Bitcoin relies on the abnormal ecological competition mode which consumes resources and computing power, which hinders people from entering the bitcoin digital world. From the early FPGA mining machine, the emergence of ASIC, to the present S19 mining machine, behind the vicious competition of the continuous upgrading of computing power competition hardware, the price is that the mining machine is shut down in large area and become scrap iron.
At the end of 2019, from University of British Columbia, Canada Dr. Mani, founder of the Blockchain Research Institution Center (BRIC), created a BED（Bit Ecological Digital Asset） project. BED aims to create a bit asset ecology based on POW + Ticket entry POS integration mining. Dr. Mani hopes to activate bitcoin, eliminate mining machine resources, attract new mining machines, and form a more robust CPU computing power market to serve large-scale commercial micro payment applications.
Bitcoin miners in the game of life and death ushered in hope of rebirth
On May 12, bitcoin entered the third cycle of halving in history, with the direct effect of halving mining revenue. In order to reduce the loss, many miners are clearing the old machines. To make matters worse, because of the low income, the new miners cannot supplement. The miner and the power station have signed a power consumption contract in the early stage, and the power station requires no less than a certain contract power consumption, which leads to more serious losses of mine owners.
Dr. Mani said: "BED adopts a dynamic competitive consensus algorithm, which can be seamlessly compatible with the bitcoin miner ecology. The bitcoin mining machines that are on the verge of being eliminated can switch to BED computing power with one click, so as to obtain favorable and stable benefits."
In the stability evaluation of recent mining projects, BED has surpassed other competition projects with the only score of more than 95%. It also means BED testing is coming to an end, and BED will soon be mining for bitcoin miners.
The white paper shows that the hybrid dynamic consensus algorithm of BED is compatible with POW and POS mining. Among them, POW miners are responsible for generating new blocks, which are fully compatible with bitcoin mining mode. POS is responsible for ticket management and validation of new blocks.
Ticket entry is the core of BED dynamic consensus algorithm. To participate in the BED's POS consensus, holders need to lock the BED token to purchase "Ticket". The lock-in period will last until their ticket is called by the network's pseudo-random function to complete the voting, that is, a mining cycle (1008 pieces).
In BED’s POW + POS consensus algorithm, miners can participate in both POW mining and POS voting. In each mining cycle, if the miners successfully bid for tickets, they can get all the block rewards and transaction costs; if the miners do not get tickets, they will only get part of the mining revenue; if the tickets are provided by the system, the corresponding proportion of block rewards will be automatically destroyed.
In order to obtain higher mining income, miners will be encouraged to purchase BED with tickets, so as to increase the amount of BED token and the total value of BED. It can be seen from this that BED economic model can completely avoid the problem of POW computing power concentration, and at the same time encourage miners to participate in the ecology, and finally achieve a consensus economy of fairness, justice and self-motivation.
Three technical cores of BED
BED mining is not only a mining game, but also will support the future trillions of dollars in the huge micro payment market.
From the perspective of application scenarios, compared with bitcoin, BED pays more attention to practicability. Bed serves micro payment applications with payment and transaction as the core. Similar to decentralized DCEP, e-commerce, red packets, payroll and Defi scenarios can be implemented on BED.
In order to meet the requirements of high concurrency, scalability and offline payment of various application scenarios, BED has broken through a variety of core technologies.
1. High privacy
BED supports publishing privacy assets, which is suitable for application scenarios with high privacy protection requirements. Taking the application of block chain medical and health records as an example, medical institutions can publish private assets in BED, and the data on the chain is only visible to the organization, which greatly meets the protection of medical personal data.
BED also implements standard non trust protection for clients, such as electrum, Android and iPhone clients, which can directly embed the same anonymous layer, making good use of protocol scalability to protect users' transaction privacy and ensure good use experience.
2. Offline payment
Different from bitcoin's 10 minute trading time, BED provides low delay payment and deferred settlement payment functions, which can achieve real payment in seconds.
BED realizes fast payment, low service charge and high frequency transaction through lightning like network technology. At the same time, the real-time micro payment technology is used to realize the deferred settlement. Under the premise of ensuring the security, the number of transactions on the chain is reduced as much as possible, the cost is reduced, and the amount of data storage on the chain is reduced.
This means that BED can process thousands of transactions or even tens of thousands of transactions per second, so that it can be accepted by retailers of physical retail business, and even used in micro payment scenarios in the fields of Internet of things and automatic driving.
3. Cross chain parallel chain management is adopted.
BED has built a cross chain parallel chain architecture, and will complete the docking of 100 parallel chains in four times in two years. The first 10 parallel chains will be completed in March next year. The value chains with high transaction volume, such as bitcoin, Ethereum and EOS, will be the first batch of parallel chains.
Through the parallel chain architecture, BED will be able to conduct barrier free transactions with bitcoin, Ethereum and other tokens. For example, if you open the e-commerce wallet of BED, you can use bitcoin and ETH to buy goods.
Bitcoin was the first to show how cryptocurrency can change the current financial model, enabling people to trade without a third party. Despite its advantages, bitcoin's malformed mining ecology and cumbersome payment function have hindered people from entering the encrypted world. So, in a sense, BED is a digital currency more suitable for ordinary people and miners to play with. Maybe it is the next generation of bitcoin.