BitherPlatform presents an entirely new platform based on a synthesis of several methods. By introducing Merged-Mining capability and also optimizing computing power consumption, Bither sets its goal to draw more computing power toward its network through an efficient mining algorithm. BitherPlatform is based on Mitigated Proof of Work (M-PoW), as its consensus algorithm with a different architecture and distinct functions compared to Bitcoin, Ethereum, and many other similar networks. The key innovation is the calculating of the network hash power and distributing this computing power through many trusted nodes as the Masternodes.
The network operates with a high number of these Masternodes through a hybrid method. So every Masternode’s information is observed and compared to other Masternodes. The observation consists of automatic and precise supervision over the accuracy of the computations and their orders. In this method, Masternodes are equipped with a new processor core (software). By this processor core, the entire hash rate of the network is calculated prior to being divided into four major parts:
1. M percent of the network’s total hash rate is allocated for mining new coins, recording transactions, securing the main network, and checking and executing smart contract algorithms on BitherPlatform’s main network.
2. N percent of the network’s total hash rate is distributed among networks of the second layer. This computing power is used for recording and confirming transactions in networks of the second and third layers. It is also used for computation and summarization of the network’s internal transactions (Because of the layered structure of the BitherPlatform).
3. This part is shown by the percentage marker of K. Through the miners’ decision and selection, this part is assigned to research and scientific projects; these are projects that run on the BitherPlatform network and need computing power for their processing.
4. The last part is introduced by the percentage marker of L (L=100-M-N-K). This part is assigned to a third-layer network in which miners can lease their extra computing power. The token that is used in this network is called Rental Processor (BRP). By implementing a modern architecture for mining and defining trusted Masternodes, the BitherPlatform presents a new solution to the current problem of mining centralization. The role that Masternodes play in the distribution of hashing power is an innovative approach to solve the problem of ASICs. This way, ordinary users have a chance to mine as well. BitherPlatform has presented a completely new platform that has many advantages in executing smart contracts, setting up scientific projects that are in need of computing power, creating second and third layers toward the categorization of activities for tokens, etc. Some of these advantages go as follows: - Optimized use of energy with the multi-mining ability to incentivize miners - The possibility to create thousands of sidechains in the network - Recording transaction details on the sidechains rather than the main network - Not needing BitherPlatform coin for the sidechain transactions - A standard platform where scientific projects can purchase their required computing power. - Providing the required hashing power for mineable projects at the start of their activity - Profitable mining during market downturns - Defining a safe and secure standard to prevent fraud in the initial coin offerings (ICO) - The possibility to define and create holding companies - Setting up decentralized and user-friendly exchanges
So, does this project worth to take a look at it or not? We think it is!