Name the number one downside to Ethereum Tokens:
“their price falls”. (haha very funny)
NO — They are all centralized. 99% of all Ethereum tokens are totally centralized. They were not mined, but minted 100% to a single central party. A foundation, a founder, a person, a loser, all the same.
What does that mean? It means they are not trustless. You can’t trust that one founder. He could be a crook. Oh he is having an ICO? He might just be trying to take your ETH and dump on you. Tokens, traditionally, are as good as dirt as far as being trustless and THAT has given Ethereum a bad name.
As an avid Bitcoin and Ethereum lover, I set out to solve this problem in 2018. I stumbled upon the solution and was filled with euphoria actually.. I was not the first to realize this, but you can cheaply perform a SHA3 hash in the Ethereum EVM which means that you can check solutions to SHA3 Proof Of Work challenges entirely in the Ethereum EVM with solidity code.
As soon as I realized that, I knew that it would be simple to make a mineable token. All you have to do is copy the way Bitcoin or Litecoin does it. You make the token start with 0 supply, and you let anyone call a method called Mint() which spits out 50 (or fewer) tokens. That method requires that the user provides a special number called a Nonce that fits the SHA3 challenge ‘puzzle’, a one-way algorithm. Then you just sprinkle some automated difficulty adjustment and halvening reward reduction in for good measure (simple integer stuff) and BOOM:
You get the ultimate trustless token. The first token that is truly human-neutral and independant of all human intervention or control. It has the potential to radically change Ethereum’s reputation for the better and solidify it as a platform of truth, neutrality, and community.
This is what a batched mining pool payout looks like: https://etherscan.io/tx/0xc674d0e4a58216f004c9c74f0563f1efb154e86ae7846c6564cc70a8f7568f06
This is what a pool mint looks like (nonce is provided to the contract for the reward):https://etherscan.io/tx/0x8aadf4dacd6ab85a9d7895ba79ba50711136a8028a2ce88ee980a32a9eee988e#eventlog
Here are PoW mining stats: https://0x1d00ffff.github.io/0xBTC-Stats/?page=stats&
Here is the home page: https://0xbitcoin.org/
The goal is for MORE DAPPS TO INTEGRATE 0xBTC because it is trustless and neutral. This is your call to action.