BitPoW

BitPoW is a new low cost sharding L1 blockchain with storage as the upgraded consesus engine. Our Layer 1 is cheaper than any existing L2 ever to the end users. Let's make PoW great again!

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Inspiration

In 2017, I went back to school for Machine Learning. After a few months, I turned to blockchain research on the capacity/sharding and blockchain storage. Meanwhile I started to build a chain from scratch for experiment purpose. Two years later in 2020, I found the first useful PoW (EcoPoW). This is the moment that we decide to build a next generation blockchain for production.

What it does

At first, the useful PoW makes us believe that the high electricty cost of PoW has solved. It is not saying that PoW no longer burn large enegry, but the electricty cost has useful output, and there is no greedy mining.

Later, more aspects were found:

  1. Our new L1 is cheaper than any Layer 2, as the cost of PoW is useful, so the blockchain receives almost free PoW protection. Users doesn't pay the blockchain security fee by purchase expensive coins.
  2. Since the PoW is useful, so no miners will lend their compution to the mining pool. In deed, the miners solo mining to make enough money (in stablecoin). It is as decenterizalized as the early Bitcoin without mining pool.

How we built it

The useful PoW theory is the key. Besides, we have the new sharding theory. By changing the core of the blockchain, we create a new Layer 1 with many new features. We also make python as the smart contract language.

Challenges we ran into

Building a new L1 is not a easy task. We have huge design decisions to make. Sometimes we have to redo the same task with better idea or corrected design.

Accomplishments that we're proud of

We have launched the #1 testnet during the past months. It is the first public blockchain that you can pay gas with stablecoin. And the gas is so cheap to allow a massive users adoption.

What we learned

Unlike web2, lots of theories were created in 70s or 80s last centry, like TCP/IP, database, programming language. In web3, new theory boosts new product, like Bitcoin is driven by firstly using PoW as the consensus algorithm. If we need a better product, go back to the theory research.

What's next for BitPoW

We will keep building and fund raising. Before launching the official blockchain, several testnets must be launched to ensure the security and everything working.

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