BitcoinHD (BHD) has upgraded to a new consensus. According to the latest BHD whitepaper, BitcoinHD will switch the core algorithm of the consensus protocol from Burst to Chia at a set time (height), and will then use Chia’s Plot file for mining. The former Burst consensus protocol will only be used to verify old blocks, and its plot file will not be used to generate new blocks.
There are two major changes in BHD, one is the new BHD conditional mining type, and the other is the change in the total amount of currency issued.
Description of the conditional mining type for the new BHD:
BHD conditional mining requires a certain amount of coins to be locked in to get the full block reward. And with the addition of a new consensus protocol, BHD has added a conditional mining type with a full reward for reaching 100% weight. Referring to the latest white paper conditional mining type, the details are as follows:
The standard amount of coins required for conditional mining is 100% type 3, and the formula for the amount of coins required for each type of equal arithmetic power is as follows:
Number of locked BHDs required for each type = amount of currency already issued / network-wide arithmetic * own arithmetic * (1/weight)
For example:
The current network-wide arithmetic of BHD is 100 P. The amount of issued currency is 20,000,000 BHD and the miner’s arithmetic is 1 P.
Number of BHDs required for type 3 = 20000000/ 100* 1*（1/100%）=200000
Number of BHDs required for type 2 = 20000000/ 100* 1*（1/50%）=400000
Number of BHDs required for type 1 = 20000000/ 100* 1*（1/20%）=1000000
Number of BHDs required for current= 20000000/ 100* 1*（1/8%）=2500000
Only miners who reach the type 3 condition will receive 100% of the reward. Regardless of the type chosen, if the full amount is not locked in then the block reward is only 15%, the remaining 85% will be accumulated on the chain until the next miner who meets the conditional mining weights collects all the BHD accumulated on the chain.
It should be noted that the amount of locked BHD is calculated based on the current arithmetic power and money supply, and this amount will change with the arithmetic power and money supply across the network. Therefore, miners need to adjust their locked quantity according to the current situation in time to maximize their mining revenue.
Details about the early withdrawal of locked BHD are shown in the chart
For example, suppose a user has a 12-month lock with 100 BHDs, but wants to withdraw it early at the 5-month, then the early withdrawal tokens are calculated according to the following formula:
Early withdrawal of tokens = Total number of lock-ups × (Locked-up period ÷ Total lock-up period)
Specifically, the early withdrawal of tokens for this user is:
Early withdrawal of tokens = 100 × （5 ÷ 12）
Here 100 means that the total locked amount of the user is 100 BHD, 5 means that it has been locked for 5 months, and 12 means that the total locked period is 12 months. By this formula, we can calculate that the early withdrawal of tokens is about 41.67 BHD, and the 58.33 BHD tokens deducted will be automatically destroyed.
The above model is only a test version and does not represent the final official model of the mainnet.
Regarding the changes in the BHD currency issuance, the total amount of currency will be changed to 63,000,000 BHD. After the hard fork, the output of each block will be three times the original issue. The Foundation will no longer receive rewards from new blocks, but will receive a one-time reward in the first forked block in the amount of the total amount of all issued currency multiplied by two, which is used for BitcoinHD’s development costs and community operations.
The above is the main content of the latest consensus protocol upgrade of BHD. BHD adopts the compatible XCH file format and double mining with Chia will open a new milestone. The upgrade of BHD is being realized step by step towards the initial vision to make BHD a more effective, safer and more energy-efficient consensus underlying public chain, a new main chain that realizes multi-public chain sharing and an expandable endogenous economic system!
BHD’s new protocol upgrade will also bring a new wave of bonus period. According to the HPOOL, Chia arithmetic power is currently 20.44EiB and BHD arithmetic power 45.49PiB. Once the Chia miners arithmetic power double mining with BHD, BHD arithmetic power will usher in a more substantial rise, and the mining bonus period will be highlighted once again at this time.
About BitcoinHD：
BitcoinHD is a new type of cryptocurrency based on CPOC, whose main feature is to use hard drive as a consensus participant, reduce the consumption of power resources by cryptocurrencies, lower the threshold of participation, make its production method more decentralized way and more secure and trustworthy, allow everyone to participate in cryptocurrency mining, generate credit and value through mathematical algorithms and distributed mining, and devote to create a valuable financial system that changes the way cryptocurrencies are produced.
