BitcoinEOS (BITE) " EOS compatible blockchain "



BitcoinEOS (BITE)


      



 " EOS compatible blockchain " 


Bite Explorer : www.bitechain.party



Abstract. We describe the regulatory and distribution advantages of an alternate
blockchain  from the EOS project which is widely circulated via airdrop. We are also
discuss specific airdrop strategies which aim to maximize the network effect of the
BITE  currency.



:Introduction:

BITE , a clone blockchain  from the EOS project, avoids some of the
regulatory challenges facing public offering derived tokens while having more
widespread distribution than the crowdfunded EOS token. This has the potential to
lead to a high value blockchain. In this paper I will discuss the EOS project in more
detail, the advantages an alternate blockchain based on the EOS sourcecode may
have, as well as proposed distribution mechanisms aimed at maximizing the
distribution and use of this token.



                                                                          Welcome to BitcoinEOS. This whitepaper is designed to give first time BitcoinEOS (BITE) holders an introduction to our project.


:THE BLOCKCHAIN:


                 Cryptocurrencies as we know it make use of what we call a distributed ledger. 
 EOS  and  BITE are both implementations of a blockchain based distributed ledger, similar to Bitcoin , Ethereum, Litecoin, etc.
 which share the same base code but have a different distribution. A blockchain is essentially a decentralized database which includes a collection of records of transactions within the network that are hosted on 
thousands of computers across the world through different nodes. With Proof of Work based currencies, these nodes are run by ‘miners’ who also compete to cryptographically hash each record on the chain, 
whereas in DPoS and with EOS and BITE, they are referred to as a ‘witness’... 









:Background of the EOS Project:



The EOS project promises an innovative high-throughput blockchain capable of
hosting enterprise grade applications at low transaction fees . The underlying development company block.one is well funded and boasts a proven development team with a history of delivering on ambitious projects. Initial EOS tokendistribution is determined by a year-long crowdsale by the block. one company of an ERC20 token on the Ethereum Network, with plans for a token-holder driven launch of an EOS blockchain along with conversion of distributed ERC20 tokens to newly minted EOS tokens. Several steps have been taken by the EOS team in order toreduce regulatory exposure arising from the crowdsale 
● Distancing themselves from any obligation in launching, running ormaintaining the EOS blockchain.
● Disclaimers absolving the block.one organization of any obligation to holdersof EOS ERC20 tokens .
The goals of the token distribution as stated by block.one CTO Daniel Larimer are :
● Widespread distribution,
● Community engagement,
                                                                           ● A fair, equal opportunity for many different people to get involved An obvious additional goal is revenue for the owners of the block.one company.
                                                                                 Daniel Larimer states that the company already had adequate funding in order tocomplete development of the EOS project prior to the crowdsale,
                                                                                             and that crowdsale proceeds would go to the block.one organization as revenue with no plan or obligationto use this revenue to further the EOS project .



:Some technical backgrounds:

Blockchain technology was introduced in 2008 with the launch of the Bitcoin currency, and since then entrepreneurs and developers have attempted 
togeneralize the technology to support a wider range of applications on a single blockchain platform.

While a number of blockchain platforms have struggled to support functional decentralized applications, application specific blockchains such as the BitShares decentralized exchange (2014) and Steem social media platform (2016) have become heavily used blockchains with tens of thousands of daily active users. They have achieved this by increasing performance to thousands of transactions per second, reducing latency to 1.5 seconds, eliminating per-transaction fees, and providing a user experience similar to those currently provided by existing centralized services.

Existing blockchain platforms are burdened by large fees and limited computational capacity that prevent widespread blockchain adoption.

Requirements for Blockchain Applications

In order to gain widespread use, applications on the blockchain require a platform that is flexible enough to meet the following requirements:

Support Millions of Users

Competing with businesses such as eBay, Uber, AirBnB, and Facebook, require blockchain technology capable of handling tens of millions of active daily users. In certain cases, an application may not work unless a critical mass of users is reached and therefore a platform that can handle very large numbers of users is paramount.

Free Usage

Application developers need the flexibility to offer users free services; users should not have to pay in order to use the platform or benefit from its services. A blockchain platform that is free to use for users will likely gain more widespread adoption. Developers and businesses can then create effective monetization strategies.

Easy Upgrades and Bug Recovery

Businesses building blockchain based applications need the flexibility to enhance their applications with new features. The platform must support software and smart contract upgrades.

All non-trivial software is subject to bugs, even with the most rigorous of formal verification. The platform must be robust enough to fix bugs when they inevitably occur.

Low Latency

A good user experience demands reliable feedback with a delay of no more than a few seconds. Longer delays frustrate users and make applications built on a blockchain less competitive with existing non-blockchain alternatives. The platform should support low latency of transactions.

Sequential Performance

There are some applications that just cannot be implemented with parallel algorithms due to sequentially dependent steps. Applications such as exchanges need enough sequential performance to handle high volumes. Therefore, the platform should support fast sequential performance.


Parallel Performance 

Large scale applications need to divide the workload across multiple CPUs and computers.

Consensus Algorithm (BFT-DPOS)

EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them.

The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain.

Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers.

If a producer misses a block and has not produced any block within the last 24 hours they are removed from consideration until they notify the blockchain of their intention to start producing blocks again. This ensures the network operates smoothly by minimizing the number of blocks missed by not scheduling producers who are proven to be unreliable.

Under normal conditions a DPOS blockchain does not experience any forks because, rather than compete, the block producers cooperate to produce blocks. In the event there is a fork, consensus will automatically switch to the longest chain. This method works because the rate at which blocks are added to a blockchain fork is directly correlated to the percentage of block producers that share the same consensus. In other words, a blockchain fork with more producers on it will grow in length faster than one with fewer producers, because the fork with more producers will experience fewer missed blocks.

Furthermore, no block producer should be producing blocks on two forks at the same time. A block producer caught doing this will likely be voted out. Cryptographic evidence of such double-production may also be used to automatically remove abusers.

Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second.

Transaction Confirmation

Typical DPOS blockchains have 100% block producer participation. A transaction can be considered confirmed with 99.9% certainty after an average of 0.25 seconds from time of broadcast.
In addition to DPOS, EOS.IO adds asynchronous Byzantine Fault Tolerance (aBFT) for faster achievement of irreversibility. The aBFT algorithm provides 100% confirmation of irreversibility within 1 second.









BITE Distribution  :


The BitcoinEOS project involves creation of 1,000 M  ERC20 BITE tokens. 
45% of these will be airdropped...
These 45% BITE tokens will be airdropped to ethereum addresses , to sending ETH=0.00 to the BitcoinEOS smart contracts,
it will release autometically your tokens after your confirmed transection,,. 
This distribution will be performed at time to time till the last token which are allowence for airdrop free distribution ,,
30% of BITE tokens will be distributed to developers , DAPPS ,  Bounties , rewards, Strategic partners and Block Producers,,
Rest 25% BITE tokens will be accumulated to Investers, Founders and for Development Funds...







:  BitcoinEOS ( BITE ) Smart Contracts  :



                 basically we have two smart contracts of BitcoinEOS (BITE) , for fulfilling the free distribution process properly...



:Bounty, Reward ,Fans ,Advertising:

We always are conducting Several Events on Twitter and Telegram   for the Bounty Hunters who gains our tokens by completing different tasks. 
We always promote innovative ideas and congratulate the ideas with rewards. We already 
conducted several Fair innovations Contest in our official telegram where community decides the winner by polls.
 We are always rewarding and thank our super fans by rewards. We know a good project also needs limelight so we are 
already fixed our advertising budget.






WHY BITE ???



Our reasoning behind BITE is that the opportunity exists for a separate EOS chain with a different distribution to the ones proposed by block.one’s ongoing ICO. 
We are not attempting to replace EOS, nor are we attempting to ‘hijack’ their software. If the EOS main chain is successfully launched,
 we still believe there’s opportunity for side chain that, although may not be as big as the main EOS chain, is still big enough to attract talented
 developers and a vibrant community along with allowing customizations for niche specific industries that the main EOS chain may not be geared towards.
 EOS has been labeled as geared towards enterprise scale business applications. At BitcoinEOS we believe that there is rampant opportunity for EOS 
to be used on a host of other industries that may have different requirements to that of the main EOS chain. 
Our Project will aim for to accommodate for niche industries and communities that may be overlooked by the main EOS project.
Now these days, BITE is the thinking and a project for fun ande learning, We are the only growing project with EOS concept, that make a clone of our 
EOS blockchain, maximum number of tokens are distributed freely for why??? thats the qs. mark,,, Actually we want to give the oppertunity to the general
people to rule the market,, that is the aim of us,, we will do it together,,



:INTRODUCTION  TO  DAPP:





DAPP is an abbreviated form for decentralized application.

A DAPP has its backend code running on a decentralized peer-to-peer network. Contrast this with an app where the backend code is running on centralized servers.
A DApp can have frontend code and user interfaces written in any language (just like an app) that can make calls to its backend. Furthermore, its frontend can be hosted on decentralized storage such as Swarm or IPFS.

If an app=frontend+server, since contracts are code that runs on the global decentralized peer-to-peer network, then:
DAPP = frontend + contracts

        

: Introduction to dApps : Beginner’s Guide :


DApps, fully known as Decentralised Applications are back-end codes which work on decentralised networks. They are not deployed by an individual company, but instead, they work on a peer-to-peer network. Ethereum is the best example of a DApp.








: Features of DApp :


To be a DApp, the application must have four features :


Open Source:-     DApps must be open-sourced networks and their code base must be available for the public to see them anytime. 
They should be governed by autonomy, i.e., all changes must be decided by the consensus of its users, and the majority vote should be executed.

Decentralised:-       Blockchain should be used to store all data. All records of the application’s operation should be stored on a public and decentralised blockchain. 
This would prevent centralisation over the network.

Incentivised:-       Cryptographic tokens should be used for the store of value. Miners on the blockchain must be incentivised by rewarding these tokens,
 which would ensure the continuation of the chain.

Protocol:-        These tokens must be generated through some algorithm. The application community must agree on these cryptographic algorithms. Currently,
 there are two protocols used by blockchains – proof of work and proof of stake. Bitcoin is using Proof of Work (PoW) currently,
 while its forked version, Bitcoin Cash has moved onto Proof of Stake (PoS).





Bitcoin and Ethereum as DApps








According to the definition and features, Bitcoin was the first DApp ever. It is a decentralised blockchain with Bitcoin tokens and Proof of Work Protocol.
 It fulfils the demand of all features. Its implemented blockchain-based solutions arose because even though there have been earlier solutions to censorship and centralisation, 
they were never successful. “Bitcoin is a self-sustaining public ledger that allows efficient transactions without intermediate and centralised authorities.”

However, Ethereum is considered to be the better and more-fulfilling version of DApps. It was created with not only the aim of decentralisation and incentive but time, 
security and scalability as well. Ethereum has its own language, Solidity where developers extensively use smart contracts to execute innovative, real-life and useful ideas.

Developers believe that Ethereum is a way to repair the design of internet.
 It is like a ‘decentralised app store’ where anyone can publish innumerable apps and find users or customers for its usage. Unlike common appstores these days,
 such as GooglePlay or Uber, which require a middleman to connect the sellers and buyers, DApps provide a direct link.





: Types of  DApps :





Three common types of DApps exist so far. They have been classified by the Ethereum white paper and are:

01. Apps that manage money 

In this type, users need cryptocurrency to settle contracts with each other. On Ethereum where smart contracts are most famous, 
one user has to pay ether to another in exchange for some service, good, information, etc to settle down the contract. To facilitate the distribution of data,
 the network’s distributed computer nodes are used.


02. Apps where money + outside information is involved

In these apps, the execution of smart contract not only requires tokens but outside information as well. The outside information is changing variable upon which the data of contract depends. For instance, if charges of a shopping app depend upon the distance between buyer and seller, and the distance is variable here, it is the outside information required to settle the contract.

To execute foreign-information based contracts, ‘oracles’ on Ethereum stays up-to-date with the outside world and to provide such extra information.

03. Apps that manage governance and voting

DApps usually use DAOs (Decentralised Autonomous Organisations) to manage governance and voting on the network. They aim to form truly decentralised and autonomous apps, where there is no need for a leader or team or board members. Community members can have rules in the initial on how members can vote and reach consensus amongst themselves. Rules for company funds are also released in the initial so that users know what percentage of the fund is going where. Then the DApps are let to be continued by the community members forever.



:BITE Smart Contracts:







Smart contracts are a core concept of EOS and Ethereum that are not well understood by the majority of cryptocurrency enthusiasts and investors.
 The concept of a ‘Smart Contract’ was in fact pioneered far before the blockchain revolution ever started in 1996 by a man named Nick Szabo.
 In essence it can be described as 'a digital agreement with observability, verifiability, privity, and enforceability’. 
BITE WHITEPAPER to understand the difference between DApps and Smart contracts, we need to understand a few core concepts of general application development first.
 In software development, programs are generally split into two sections - the frontend, and the backend. The frontend involves what we the user ‘see’ when we are using the application.
 For example, the screen showing the available options in the application that we are able to interact with. The backend, in contrast,
 refers to everything that happens behind the scenes - all of the server side and other code that is happening in the background, but is not clearly visible to us as the user.
 On the blockchain, the ‘Smart Contract’ is essentially the backend code with which the frontend ‘DApp’ interacts with. So the ‘Smart Contract’ is the code running behind the scenes on the blockchain,
 and the ‘DApp’ is the ‘frontend’ website or app interface that we interact with but that pulls data from the blockchain via the Smart Contract.
 In more broad terms and with the rise of the blockchain, a smart contract can be thought of as any kind of computer program or DApp that runs on the blockchain.
 One of the key differences between a regular application and a smart contract is that it can be viewed publicly (observed). 
Think of a smart contract as an open source application where anyone can view the code.
 This was the feature of smart contracts that allowed a hacker to steal $50 million dollars from The DAO as they had access to the code and were able to find a vulnerability to exploit.



:Frontends And Backends In Development:


To understand the difference between DApps and Smart contracts, we need to understand a few core concepts of general application development first.
 In software development, programs are generally split into two sections - the frontend, and the backend. The frontend involves what we the user ‘see’ when we are using the application.
 For example, the screen showing the available options in the application that we are able to interact with. The backend, in contrast, refers to everything that happens
 behind the scenes - all of the server side and other code that is happening in the background, but is not clearly visible to us as the user. 
On the blockchain, the ‘Smart Contract’ is essentially the backend code with which the frontend ‘DApp’ interacts with.
 So the ‘Smart Contract’ is the code running behind the scenes on the blockchain, and the ‘DApp’ is the ‘frontend’ website or app interface that we interact with but that pulls data from                                 the blockchain via the Smart Contract.



:Risk:


The importance of network effects for the adoption and ongoing use of cryptocurrencies results in the majority of cryptocurrencies failing to gain traction.
In particular, forked blockchains carry lower launch costs and are more numerous, and are probably more likely to languish in obscurity as a result of their perceived
lower value. The EOS project itself is still in the process of development, and many of its advantages over pre-existing blockchains remain unproven and theoretical. The
project is also highly reliant on a small number of developers, particularly Daniel Larimer. Although the EOS software is being developed as an open source project
under the MIT License, the developers, block.one company or EOS token-holders may take steps to prevent forked blockchains from being created or viable. Widespread
airdrop of ERC20 tokens to addresses on the ethereum network is viable at current ethereum network utilisation levels and gas prices, however increases in price may
make this strategy prohibitively expensive.
This whitepaper contains forward looking statements, strategies and plans which are speculative and may not eventuate. BitcoinEOS has no relationship to EOS.io,
block.one, or the founders of the EOS project, other than our stated intention of adopting the EOS MIT licensed open source software. We reserve the right to alter
our launch strategy as market conditions change and new developments happen.





:Present Works:




=> Setting up a publick test network for BITE(Finished)
=> idea competition: BITE purpose (Finished)

Open
=> Build hello word smart contract in BITE public test network 
=> Connect your node to BITE public testnet
 => Build chain explorer in BITE public test network
=> Build wallet in public BITE test network
-Idea competition: how BITE can stand out from competitors while still bringing fun back to smart contracts 






Join us on @teitter  for updates :





Join Telegram community to partisipate Bounties:





please check us as well @bitcointalk.org 





:Testnet:

BITE is running EOS compatible testnet: https://steemit.com/bite/@biteosdev/bite-eos-based-testnet
We invite devs for testing.





:Roadmap:

Build EOS compatible blockchain

For now we are in the early stages of our project,  for more informations please stey tuned

More details are coming soon  !!!
  

                                                                                                                     



                                                                                                      #BitcoinEOS  @destropx...



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