BitEther Coin on Ethereum Classic

Some time ago I deployed a token contract called BitEther Coin (BEC). The idea is simple — an ETC miner participating in this experiment is getting an additional BitEther token reward to Ether reward received from a block. The Miner gets both Ether (5 ETC per block) and BitEther (2 BEC per block).

This is not a modification of the protocol, nor is it a hard fork or soft fork. It is just a standard feature provided by the existing technology and capability of the ETC system.

By doing this I am trying to show that Ethereum Classic is not the same chain as others: it has more powerful technology which allows you to build your own blockchain layer on top of it. Security of the network can be supported by any participant or by any business building on top of the chain.

BitEther Supply Model

The BitEther Token follows the Monetary Supply of Bitcoin. My initial goal was to make it issue 50 tokens every 10 minutes, with a halving every 4 years.

In practice, BitEther «big block» time is less that 10 minutes, because an additional goal was to reach 99% of total token production at about same time as Bitcoin will. As a result, BitEther issues 50 BEC coins every 6–7 minutes, and halves every 3 years.


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Why I’m against Ethereum fork

Please note that this post was written long before Hard Fork happened, it wasn’t clear how it will be implemented, there were no final decision at the moment of the post

I’ve never invested in The Dao, and even was against this idea.

I worried because people just gave money without understanding in what they’re investing. Too many people decided to risk their money just because they thought that it’s cool, without any due diligence or anything.
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