ZUG, Switzerland , Aug.21, 2019 /PRNewswire-PRWeb/ — BitcoinOil GmbH.( http://www.bitcoinoil.com ) announces further details of its “Optimally Improved Ledger” (OIL) and unveils the final details of its forthcoming algorithm.Historically, Bitcoin (BTC) has been extremely volatile, which BitcoinOil believes limits its capabilities for mass adoption and in turn its usefulness as a medium of exchange and a reasonably stable store of value.
Hence, BTCO’s team considers price stability and reduced volatility as the pathway to Bitcoin mass adoption.
By leveraging BTCO’s Proof of Stake, or “PoS”, algorithm, BitcoinOil believes that the adoption of BTCO by participants of the BitcoinOil distributed ledger network, or “BitcoinOil Network”, will create one of the first true incentive-based ecosystems, enabling price stability through coin holder’s holding of BTCOs.BTCO intends to implement such incentive-based ecosystems through Hodlers Rewards.BTCO plans to implement the Hodlers Rewards in three different tiers, and to incorporate these Hodlers Rewards in BTCO’s algorithm as a reward in the form of various cryptocurrencies:
Holding (Tier 1): buying and holding BTCOs for some time*.
Staking (Tier 2): staking a certain amount of BTCOs*.Participating (Tier 3): becoming a key participant of the BitcoinOil Network, including, for example, as a validator, delegator, etc.*(as the age of the account grows so shall the reward / higher amounts of staked coins coincides with higher reward amounts)
BitcoinOil intends to utilize the capabilities of the block explorer to determine and track the age of each BTCO, as well as the function of each transaction.
The block explorer algorithms already favor “old” transactions by default, of the staking functionalities, but even more so users can register their address that contains coins and “level-up” their account.This mechanism is intended to be the company’s key to ranking each hodler and determining their appropriate tier level with specific corresponding reward.
What’s even more unique about BTCO’s incentive-based ecosystem is the so-called “time warp factor” by which the Hodlers Rewards ratios for holding, staking, and participating will increase at the end of each full quarter by a pre-determined amount.
The distinctive combination of the “time warp factor” on the x-axis and the fixation of three reward tiers on the y-axis is expected to result in greater price stability of the BTCOs.
Rewards to BTCO hodlers (those who hold only) are anticipated to be determined on a two-fold scale.Tier 1 accounts shall be ranked by both the age of the account and how many coins it contains.The higher ratio accounts (those who have held more coins or longer periods of time) are to be rewarded with higher ratio earnings from BTCO’s rewards program.There aims to be an algorithm in effect that would determine the exact share everyone gets based on the idea that each coin is weighted with or represented by 1 point in the calculation, and after each full quarter the value will exponentially increase.
Initially accounts are anticipated to start with 1 point per coin, x2 after Q1, x4 after Q2, x8 after Q3, x16 after Q4, and at that point of time the exponential increase will be slowed down to a linear increase adding +2 points for each additionally completed quarter.This linear increase should look like 16 points per coin after Q4, 18 after Q5, 20 after Q6 and so on.
Tier 2 reward points, for staking coins, are forecasted to be ranked higher on the scale.
It is expected that coin holders who also stake their coins will earn an extra +100% bonus in favor of their holding time and participation in the blockchain.This reward would look like 32 points after Q4, compared to hodlers 16.
After Q4 stakers can anticipate their linear increase to be +4 each quarter not just +2.
Lastly, tier 3 participants (those who run nodes) can expect to receive another 100% bonus on top of the tier 2 reward amounts.
This reward would look like 48 points per coin after Q4, compared to stakers 32.After Q4 masternodes can anticipate their linear increase to be +4 each quarter not just +2.These bonuses rely on the principal that the same wallet address which staked coins is also operating at least one master node for the full time.
Rewards for all three tiers will be distributed on a pro data basis and generated with coins/s that BTCO owns.BTCO wants (as one of the most important new BIPs) to implement full smart contract functionalities including the capability to conduct ICOs and STOs and IEOs on its blockchain, similar to what RSK is doing for BTC.
To make this worthwhile for BTCO, the prospective ventures, and our holders, BTCO proposes that for each coin created on its blockchain BTCO charges and receive a fee.These fees will be payable in the form of the created coins or coins and will be allocated to BitcoinOil and split accordingly amongst the company and its hodlers.This structure enables the fuel to actualize BTCO’s Hodlers Rewards and consequently create stability through loyalty for its cryptocurrency.
BitcoinOil believes that the three-tiered reward structure of the Holdlers Rewards program will create the right level of incentive to encourage holders of BTCOs to continue their engagement with the BitcoinOil Network on a long-term basis.BTCO believes that this groundbreaking Hodlers Rewards program will likely reduce the price volatility of BTCO, which in turn will result in BTCO being a uniquely-positioned cryptocurrency.The goal is for BTCO to utilize its improved structure of Bitcoin’s blockchain, enhanced with entirely new algorithms and technologies, to become more useful as a medium of exchange and a reasonably stable store of value.
Supplementary incentives for holders will include additional non-monetary, qualitative bonuses, e.g.
BTCO holders will be part of the BTCO family and enjoy exclusive access to information, insights and other privileges at Hodlers-Rewards.com, which will be the exclusive platform for all BTCO holders.
About BitcoinOil BitcoinOil (BTCO) is the official name of Bitcoin’s 2019 PoS hard fork which will implement a whole range of long overdue Bitcoin improvements.The new BTCO cryptocurrency will be based on the Bitcoin blockchain network, and the centerpiece of BitcoinOil and its “Optimally Improved Ledger” (OIL) will be the highly innovative “SSPSS” strategy focusing on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability, or “SSPSS”, including but not limited to key new Bitcoin blockchain features such as (i.) minimizing Bitcoin’s volatility (i.e.by connecting it with stable off-chain values), (ii.) drastically reducing Bitcoin’s insane energy consumption (i.e.by altering the consensus protocol to PoS), (iii.) implementing true privacy features (i.e.by enabling confidential transactions), (iv.) empowering Bitcoin based ICOs and STOs (e.g.
by employing full smart contract functionalities), and last but not least (v.) developing cutting-edge scalability solutions (i.e.by complete integration of layer 2 protocols and offline transactions).To learn more about Bitcoin Oil, visit our website at http://www.bitcoinoil.com and please review our future press releases as well as our forthcoming white paper, or if you are interested in purchasing BitcoinOil, please contact us at info (at) bitcoinoil (dot) com or call us at +1-8777-BITCOINOIL.
Disclaimer This press release shall not constitute an offer to sell or the solicitation of an offer to purchase any coin or right described herein, nor shall there be any sale of these coins or rights in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.This press release contains information about pending transactions, and there can be no assurance that any of these transactions will be completed in accordance with the terms described in this press release or at all.
This press release contains information about a possible hard fork of the Bitcoin network.Neither the BitcoinOil or such other crypto-asset generated through the hard fork nor the BitcoinOil or such other crypto-asset generated thereafter by any other method will be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered, sold, pledged or transferred within the United States or such other jurisdiction without registration or an applicable exemption from such registration requirements.
Even though BitcoinOil intends to deliver and distribute certain bonus to the BitcoinOil record holders of the Bitcoins then existing on the Bitcoin network, such delivery and distribution may be restricted or prohibited by laws of the jurisdiction in which such holders reside or such distribution or delivery may result in BitcoinOil being required to register under the Exchange Act of 1934, as amended, or the securities law of any other applicable jurisdiction.We are in the process of assessing regulatory requirements for the delivery and distribution of such bonus of BitcoinOil to the then holders of the Bitcoins as part of the hard fork and there can be no assurance whether we would be able to make any delivery or distribution, or at all, to any such holder in connection with the hard fork.
This press release contains statements that are forward looking (such as when Company describes what it “plans,” “believes,” “intends,” “seeks,” “aims,” or “anticipates” will occur, what “will,” “potentially,” or “could” happen, and other similar statements or the negative of such terms or statements), which may not be correct, even though BitcoinOil believes that they are reasonable at the time of this press release.BitcoinOil undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made.
Media Contact: Attn: Media Relations Ms.Hannah Paddock (CMO) Email: media (at) bitcoinoil (dot) com Phone: +1-8777-BITCOINOIL Information Contact: Attn: ICO Information Email: info (at) bitcoinoil (dot) com Phone: +1-8777-BITCOINOIL Online Contacts:
Website: http://www.BitcoinOil.com Telegram: https://t.me/Bitcoinoil LinkedIn: http://www.linkedin.com/company/bitcoinoil Twitter: https://twitter.com/BitcoinOilLLC
SOURCE Bitcoin Oil.
