Bithereum Redemption Rundown
Both Bitcoin AND Ethereum Hodlers Can Redeem Bithereum!
Bithereum Network (BTH) is proud to support both Ethereum (ETH) and Bitcoin (BTC) holders and will allow them to redeem BTH regardless of which chain their holdings reside on. Since ETH and BTC interact with transaction on entirely different blockchain implementation and with completely dissimilar address space, Bithereum will introduce the mechanism for both to redeem.
The World’s First Hard Spork
Being that it’s a coin that benefits both chains, Bithereum will be the first hard spork of its kind. Bitcoin will first be hard forked to make changes to the protocol that will allow it to be a more technologically advanced peer-to-peer currency, while Ethereum will be hard spooned by taking a snapshot of the existing account balances of ETH holders to reward them in Bithereum. The term “hard spoon”, was originated by the Cosmos team and is defined by Vitalik Buterin as a meta-protocol change that “occurs when a new cryptocurrency is minted by replicating the account balances of an existing cryptocurrency.” A hard spoon is non-contentious, meaning that it is in no way attempting to compete with or take market share from the blockchain who’s balance it’s inheriting.
All BTC holders will be redeemable on a 1:1 ratio with BTH, whereas ETH will be redeemable at the price ratio of ETH:BTC at the time of the spork, which was 38 ETH:1 BTC. That means that if you have 1 BTC, you can redeem 1 BTH, and if you have 38 ETH, you can redeem 1 BTH.
UPDATE: The hard spoon snapshot was succesfully taken on 12/12/18. The ratio was 38:1, you can read more about it here: https://medium.com/bithereum-network/bithereums-hard-spoon-snapshot-is-complete-c1814024ea9a
To initialize the redemption process, visit our redemption page at http://bithereum.network/ethredeem
Redeeming BTH for Ether holders:
Before you can begin the redemption process of BTH as an ETH holder, you must send a 0 (zero) ETH transaction through our ETH Redemption Smart Contract with the public key to your newly created Bithereum wallet. If you have ETH in multiple wallets, this process must be repeated for each address, but, you can provide the same Bithereum address in the data field for the corresponding BTH to be released into the same wallet.
This is an important step not to miss as the ETH redemption smart contract pairs your ETH address to your BTH address and is then referenced by the Bithereum oracle after the fork. Once the fork takes place, the BTH transferred by the Bithereum oracle to the BTH address will be proportional to the balance of your ETH address directly prior to the spoon block.
Once an ETH address has gone through the redemption process, it will be removed from Bithereum’s oracle that includes each ETH address in existence prior to the spork block. This is to ensure that no address can be redeemed more than once.
The link for the Bithereum Redemption smart contract can be found here:https://etherscan.io/address/0x3c2c10e5ecd073d9ee238493d338ec6e3d7281c6
For transparency purposes, Bithereum will provide the public address of the wallet that will be containing the total supply of BTH coins for ETH holders upon launch. This address will never be touched by the Bithereum team, and will reduce in holdings as people redeem their respective BTH.
Bringing the Best of Both Worlds Together
Regardless if you are an Ethereum holder or Bitcoin enthusiast, both can be easily redeemed for Bithereum. BTH creates an outlet for both BTC and ETH, allowing Bitcoin to take on its new role as a store of value, and by allowing ETH to be used for its true purpose as a worldwide computer that can contain a vast ecosystem of dApps on its platform.
Bithereum brings together the two leading cryptocurrencies to create an unparalleled peer-to-peer digital currency via forking the Bitcoin blockchain in combination with Ethereum’s technological roadmap.
The following tutorials are also available for anyone interested in Bithereum’s redemption process.
To generate a BTH wallet offline visit:
https://medium.com/bithereum-network/generate-a-bithereum-wallet-address-3d4b32e27d27
Tutorials for sending 0 ETH transactions through multiple different Ethereum wallets are also listed below:
MyEtherWallet: https://medium.com/bithereum-network/how-to-redeem-your-bth-using-myetherwallet-97b6e0a0d250
Metamask: https://medium.com/bithereum-network/eth-holders-how-to-redeem-your-bth-using-metamask-849c381da87b
Jaxx: https://medium.com/bithereum-network/eth-holders-how-to-redeem-your-bth-using-jaxx-2dc9e9fec6de
IM Token: https://medium.com/bithereum-network/eth-holders-how-to-redeem-your-bth-using-imtoken-47b984f2cbe
Bithereum Network
Visit the Bithereum Network website to learn more. Stay-up-to date with our project news and announcements by following our social media channels: Facebook, Twitter, and LinkedIn. Join the conversation on our community channels: Telegram, and Reddit.
