BitcoinSOV — Blockchain’s New Entirely Decentralized-Community-Driven Project
BitcoinSOV launched on 6/17/19 on the Ethereum blockchain as an Ethereum token — ERC20+ERC918. I recently came across BitcoinSOV and was immediately interested in BSOV’s design. From the onset of my research, I uncovered some interesting concepts that’ve been put forth by the BSOV team. Furthermore, once I jumped into their Telegram group, I found it one of the most passionate communities I’ve encountered in the blockchain space and not just empty rhetoric across their website and community documents. The project’s ethos is one of decentralization and sound money; moreover, they’re all very passionate about deflation and combating the ills of central banking elitists. BitcoinSOV’s goal is to provide a true store of value over time and not focus as much on cryptocurrency as a medium of exchange.
Store of Value as Primary Use Case, Under-promise, Over-deliver
By having a primary focus or specialty, the utility of the project can be seen by all that come into the BitcoinSOV realm. Today, many blockchains are overpromising. The vast majority of blockchain projects promise the world and don’t deliver. With interoperability becoming more and more important, projects such as BSOV will become more prominent; moreover, those projects that do one thing extremely well will move to the forefront of the blockchain space while projects that do a few things fairly well will be marginalized. Interoperability will allow for the best projects to flourish through communication with other blockchains and there will be no market desire for projects without one well established use case.
BitcoinSOV has taken every measure to ensure all parties are equal; furthermore, 0% of the BSOV token supply was pre-mined. BSOV is very interested in a fair project and one that has integrity. Unlike many other projects there was no desire to get a head-start on mining and this is a tribute to the integrity of the community and the trust they’re building with the blockchain community.
BitcoinSOV Community
Arguably the most important attribute of any blockchain project is the core team of individuals that comprise it. There is a spectrum for money, on one end is highly centralized money [that of central banks] and on the other end is Bitcoin [BTC] that’s completely decentralized and without a hierarchy of power. BitcoinSOV is as close to any project to being completely absent of a centralized power structure or centralized decision makers since Bitcoin was launched.
BitcoinSOV is completely decentralized and an entirely community driven blockchain project.
Tokenomics & BSOV’s “Burning Handbook for Deflationists”
The BitcoinSOV team has gone so far to write about deflation in a document they call ‘BSOV’s burning handbook for deflationists” wherein they break down the deflationary method that the BSOV crew has designed for the project. The subtitle of the document is titled in true cypherpunk spirit: “How to perform non-violent guerrilla warfare against a centrally controlled inflationary economy.”
The team decided that 1% of each BitcoinSOV transaction is burned and out of the supply chain forever. Thus, the team has used this method to employ the true deflationists in the blockchain / cryptocurrency space to flock to BitcoinSOV as a store of value safe-haven. The incentive to hold tokens comes from the 1% penalty for moving BSOV in combination with a finite supply of tokens, the BSOV crew believes over time a great deal of utility will emerge from this method. BSOV’s deflationary plan of action emerges contrary to central banks and their rapacious appetite to inflate the money supply; thus, devaluing the savings of people holding paper money. This also has a cataclysmic result on the desire to save therefore, since people realize that holding their wealth in fiat bares little or no incentive for future economic interests.
In addition to the burn of 1% of all transactions, the BSOV team came up with a brilliant idea called ‘Voluntary Proof of Commitment.”
Currently 29.8% of the existing supply is time-locked in the SOVCube. The finite supply of BitcoinSOV is 20,920,608. [More details on BSOV’s SOVCube next week, SOVCube 1.0 & 2.0.]
With BitcoinSOV’s model that embraces long term orientation, people will be encouraged to store their value and put off present consumption to future consumption. This is the essence of saving, promotes capitalism and therefore will increase production and wealth over time with a place to store wealth and accumulate capital. The future capital leads to future production, the ability to export capital goods, and a vastly wealthier society.
Mining
BitcoinSOV is mineable through only PoW [proof-of-work]. Miners can GPU mine BSOV with a graphics card or mine through FPGA [field-programmable gate array]. The BSOV hashing algorithm is SHA-3.
Another angle that the BSOV team has used to become an even more attractable project to blockchain advocates is BSOV’s approach to mining. While many projects no longer embrace GPU mining, BSOV has embraced it and this brings more people into the ecosystem. Without the need for ultra expensive miners, the average cryptocurrency adopter can mine BSOV and compete for block rewards. Other blockchains require extremely expensive mining rigs or entire mining operations such as mining farms to compete for block rewards. BitcoinSOV is dedicated to the community and wants the BSOV blockchain to be inclusive of all blockchain enthusiasts that seek deflationary money, long term orientation, and a true store of value.
The average block is being mined every 9.53 seconds. The current mining reward per block is 50 BSOV. 79,391.922 BSOV thus far have been burned [2.3%] and BSOV’s total circulating supply is 3,426,100.
Next week I’ll dive deeper into BSOV’s SOVCube 1.0 & 2.0, the burning handbook for deflationists, exchanges BSOV is traded on, and more!
BitcoinSOV Links:
BSOV’s Burning Handbook for Deflationists
