Everything you need to know about Bitnet's currency
Bitnet is a peer-to-peer network that allows for the creation of programmable money and financial systems. Its coin with the same name Bitnet (BTN) is designed to function as a cryptocurrency, supported by a robust, hardcoded monetary policy.
Currency Name: Bitnet
Emission: 1 BTN/block
1st Gen. Uncle: 0.875 BTN/uncle
2nd Gen. Uncle: 0.75 BTN/uncle
3rd Gen. Uncle: 0.25 BTN/uncle
Maximum Supply: ∞
Average Block Time: 15s
Maintaining a reasonable and predictable emission rate is essential to encourage spending and increase the velocity of money. To achieve controlled inflation, a similar amount of Bitnet (BTN) is created each year through new blocks, resulting in a decreasing inflation rate as the protocol matures. These mechanisms also support growth and expansion during the initial years to promote adoption and usage while maintaining fiscal discipline over time.
Similar to Bitcoin, Bitnet had a fair launch, meaning that no Bitnet (BTN) were pre-mined or allocated to founders or developers. The protocol was launched and published on the Bitcoin Talk Forum on July 14, 2023. Within a few hours, several CPU and GPU miners joined the network, and community mining pools emerged within 24 hours. This ensured a fair and more unbiased distribution. Unlike Bitcoin, early miners, founders, and developers could not mine disproportionate amounts of coins due to the limited number of peers and miners on the network.
Bitnet’s monetary policy is hardcoded into its protocol, ensuring consistent operation whether it’s today, in ten years, or a hundred years from now. Looking ahead, this unchanging monetary policy provides a strong foundation for long-term trust and stability in the Bitnet ecosystem, making it a reliable cryptocurrency for generations to come.