Bitflate is a Bitcoin-based cryptocurrency. The main differentiation of Bitflate is inflation.
The goal is to create a digital native stable crypto currency, a stable coin through inflation.
Bitflate Core is a fork of Bitcoin Core.
For more information, as well as an immediately usable, binary version of the Bitcoin Core software, see https://bitcoincore.org/en/download/, or read the original whitepaper.
By adding inflation, we can:
- Prevent price from fluctuating wildly.
- Discourage HODL behavior, increase liquidity.
Bitflate is not a Store of Value.
Bitflate is based on Bitcoin. It has the following differences:
- Proof of Work timespan adjustment is 3.5 days.
- Block time is 2.5 minutes. That means 1-year halving interval.
- For the first four halvings interval, block reward is like Bitcoin (50, 25, 12.5, 6.25). We give incentives to early adopters.
- In subsequent intervals, there's not more halving. Coins inflate 7% per year. At this inflation rate, coin supply doubles every 10 years.
- You can review block reward code here:
https://github.com/bitflate/bitflate/blob/master/src/validation.cpp#L1243
- And here's the test for block reward:
The master branch is regularly built (see doc/build-*.md for instructions) and tested, but it is not guaranteed to be
completely stable. Tags are created
regularly from release branches to indicate new official, stable release versions of Bitcoin Core.
The https://github.com/bitcoin-core/gui repository is used exclusively for the development of the GUI. Its master branch is identical in all monotree repositories. Release branches and tags do not exist, so please do not fork that repository unless it is for development reasons.
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Block reward schedule:
- 0: 50
- 1: 25
- 2: 12.5
- 3: 6.25 (end of halving)
- 4: 6.56 (start of inflation 7%)
- 5: 7.02
- 6: 7.51
- 7: 8.04
- 8: 8.60
- 9: 9.20
- 10: 9.85
Bitcoin has fixed supply. The currency is deflationary. It causes price to fluctuate wildly. We think it is a good Store of Value (SoV). But for transactions, price fluctuation is a problem.
Existing stable coins are typically implemented through bank ledger. This requires 3rd party centralized banks. We want to create a stable coin through inflation. We think inflation would add liquidity to Bitflate currency.
We take the reverse-Bitcoin approach of setting inflation rate fairly high. If we set the rate low, the currency may behave just like Bitcoin.
If this coin ever receives widespread adoption, high inflation can meet market demand.
We pick the rate of 7% from Rule 72. https://en.wikipedia.org/wiki/Rule_of_72
Coin supply doubles every 10 years.
Bitflate started with Bitcoin Core codebase. It has changes in reward schedule and branding. Bitflate chain is a separate chain and has no relationship with Bitcoin.
Bitflate is at experimental stage as of July, 2019. We strongly advise you NOT to use it for business. The network is not secure.
Bitflate is released under the terms of the MIT license. See COPYING for more information or see https://opensource.org/licenses/MIT.
Email: contact@bitflate.org
Twitter: https://twitter.com/bitflate