How to expand bitcoin network?
Oct 14, 2024
Overview:
Fractal Bitcoin extends the network by using the core code of Bitcoin, while maintaining the security and decentralization of the network.
It achieves a transaction time of 30 seconds and improves the transaction speed without damaging the core principles of Bitcoin.
Recursive structure makes it infinitely scalable and ensures consistent security at all levels.
Fractal Bitcoin supports smart contracts and provides a friendly environment for developers, miners and community members.
Fractal encourages the active participation of the community by managing tokens and developing participation.
What is the core code and main chain of Bitcoin?
Before we get to know Fractal Bitcoin, we need to know the main chain and core code of bitcoin, because Fractal is based on these.
The core code of Bitcoin is mainly written in C++, which is the basic software to support the operation of the whole Bitcoin network. The main function of the code is to maintain the blockchain, which is a distributed and tamper-proof account book that records every transaction on the network. By managing this blockchain, the core code ensures that all nodes (that is, computers running bitcoin software) remain synchronized and reach a consensus on the current state of the network.
The main chain of Bitcoin is the backbone of the Bitcoin network, and all transactions are recorded and verified on this chain. The main chain of Bitcoin was founded in 2009 by an individual or group named Satoshi Nakamoto, which is a public ledger that is not controlled by anyone.
This ledger consists of a series of blocks, and each block is a transaction packaging unit added to the chain in linear order. These blocks are linked together by cryptographic hash technology, and any attempt to modify the chain will be detected immediately.
Security and consensus
Bitcoin backbone is protected by a mechanism called Proof of Workload (PoW). In PoW, miners compete to solve complex mathematical problems. The first miner who solves the problem can add a new block to the chain and get the newly generated bitcoin as a reward. This process ensures the security of the network, prevents a single entity from controlling the chain, and maintains its decentralized characteristics.
In order to maintain the consistency of the network, Bitcoin relies on a system called consensus. Most nodes must agree on the validity of each new block. This consensus mechanism prevents the occurrence of double payment and ensures the accuracy and credibility of the account book.
Non-tampering and transparency
The main chain of bitcoin has the characteristics of being tamperable. Once a transaction is recorded in the blockchain, it cannot be changed or deleted. This feature provides a permanent and transparent record for all transactions, so Bitcoin is often called a "de-trust" system, because trust is transferred to the code and the network itself, rather than any centralized institution.
Why is Fractal Bitcoin unique?
What makes Fractal Bitcoin a unique extension solution?
Fractal Bitcoin is not another simple extension scheme on Bitcoin. It provides the possibility of expansion for the Bitcoin network, while maintaining its core advantages and functional integrity.
Some expansion schemes may be more like appendages added to the existing structure, such as adding a mismatched extension to the house. Fractal Bitcoin is more like an extension of the original design blueprint of Bitcoin, which makes it ready for future development while maintaining the foundation of Bitcoin.
The recursive nature of Fractal Bitcoin is very interesting. The recursive structure is self-similar, which means that each new layer reflects the structure of its previous layer. This design allows the network to expand infinitely, while each layer retains the security, traceability and consensus characteristics of the bitcoin chain.
This expansion ensures that each new layer is consistent with the original security features of Bitcoin, so it will not sacrifice security because of the pursuit of speed.
These layers not only improve the running speed of the protocol, but also enhance the scalability. Transactions that used to take a few minutes on the bitcoin blockchain can now be completed in about 30 seconds on Fractal, and are seamlessly compatible with existing bitcoin wallets and tools.
Since Fractal Bitcoin is like an extended version of the bitcoin blockchain, the project tried different functions in the test network stage. For example, OP_CAT extends the scripting function of Bitcoin, making it easier to build complex smart contracts.
A public opinion survey on platform X shows that the community wants OP_CAT to be included in the public test network. Judging from the feedback from the community, it seems that they also hope that OP_CAT can become a part of the main network. Fractal will also support runes, ordinal numbers and BRC-20.
Fractal Bitcoin's token economy model
The total supply of Fractal Bitcoin (FB) tokens is 210 million, and the distribution plan is as follows:
Workload proves mining (50%)
Half of the tokens (105 million pieces) are allocated to PoW mining to ensure network security and reliable block production.
Ecosystem Treasury (15%)
15% (31.5 million pieces) are used for the ecosystem bank to fund and support the growth and development of the ecosystem.
Community grant (10%)
10% (21 million pieces) are used for community grants to support partnerships and other community-driven projects.
Core contributors (15%)
15% (31.5 million pieces) are used to support core developers and ensure the sustainable development and stability of Fractal network.
Pre-sale (5%)
5% (10.5 million pieces) are used for pre-sale to early investors. These tokens have a lock-up period of six months and will be gradually released in the next six months.
Consultants (5%)
5% (10.5 million pieces) are used as consultants to provide strategic guidance and support for network development.
The theory behind this token allocation
Security: A large part (50%) of tokens are specially used for PoW mining to ensure the security of the network.
Growth: Funds from the ecosystem treasury (15%) and community grants (10%) are used to promote the growth and development of ecosystems.
Stability: help maintain the long-term stability of the network through the pre-sale lock-up period and carefully planned token allocation.
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