Economic FAQs
Here are answers to popular questions about our economic design.
Is the supply of XBR limited?
Yes. The total supply of the native currency of the bitcoinR network (XBR) will never exceed 21,000,000 units; though, it is probable that the bitcoinR network will the change consensus protocol from Proof of Work (PoW) to Proof of Stake (PoS) on the projected date of 18-DEC-2022, when a total of approximately 20,998,332 of the 21,000,000 total units have been mined.
How many XBR are generated per day?
The number of XBR generated per day is a function of the number of blocks the bitcoinR network produces per day (480) multiplied by the Era Block Reward (EBR):
In Reward Era One (EMP), 50,400 XBR is generated per day up to an estimated Era Maximum of 5,228,895 XBR
In Reward Era Two (GAP), 25,200 XBR is generated per day up to an Era Maximum of 2,625,000 XBR
In Reward Era Three (GAP), 12,600 XBR is generated per day up to an Era Maximum of 1,312,500 XBR
For additional detail, please review the XBR Mining Projection Chart:
How will the price of XBR be stabilized?
XBR, LLC reserves the right to "burn" or "release for sale" a pre-determined amount of XBR currency units for the purpose of stabilizing value in a manner consistent with expected or the projected value of the XBR currency unit. This action is similar to the Quantitative Easing (QE) and Quantitative Tightening (QT) conducted by central banks. Additional detail follows:
- This operation shall be referred to as "XBR Open Market Operations" or "XBR OMO."
- The total number of XBR escrowed for XBR OMO is 1,050,000 XBR, or 5% of the codified supply hard cap of 21,000,000 XBR currency units.
- XBR OMO shall not initialize until after the XBR PoW mining period has concluded (currently projected for 18-DEC-2022).
- The initial XBR OMO decision shall be announced 31-DEC-2022.
- XBR OMO decisions will be taken on the last calendar day of each quarter, for a minimum of 50 successive quarters.
- The number of XBR currency units per quarterly OMO decision that can be released from escrow shall be limited to a range of 0 to 21,000.
What is the bitcoinR block reward amount?
In Reward Era One, the reward for maintaining consensus on the bitcoinR network via mining a block is 105 XBR currency units. This "block reward" will be halved every 50,000 blocks. For additional detail, please review the XBR Mining Projection Chart:
How many bitcoinR blocks were mined by XBR, LLC?
A total of 201 blocks were mined on the production bitcoinR mainnet by XBR, LLC and its contract developer DigitalGoals, Inc.
Are you giving away XBR on Twitter?
No, we do not "air drop" or "give away" XBR via Twitter or any other social media.
XBR, LLC has allocated 1% of the total supply of XBR currency units for a structured 501c3 donation program. In 2018, the only two entities that have a donation allocation are: Diverse.org and The Harvard University Endowment.
Is bitcoinR legal?
There are 195 countries on Earth; thus, it is difficult to comprehensively answer this important question. Suffice it to say, bitcoinR is legal anywhere Bitcoin Core is legal. If it is legal in your country to buy, own and transact in BTC, it is safe to assume XBR falls under the same legal construct.
This chart provided by Perkins Coie LLP’s Blockchain Technology & Digital Currency industry group is a great overview on a per-country basis.
Why is bitcoinR considered to be a "regulated" currency?
No division, department, position outside of XBR, LLC or Digital Goals, Inc. has endorsed XBR, LLC, the bitcoinR network, its team, or XBR currency units.
bitcoinR has self-selected into government regulation in the largest capital market on the planet as a means to encourage participation with and faith in the bitcoinR network and associated XBR currency by individual citizens and regulated entities such as banks, financial services firms and insurance companies. You can learn more about our comprehensive compliance program here.
THE UNITED STATES GOVERNMENT HAS NOT "ENDORSED" "APPROVED" "SANCTIONED" OR MAY OTHERWISE EVEN BE "AWARE" OF XBR LLC, BITCOINR, XBR DIGITAL CURRENCY OR DIGITAL GOALS INC. OUR RELATIONSHIP WITH THE US GOVERNMENT IS ENTIRELY THROUGH FILINGS WITH THE US SECURITIES AND EXCHANGE COMMISSION AND THE US TREASURY (FINCEN & IRS) AND TO OUR KNOWLEDGE THE US GOVERNMENT HAS NOT AFFIRMATIVELY REVIEWED OR APPROVED ANY ASPECT OF OUR FILINGS NOR IS THERE ANY FUTURE EXPECTATION THAT SUCH REVIEW OR APPROVAL IS CONTEMPLATED OR FORTHCOMING.
How do I get a copy of bitcoinR's SEC filings?
All XBR, LLC SEC filings will be linked to on the bitcoinR.org Investor page.
How do I get a copy of bitcoinR's U.S. Treasury (FinCEN) filings?
Please use the MSB Registrant Search function provided by FinCEN or click here for a static copy of the PDF.
Is bitcoinR different than Bitcoin?
Yes, they are different. bitcoinR is a fork of Satoshi Nakamoto's original Bitcoin design; so, there are many similarities, but also some very important differences:
- bitcoinR has a decentralized consensus model and a centralized governance model, whereas Bitcoin Core has both a decentralized consensus and governance model.
- bitcoinR is regulated by the U.S. Treasury as a Money Services Business (MSB), Bitcoin Core is not regulated.
- To combat the criminal element & money laundering bitcoinR requires miners & minters to register prior to hashing consensus solutions, Bitcoin Core does not require registration.
- bitcoinR has escrowed XBR currency units to use for the purpose of Open Market Operations (XBR OMO) to assist in stabilizing the price of the XBR currency, Bitcoin Core has not reserved units for BTC quantitative easing or tightening.
- bitcoinR uses a series of eleven cryptographic hashes (x11) for network consensus; Bitcoin Core uses a single cryptographic hash (SHA256).
- bitcoinR uses a dynamic difficulty-retargeting algorithm (Dark Gravity Wave) to ensure mining difficulty is adjusted based on analysis on a granular, per-block basis (every 90 seconds); Bitcoin Core readjusts difficulty every 2,016 blocks (or every 14 days).
- bitcoinR will conclude its Proof of Work consensus model in 2022 in favor of a Proof of Stake consensus model to ensure conservation of electricity for the well being of our planet. Bitcoin Core uses more electricity than any one of 159 of the 195 countries on Earth.
Is bitcoinR secure?
Bitcoin forks, in general, are inherantly secure; bitcoinR is no different. Security issues are primarily borne of human interaction and errors in judgement. Most cryptocurrency is stolen due to social engineering attacks, phishing and weak system security.
XBR, LLC strives to adhere to cybersecurity recommendations put forth by the National Institute of Standards and Technology (NIST), a unit of the U.S. Commerce Department. The 2018 revised edition of the NIST cybersecurity framework can be found here.
The XBR, LLC owned node for the bitcoinR network operates from a facility near a military base where only four (4) named individuals have autonomous, keyed access; and, upon EMP initialization, the bitcoinR blockchain is intended to be operational on 200+ geographically disparate nodes. Upon GAP, the bitcoinR blockchain is intended to be operational on 1,000+ geographically disparate nodes.
How do I mine bitcoinR XBR currency units?
Please read our mining operations information for an overview. For detailed information, please review our whitepaper.
What is the time between bitcoinR blocks?
The bitcoinR network is designed to produce a block every 180 seconds. This block creation time is 70% shorter and more than 333% faster than the time necessary to generate a block on the Bitcoin Core network.
How many bitcoinR blocks are generated per day?
The bitcoinR network will generate 480 blocks per day.
What is the bitcoinR block halving rate?
The bitcoinR "block reward" will be halved every 50,000 blocks.
When was bitcoinR incorporated?
The bitcoinR network was incorporated as XBR, LLC on 13-March-2018.
Where is bitcoinR headquartered?
Both the XBR, LLC headquarters and "seed node" for the bitcoinR network are located in the United States of America, in the beautiful, enlightened & pro-blockchain state of Wyoming.
How many employees does bitcoinR have?
There are three named individuals who govern XBR, LLC; it was incorporated specifically for the administration and regulatory compliance of the bitcoinR network. Initial and ongoing technology development was and is conducted and coordinated by Digital Goals, Inc. and select sub-contractors.
What is bitcoinR's fiscal year?
XBR, LLC runs on a calendar fiscal year.
How can I purchase bitcoinR stock?
XBR, LLC is privately held by the founding team and not accepting outside investment at this time. Please see our Investors page for additional detail.
No money or other consideration is being solicited for our Regulation A+ offering at this time and if sent in to XBR, LLC. will not be accepted. No offer to buy securities in a Regulation A+ offering of XBR, LLC can be accepted and no part of the purchase price can be received until XBR, LLC's Form 1-A is qualified with the SEC. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indications of interest in XBR, LLC offering involves no obligation or commitment of any kind.
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