Show HN: Emulating Bitcoin on Ethereum
It is no secret that I'm pretty tired of the political infighting around Bitcoin. The environment got so toxic that I stopped most of my Bitcoin-centric development to focus on other projects. I'm pretty sure there are many developers who have felt the same way, and the result has been an explosion in alternative coins and technologies as developer resources have gone elsewhere.
So, I started a simple experiment. What if we got rid of developers entirely, and just replicated and adapted the deflationary structure of Bitcoin on Ethereum. We could model the entire process as an autonomous smart contract, and build a deflationary kernel into Ethereum itself. This would give us a 'store-of-value' token that had access to Ethereum's smart contract language and ecosystem. Just like USD and other inflationary currencies are spent to "mine" Bitcoin, we could spend Ether in an algorithmic way to "mine" a Bitcoin clone. This clone would merge the benefits of both, and deliver a working product quickly.
The end result is my ERC20 Token Bitcoineum. More information available on www.bitcoineum.com, come join us in telegram at https://t.me/bitcoineum So far upwards of $250,000 USD has been committed to mining. This is made simple through on-chain smart contract pools that aggregate individual users and remove the need for client software.
This is the first completely mobile mined currency. It is decentralized in the sense that anyone with an Ethereum wallet can mine it. It borrows its security and capabilities from the Ethereum network itself, and it is working right now. If you are interested in the development of this type of ecosystem come join us :)