What is Bitgold?
Bitgold, as a global asset primary currency, functions by staking Bitgold to produce digital assets such as bitcurrency,privcurreny, bitsecurities, universal tokens, and spacetime tokens, which serve as the underlying assets for these digital instruments. It is analogous to real estate built on land, where one can take out loans from banks, or to the gold standard in early monetary systems.
The functions of Bitgold:
Become a Base Asset: By staking Bitgold, it can be used to generate Bitcurrency, currency securities, general tokens, and time-space tokens, serving as a value endorsement.
Medium of Exchange: All assets can form decentralized trading pairs with Bitgold, creating an unrestricted, universally accepted exchange and settlement system.
Credit Guarantee: As the assets within the system increase, the credit score of accounts holding Bitgold will also rise.
The total supply of Bitcoin (BTG) is 200,000,000.
According to data provided by the World Gold Council in 2023, since the beginning of human civilization, approximately 208,874 tons of gold have been mined globally [https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold] (equivalent to 208,874,000 kilograms, with an annual increase of about 3,000 tons). From a mathematical perspective, we are using a comparable figure and setting the total issued BTG to 200 million, which remains constant. All developers should prioritize the movement of the decimal point and should never consider changes in the value.
Jewelry: 95,547 tons (46%)
Bars and Coins (including gold-backed ETFs): 46,517 tons (22%)
Central Banks: 33,515 tons (17%)
Others: 31,096 tons (15%)
Proven Reserves: 5,200 tons
Bitgold Issuance Mechanism
The initial allocation is 100 million.
An additional 100 million Bitgold will be generated through staking rewards from validater nodes, with production decreasing annually according to a mathematical ratio (7.7 million coins in the first year, and the annual output will be 85% of the previous year’s output), expected to be mined in approximately 30 years.
Bitgold Distribution
10 million: For the founding team, to be unlocked linearly over 240 months starting 10 years after the mainnet launch. This locking and unlocking mechanism ensures the founding team can lead the project’s development for the next 30 years and beyond.
20 million: For the Utopia Foundation, to be unlocked linearly over 240 months starting 10 years after the mainnet launch. This mechanism allows the foundation to have operating funds to support the ecosystem’s development for the next 30 years and beyond.
30 million: For private institutions, including capital, media, and ordinary individuals, with an immediate release upon IDO.
40 million: For government-related institutions, with each government receiving 1 million coins, released immediately upon joining.
100 million: For long-term staking rewards, to be distributed over approximately 30 years.
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Similar papers/references or related literature:
Satoshi Nakamoto, October 31, 2008. Bitcoin: A Peer-to-Peer Electronic Cash System. https://nakamotoinstitute.org/bitcoin/
Nick Szabo, Bit Gold, December 29, 2005. From the Satoshi Nakamoto Institute. https://nakamotoinstitute.org/bit-gold/
Satoshi Nakamoto Institute. https://nakamotoinstitute.org/