BitNewChain

BitNew Chain is a system of peer-to-peer payments and smart contract, through forging a two-tier decentralized blockchain network with standard physical masternode, resource segregation, decentralized computing subsystem (BTN-DC), and decentralized storage subsystem (BTN-FS), etc., aims to extend blockchain applications to the field of hardware^[1]^[2].

Meanwhile, BitNew chain sets out to further construct a system with SW/HW combined cross-chain communication and scalability module with artificial intelligence, thus contributing to the SW/HW combined ecology via significantly lower user payment costs and better user experience.

To provide better service for the BTN ecosystem, BTN adopts a two-tier network design. In addition to the main network (analogous to Ethereum), BTN adds a secondary network, known as the BTN masternode network. With economic incentives, BTN masternodes will have high availability and provide a required level of service to the BTN network.

Overview

The BTN main network is a blockchain-based network like Ethereum, which acts as the backbone of the whole system. BTN utilizes Delegated Proof of Stake (DPoS) as the decentralized consensus algorithm, which has shown promising performance^[3]^[4].

Unlike Ethereum, BTN utilizes an ownership model like EOS. Holding BTN tokens gives users a proportional share in network resources, such as bandwidth, storage, and processing power. This means that if someone owns 1% of BTN tokens, they will always have access to 1% of the network bandwidth, regardless of the load on the rest of the network.

BTN has an IPFS-like subsystem (BTN-FS) for decentralized storage. BTN-FS indexes the data through file content hash rather than path/Url. The main improvement of BTN-FS over IPFS is the manipulation of the file reliability. BTN-FS allows the user to set the reliability requirements of the file based on the desired balance between redundancy and reliability. Based on the economic incentives of masternode reward program, stable and reliable decentralized storage services will be provided by the masternode network.

Features

• Privacy Enhancement

Bitcoin stores pseudonymous transactions in a public decentralized ledger, with clear relationships between the addresses of senders and receivers. It appears to be totally secure, as the originator of the transaction is difficult to track because there is no real-world identity attached to the address. However, much information can still be deduced through public data, such as web trackers and cookies. Once the connection between the pseudonym and real-world individual is made, the secret is revealed. BTN is designed to provide a higher level of privacy, building up a truly anonymous decentralized platform.

• Cross-Chain Communication

In addition to having a powerful main blockchain, BTN is also designed to facilitate cross-chain communication for further extension^[5].