Pay Attention and Break Conventional Rules

While reading ‘The 4 Hour Work Week’ a book by Tim Ferris, one anecdote resonates with me continuously. Near the beginning of the book, Tim recalls winning the championship in Chinese Kickboxing after having only trained for a very short amount of time. How did he do this? By reading the rules and winning on a technicality; cutting weight only to pack it back on in 24 hours and then just throwing opponents out of the ring instead of actually fighting.

Allegedly, the tournament judges were not very pleased but Tim did win according to the rules and he actually influenced the way the sport was played from then on going forwards. Why do I tell this story?

The conventional rules of Mineable Cryptocurrencies

In the following years, many other mineable altcoins launched such as Litecoin, Dogecoin, Peercoin, Namecoin, and about 2000+ others. These all followed the exact same mantra and preconcieved notions as Bitcoin. The miners secured the chain, were paid out in new coins (inflation). This was extremely problematic and this is what Satoshi was betting on.

You see, very few miners were mining these altcoins because they could make more money by mining OG Bitcoin. Why use or mine something else? There is a consolidating force. Therefore, the hashrates and thus security for all of these altcoins remain extremely low. They are insecure and can quite easily be 51% attacked to double spend.

The conventional rules of Cryptocurrency security were broken thanks to Ethereum

The conventional rules of Mineable Cryptocurrencies were broken in 2018 thanks to 0xBitcoin

In other words, bitcoin’s network has a huge hashrate which prevents clones of bitcoin from launching an immediately being as influential. Non-mined ERC20 tokens have no hashrate or other measureable amount of activity and therefore ERC20 token contracts can be cloned at the drop of a hat. If they depend on a team, the team can be cloned and even worse still, the currency depends on a small centralized team of humans. Very unlike Bitcoin which is neutral and which depends on no centralized team of humans at all.

On February 6th of 2018, the first pure mined ERC20 token cryptocurrency launched as a smart contract on the Ethereum Network. 0xBitcoin is pure mined exactly like Bitcoin so it is neutral, decentralized, ownerless, has no team or humans that have any control over it at all. To remain neutral like bitcoin, it is distributed exactly like bitcoin via transparent rules in the solidity code. This is done with Proof of Work on the SHA3/Keccack256 algorithm as to operate just like Bitcoin. However, this mining is for only neutrality and to create the supply. Like the Martial Arts story above, the preconceived notions of Mineable Cryptocurrency were broken because 0xBitcoin mining does not secure 0xBitcoin. This token is fully secured by Ethereum Mainnet just as any other ERC20 token and is as neutral and math-based as original bitcoin. By challenging what a mineable coin could be or what it could do, 0xBTC is the first PoW mineable coin that is immune to traditional 51% attacks. It also works in Rollups like Arbitrum and Optimism, in DEXes like Uniswap, and in all other DeFi applications.

Pay attention and break conventional rules.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store