BigONE & BIUT Minning Pool Community AMA Session Summary
Alan Li, BIUT(Bit Trust System) China Technical Director, who has a live chat(AMA) in the BigONE Chinese community on August 6, 2019.
Here are his thoughts and answers about BIUT Mining.
What is BIUT?
BIUT( Bit Trust System) is a public chain, of which originated from e-commerce and intend to solve the trust problems among Economy, Finance and etc.
BIUT is designed for solving the trust problems.
As a traditional Internet team joins the blockchain industry, BIUT still in the process of integrating to the Blockchain culture. In other words, we believe that blockchain technology can be used to develop landing applications eventually. BIUT chain will also serve as application one day.
We hope to achieve algorithmic level trust so that the problems of free trade will be resolved.
BIUT public chain is an in-depth exploration of algorithmic level trust. Let’s make a brief understanding. BIUT chain is a little similar to BTC decentralized. For example, you want to trade with a stranger or participate in an unknown project. You might have insufficient information. At that time, our public chain will provide a service, of which provide information like Google search engine. Though our public chain, you can recognize stranger account, or know the account’s trust value by transaction hash. We are working on this algorithmic trust system and will be released with applications in the future. Our goal is to achieve algorithmic level trust so that the problems of free trade will be resolved.
Q1: What is BIUT’s mining pool? Is there a block producer? Does it need a mining machine or just interest accrued on savings?
We don’t have block producer set up concept. After detected a security bug during the Mainnet running period. We decide to bring the ming pool node first. In order to accomplish our decentralized concept, the mining pool node will be canceled when the whole system is more stable. So as the design of architecture, we don’t have a super producer. Cooperate with mining pools is for promotion at the early stage only.
Q2. Will BIUT build its own Mining Pool？
The mining pool of BIUT is built for everyone. Anyone can build its own mining pool and node with a normal laptop or computer and family network. All the rules wrote down clear in the chain. The amount of 1.5 billion BIUT is distributed to miners as rewards. Total supply of 1.5 billion BIU also will be mined. There will not be an official operator in charge of the public chain.
Q3. What’s the difference between BIUT mining and POC mining of Staking?
Staking economy is similar to the POS’s mortgage and mining mechanism at some points. But the entire BIUT mining also contains POW mechanism. It is different from Staking economy. BIUT Mining has similarities of Staking economy, POS and POC mining. But it is really different from all of them. The biggest difference is that BIUT solves the problem of trust nodes that trust algorithms request. Solving this kind of thing can solve the trust of the transaction. BIUT intend to resolve two-way transaction problem.
Q4. For a miner, mining in the pool or ming at a single node, which one much better? What are the risk and yield?
If the whole network works stable through the test of time. We will cancel all of the rewards and then the present mining model will turn to a single node mining. But at present, It depends on the miner’s interests and technical ability.
Yield is relatively changing value. We step up the mining yield about 10% ~15% during the promoting period. We have confidence that what the BIUT exploring right now meets the market’s demands. No matter for the B2B or C2C people. BIUT have acknowledged their rigid demands and will develop the applications in this field for sure.
About this risk, it also depends on the choice of miner makes. Any investment has risks. We recommend miner consider the timing risk. The Mainnet promotions just start we think the yield may be higher than the setup yield.
Q5. How long will the BIUT mining process? Are there other rewards for mining?
You can learn from the BIUT economic model. BIUT want to build long term miners and the BIUT supporters. Every participant can find its role on the BIUT. In the long run, the economic model is able to achieve a spiral upward growth of the coin value, which grows until the end of all the coins mined.
Except for the profits of mining, BIUT also provides extra rewards. Such as 2.5 %, 3.8% BIUT rewards at this cooperation with BigONE.
Q6. How can miner do with the mined BIU? How to guarantee the output value of BIU?
BIUT also called trust coin, of which used to the mortgage for mining. It exists on the application layer. BIU coin mainly runs on the network layer. For example, it can be used to pay the gas fee in a smart contract. But BIUT is different from Ethereum. BIUT’s smart contract is a custom smart contract. Fees are different from different smart contracts on the BIUT. In this way, BIU exists on the whole network. That’s the profits of BIU. Our landing applications will guarantee the output value.
Q7. Except for this mining pool cooperation, will there more cooperations with BigONE？Could you please describe more deeply?
Our central focus of the current work is Mining Pool node building. Since the start of cooperation, we have found that there is a lot of thing in common with BigONE exchange. They really take care of their users. They are not bound by short-term benefits and see things in the long run, of which coincides with ours.
All in all, we will have further cooperations on Community, operations with BigONE. BIUT and BigONE exchange will keep exploring possibilities exist in the blockchain, except for the finance field.
Please visit BigONE mining pool page to find more information.