True Bitcoin is changing to Lifetime Average of Bitcoin for even more Stability
Posted on June 27, 2020 6:18 AM
Hey MoonTraders! While we work on developing the blockchain for True Bitcoin to be resistant to ASIC mining as well as to distribute Bitcoin EQUALLY to everyone supporting the network with a full node, we have decided to extend the value of True Bitcoin Algorithm to the average value of Bitcoin throughout its lifetime.
We are doing this as the True Value of any commodity is quite stable compared to averages over years or even decades. E.g. the yearly average of a Bitcoin value has risen from $6700+ to $8900+ over 8 months. While still more stable than Bitcoin, it is still not stable enough for trade and for use as a currency.
However, the average value of Bitcoin has only risen from $2300+ to $2400+ over the last 8 months. A minor variation and much more stable. So we have decided that to make Bitcoin truly useable, True Bitcoin will have to be a trustless, decentralized currency which averages out the value of Bitcoin over its lifetimes by monitoring the public Bitcoin blockchain.
In the decentralized algorithm we are developing. We will map the value of True Bitcoin to the average of Bitcoin value over its entire lifetime. If the Bitcoin value drops to 0, the algorithm will default to the previous day’s non-zero value. To provide further stability, The price will be updated once every 30 days by the algorithm and the updated value will be propagated to the network on a randomly generated day within the first 15 days of each month.
Some more facts about True Bitcoin
1. Just like Bitcoin, there will only be 21 Million True Bitcoin.
2. The Block times will be the same as Bitcoin, but due to the open source nature of the project and commonality with Bitcoin, we assume that developments like Lightning Network will work seamlessly to take care of the scaling issues.
3. There will be no premine as this will be like Bitcoin. 1 million Bitcoin will be mined and locked as Satoshi has done. Every block mined will be distributed equally among all mining nodes.
4. The code will be Open Source and there will be regulation mechanism to avoid power-centralization.
We will be putting out more details as they arrive. You are welcome to get in touch with us via Support.
If you want to support True Bitcoin development via coding please contact us via Support.
If you want to support True Bitcoin development via donations, please send proceeds to: 12EJqrVRoii2a4toUtFpiXLcNDtkDFPbPq (You will also receive an equal amount of True Bitcoin in return when the blockchain is live). Thank You For Your Support! We will be implementing the changes to TrueBitcoin value immediately.