Mining & Minting XBR

bitcoinR's currency, XBR, will be created through a series of mining and minting events.  Initially XBR will be mined via a Proof of Work (PoW) consensus algorithm.  At the end of our PoW mining period, bitcoinR will switch to a Proof of Stake (PoS) consensus mechanism and authorized nodes will begin minting XBR.

Mining bitcoinR

 

The bitcoinR network is comprised of a network of decentralized computer systems designed to be distributed worldwide; these systems are referred to as "nodes".  The bitcoinR network rewards the computational effort of processing transactions initiated by currency holders via what is commonly referred to as a "block reward"; this block reward is paid in the form of the bitcoinR currency "XBR".  Block rewards are awarded to the node that solved the last hash via "work" or computation; this action creates the next block in the bitcoinR blockchain.

 

The bitcoinR team has chosen an algorithmic combination that we believe will promote a fair distribution of the currency amongst bitcoinR mining participants without the initial need for specialized hardware.  It is anticipated that individuals with standard Windows systems should have enough hash power to mine blocks of XBR during the Early Mining Period (EMP).  Need for increased processing power may be required subsequent to the EMP, during the General Access Period (GAP).

 

Description of Pertinent Algorithms:

 

  • Evan Duffield’s x11 algorithm for chained hashing Proof of Work (PoW) was chosen to preclude a Single Point of Hash Failure (SpoHF)
  • Evan Duffield’s Dark Gravity Wave difficulty adjustment algorithm was chosen to ensure a dynamic difficulty-retargeting calculation that remains consistent with the hash power detected on a per-block-basis

Mining Access Periods


The bitcoinR mainnet was brought online March, 22 2018 and the licensed mining client for Windows™ will be distributed in Q1 & Q2 2019.

There are presently two mining access periods planned:

Early Mining Period (EMP)


200 licenses have been allocated for the presale of our bitcoinR mining client for an Early Mining Period (EMP) to take place between Q1'2019-Q2'2019.

General Access Period (GAP)

 

An unlimited number of bitcoinR mining client licenses will be made accessible for the general public in Q2'2019 for our General Access Period (GAP).

Minting bitcoinR


The bitcoinR network will move to a Proof of Stake (PoS) consensus mechanism following the Proof of Work (PoW) mining periods that begin in Q1'2019 and are projected to end in 2022.  The PoW mining period will conclude upon the successful mining of approximately 21,000,000 XBR.


Over time it will be more energy efficient and secure for the platform to adopt a PoS consensus model.  In addition, PoS will give the bitcoinR team the ability to more precisely control economic parameters to stabilize the XBR currency value and account for instances of lost coins or price fluctuations that might create instability in our coin's pricing.


The bitcoinR team is presently evaluating best-of-breed PoS strategy alongside new technological improvements to better understand how we might best design an ideal consensus protocol.  As always, we will strive for transparency by socializing with the bitcoinR ecosystem before making any final decisions or plans to ensure we are delivering the best solution possible.

Future Minting Access Period (FMAP)


The bitcoinR Proof of Stake (PoS) minting period will tentatively take place after 2022, once the initial 21,000,000 XBR have been mined through our Proof of Work (PoW) consensus algorithm.  Registered license holders from the Early Mining Period (EMP) will have the option of converting immediately to an authorized node upon initiation of the bitcoinR network's PoS protocol.