A Decentralized Economic Framework Based on Public Currency

Author: Dr. Bright [[email protected]], Version 2.1.5

Preface: When Bitcoin was first introduced, its white paper envisioned it as “a peer-to-peer electronic cash system”. Over the years, Bitcoin and blockchain technology have partially realized this vision, and it is likely that within the next fifty years, the full potential will be achieved. However, at this stage, Bitcoin has yet to meet the standards required for public adoption, particularly in terms of overall performance, scalability, transaction fees, cross-cultural usability, user experience, and security. Bitgold is a novel experiment inspired by the concept of Bitcoin 4.0, designed to fulfill the original ideals of Bitcoin.

Abstract: Based on the ideas of Bitcoin and some simple financial rules, this paper proposes a logically simple solution advocating for methods such as “new gold standard, competitive issuance, public currency, and decentralized digital asset allocation.” Through technological means, by pledging Bitgold, it achieves competitive issuance of digital currencies (stablecoins) corresponding to various national currencies, thereby reaching consensus on trust at the asset’s base layer and on asset circulation at the application layer. This approach truly realizes the value scale, liquidity equivalents, storage means, and payment intermediary capabilities of digital currencies, and extensively applies decentralized smart contracts in fields such as “value investment, online payments, automatic settlement, commercial contracts, and tokenization of property rights.” The entire experimental process will undergo three main technical steps: 1. Public currency operation platform; 2. Autonomous architecture of digital assets; 3. Distributed economic system architecture.

Keywords: Public Currency, New Gold Standard, Bitcoin, Tokens, Sound Money Driving Out Unsound Money.

English version: https://cdn.openverse.network/english/Openverse%20Whitepaper/Bitgold_whitepaper_en_2.1.5.pdf