushed out by Falkvinge in creating a swarm. [1.] A swarm is a horde that follow and do actions toward create ideas. [2.] Create a leaderless movement without central authority; a swarm is autonomous and the swarm has tasks more like worker bees to carry out the proposed aim. [3.] The swarm is not a democracy or dictatorship, it is a do-ocracy. [4.] Mistakes are allowed. [5.] Respect anonymity.
The BSOV community just released a new BitcoinSOV History Timeline this week on 2/26/20.
BitcoinSOV Supported Wallets
Currently, BSOV is supported by 5 different cryptocurrency wallets. [1.] MetaMask may be the easiest to onboard new users into the BSOV ecosystem since it is a browser based add-on. [2.] My Ether Wallet MEW is another online popular wallet that doesn’t require a download and operates entirely on the web. [3.] Trezor is one of the most popular hardware wallets used by cryptocurrency users all over the world, it has been one of the most secure and highly used devices for many years in the space. [4.] Ledger is another extremely secure method for securing your cryptocurrency, it is another hardware wallet that rivals Trezor in popularity as users’ private keys are held offline. [5.] Atomic Wallet is another option to store your BSOV, it is available for most operating systems and mobile today.
Deflationary Methodology Continues …
BitcoinSOV's is committed to deflation and emerging as a prominent store of value in the cryptocurrency ecosystem and beyond. BSOV's method encourages users to save and not employ cryptocurrency as a medium of exchange as a first tier utility of their money. Currently, they've burnt 2.33% of their supply. Every time a user sends BitcoinSOV 1% of that transaction is burnt.
There's a lot to cover with the BitcoinSOV project and things are moving quickly, subscribe to get more updates on this project as it develops and I continue to breakdown BSOV!
Note: Always do your own research, you're the captain of your own financial ship; nothing on written by bryer.io or spoken on The Vires in Numeris Podcast is financial advice.
BitcoinSOV Links:
BSOV's Burning Handbook for Deflationists
