Bitnet is decentralized programmable money used to create financial systems.

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What is Bitnet?

Bitnet is a peer-to-peer network that enables the creation of programmable money and financial systems. It is decentralized like Bitcoin but powerful like Ethereum. It needs no central authority or banks to operate, and can be used by anyone, anywhere. Bitnet code is open source, nobody owns or controls Bitnet, and everyone can participate in the network. Its technology allows for the creation of complete financial systems for both sovereign and private money, as well as the tokenization of value on the internet.

How is it different from Bitcoin?

Bitcoin and Bitnet, while both being decentralized, have distinct core missions. Bitcoin, as the original cryptocurrency, sought to reshape the financial landscape by offering peer-to-peer transfers without intermediaries. Its status as “digital gold” emphasizes its role as a store of value. Bitnet, on the other hand, expands on this vision. Beyond just transactions, it enables programmable money and holistic financial systems, a scope that Bitcoin doesn’t encompass.

In Bitcoin’s early phase, a significant share was acquired by initial backers, whereas Bitnet guarantees that coins only arise from direct computational efforts, ensuring equitable distribution. On the technological front, Bitnet, incorporating lessons from Ethereum, confronts several of Bitcoin’s challenges, including scalability and costly transaction fees. It promises improved efficiency, swiftness, and cost-effectiveness, making decentralized transactions more user-friendly. Bitnet’s architecture is inviting for a broader audience. 

In sum, while Bitcoin marked the dawn of decentralized finance, Bitnet seeks to refine and enhance this paradigm. Its focus on broader inclusion, fairness, and adaptability sets it apart in the evolving world of cryptocurrencies.

How is it different from Ethereum?

About 72 million of all the ETH in circulation was created before the network was launched, and distributed among founders, the Ethereum foundation, and early investors and contributors. It has a corporate centralized structure that dictates protocol changes both directly and indirectly, much the same way as governments and politicians dictate laws in a society.

Bitnet has been created on principles of decentralization, parity, and fairness. It has no owner or central power, and no Bitnets were created or allocated to founders or contributors before or after the network went live, with every Bitnet ever in existence being the result of the exchange of energy and computational power from miners to the network for those coins. Having no central owner or central power also makes Bitnet censorship resistant and truly unstoppable.

Bitnet vs Ethereum vs Bitcoin

Comparison Table

Feature Bitnet Ethereum Bitcoin
Consensus Mechanism
Transactions Per Second
Maximum Block Size
Block Rewards
Pre-mined Supply
72,000,000 ETH
Founders & Team Allocation
12,024,000 ETH
Monetary Policy
Hard Coded
Hard Coded
Smart Contracts Support
Common Token Standards
BTS20, BTS21, BTS721, BTS1155
ERC20, ERC721, ERC1155

Improved & New Token Standards

While remaining totally compatible, Bitnet has implemented improved token standards over the existing ERC20, ERC721, and ERC1155 standards from Ethereum. Contrary to what is common practice in the industry, Bitnet Token Standards (or BTS for short) are not a result of a simple relabeling job. They improve upon the existing ERC standards by adding new interface functions (eg. incorporating ‘Ownable’ functions) and built-in contract templates that are ready to deploy. That means that creating a BTS token is as seamless as it can be, and unless you need to add functions that are beyond what’s offered by the BTS you’re using, all you need to do is to import and deploy your token, with the token information being defined on the constructor, at the time of deployment.

The example below illustrates how much simpler is to deploy a token using BTS21, with only 2 lines of code. You can test the code below yourself; it’s ready to be deployed.

BTS21: A Foundational Shift

The Bitnet Token Standard 21 (BTS21) builds upon the foundation of the Bitnet Token Standard 20 (BTS20), introducing novel features to bolster security and facilitate more comprehensive control over token contracts. This standard aims to cater to the evolving needs of decentralized applications, decentralized finance (DeFi) platforms, and various blockchain-based services.