Bither presents an entirely new platform based on a synthesis of several methods. By introducing Merged-Mining capability and also optimizing computing power consumption, Bither sets its goal to draw more computing power toward its network through an efficient mining algorithm.
Bither works with “Proof of Work” (PoW), as its consensus algorithm, though with a different architecture and distinct functions compared to Bitcoin, Ethereum, and many other similar networks. Bither’s innovation is in its calculation of network hash rate and automatic separation of computing power by using trusted masternodes. Through a hybrid method, these masternodes are defined and implemented in high numbers. Moreover, each masternode’s information is compared to other masternodes and there is an automatic and precise supervision over the accuracy of the computations and their orders.
In this method, masternodes are equipped with a new processor core (software). Through this processor core, the entire hash rate of the network is calculated before being divided into four major parts:
M percent of the network’s total hash rate is allocated for mining new coins, recording transactions, securing the main network, and checking and executing smart contract algorithms on Bither’s main network.
N percent of the network’s total hash rate is distributed among networks of the second layer. This computing power is used for recording and confirming transactions in networks of the second and third layers. It is also used for computation and summarization of the network’s internal transactions.
This part is shown by the percentage marker of K. Through the miners’ decision and selection, this part is assigned to operational projects; these are projects that run on the Bither network and need computing power for their processing.
The last part is introduced by the percentage marker of L (L=100-M-N-K). This part is assigned to a third-layer network in which miners can lease their excess computing power, The token that is used in this network is called Rental Processor.
By implementing a modern architecture for mining and defining trusted masternodes, the Bither platform presents a new solution to the current problem of mining centralization. The role that masternodes play in the distribution of hashing power is an innovative approach to solve the problem of ASICs. This way, ordinary have a chance to mine as well.
Bither has presented a completely new platform that has many advantages in executing smart contracts, setting up scientific projects that need computing power, creating second and third layers toward the categorization of activities for tokens etc. Some of these advantages go as follows:
- Optimized use of energy with the multi-mining ability to incentivize miners.
- The possibility to create thousands of sidechains in the network.
- Recording transaction details on the sidechains rather than the main network.
- Not needing Bither balance for the sidechain transactions.
- A standard platform where scientific projects can purchase their required computing power.
- Providing the required hashing power for mineable projects at the start of their activity.
- Profitable mining during market downturns.
- Defining a safe and secure standard to prevent fraud in the initial coin offerings (ICO).
- The possibility to define and create holding companies.
- Setting up decentralized and user-friendly exchanges.
To conclude, the Bither platform -while providing all features of current PoW based blockchains such as security, “tokenization” and smart contracts, aims to push blockchain technology one step further in order to have a place in a green and eco-friendly future and to be a great help for scientific projects in order to afford the process of big data. Besides these, Bither has also brought many innovations to make its platform more efficient and user-friendly.