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peer-to-peer network for programmable money and financial systems.

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What is Bitnet

Bitnet is fully decentralized, similar to Bitcoin, and more powerful than Ethereum. As a groundbreaking peer-to-peer network, it allows for the creation of financial systems and programmable money for billions of people. It operates seamlessly without the need for a central authority or banks, ensuring accessibility to anyone, anywhere.

Promoting transparency and trust, Bitnet is open source and remains uncontrolled and unowned by any single entity.  Its technology facilitates the tokenization of value on the internet while catering to both sovereign and private monetary systems. Notably, Bitnet marked its official launch with the initiation of its genesis block in July 2023.

Comparison with Bitcoin

Bitcoin, as the original cryptocurrency, aimed to reshape the financial landscape by offering peer-to-peer transfers without intermediaries. Bitnet builds upon this vision, not just enabling mere transactions. Instead, it introduces programmable money and holistic financial systems, functionalities far beyond Bitcoin’s original scope.

On the technological front, Bitcoin has faced challenges, including scalability issues and high transaction fees, which often deterred potential users. In comparison, Bitnet, drawing from Ethereum’s advancements, overcomes Bitcoin’s tech shortcomings. With enhanced efficiency, speed, and affordability, its user-centric design sets new crypto benchmarks and appeals to a wider audience.

Furthermore, during Bitcoin’s early phase, a substantial portion was acquired by initial backers, leading to distribution concerns. In contrast, Bitnet ensures that all its coins are generated solely through direct computational efforts, ensuring a fair distribution from the outset. This approach underscores Bitnet’s commitment to fairness and equity in the cryptocurrency landscape.

In summary, while Bitcoin pioneered the decentralized finance movement, Bitnet seeks to refine, elevate, and broaden its scope. The emphasis on inclusivity, fairness, and adaptability distinctly positions Bitnet in the dynamic cryptocurrency landscape.

Comparison with Ethereum

While Ethereum promotes itself as a decentralized platform, it faces criticism for its centralization tendencies. Certain entities and figures within the Ethereum community, because of their significant contributions, holdings, or staked amounts in the new Proof of Stake system, may influence protocol changes. This mirrors how powerful entities shape decisions in systems like governments or corporations.

Bitnet, on the other hand, was founded on pure principles of parity, fairness, and decentralization. Having no central owner or authority makes Bitnet censorship-resistant and truly unstoppable.

Furthermore, approximately 72 million of all the Ether (ETH) in circulation were created before the network’s launch. They were distributed among the founders, the Ethereum Foundation, and early investors and contributors.

In comparison, no Bitnet (BTN) was allocated to founders or contributors neither before nor after the network went live. Every existing Bitnet (BTN) results from the exchange of energy and computational power, with miners contributing to the network in return for these coins.

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
Smart Contracts Support
Common Token Standards
BTS20, BTS21, BTS721, BTS1155
ERC20, ERC721, ERC1155

What makes Bitnet unique

What makes Bitnet truly unique, in addition to the strengths compared to Bitcoin and Ethereum, are the groundbreaking Bitnet Token Standards. These standards are poised to revolutionize the blockchain landscape for several compelling reasons, all the while simultaneously offering 100% compatibility with Ethereum’s established ERC standards.

Appealing to the ones prioritizing the safety of their digital assets, Bitnet enhances security and control with the BTS21 Token Standard. Moreover, Bitnet’s commitment to innovation is evident with the BTSHCE Token Standard, designed for high-compliance scenarios, showcasing its dedication to integrating digital currencies into various sectors.

Another cornerstone of Bitnet’s approach is the enhanced functionality introduced by the Bitnet Token Standards, particularly beneficial for DApps and DeFi platform developers, offering a more versatile set of features. Lastly, simplicity is emphasized with its token creation process distilled to just two lines of code, making it accessible for aspiring token developers.

In summary, the Bitnet Token Standards (BTS) stand out for their compatibility, simplicity, expanded functionality, innovative compliance solutions, and heightened security and control. These qualities firmly solidify Bitnet’s position as a truly unique and forward-thinking player in the blockchain industry.