BitWhite is an efficient, flexible, and safe decentralized application platform
BitWhite is an efficient, flexible, and safe decentralized application platform designed to provide effortless development of decentralized applications. Integrating JavaScript and relational databases, BitWhite enables easy development of DAPPs and traditional web applications. BitWhite maximises the productivity of developers opening up unlimited business opportunities and novel web-based applications. BitWhite is a diverse and open platform and can be customized to support many applications including finance, document storage and copyright certificates.
The fundamental nature of the abstract APIs enable combinatorial and highly varied applications. BitWhite has implemented an enhanced DPOS algorithm, greatly reducing the probability of forking and risk of double spending. The application of BitWhite's side chain restricts the growth of the blockchain as well as making DAPPs more flexible and personalized. BitWhite is a forward-looking, low-cost, distributed and decentralized application solution.
What is Delegated Proof of Stake?
Delegated Proof of Stake (otherwise known as DPoS) is a consensus algorithm maintaining irrefutable agreement on the truth across the network, validating transactions and acting as a form of digital democracy. It is the protocol of choice at BTW and with very good reason.
Delegated proof of stake uses real-time voting combined with a social system of reputation to achieve consensus. It can be seen to be the least centralized consensus protocol compared to all others as it is the most inclusive. Every token holder can exercise a degree of influence about what happens on the network.
Active delegates are voted into their roles by token holders. The voting power that the token holder has, otherwise known as voting weight, is determined by how many of the base token the account is holding. It is important that the delegates are chosen with the best interest of the network at heart as they keep the network running smoothly and safely.
Delegates: are token holders who run the network. With DPOS there is need to buy overpriced 'mining' GPUS or pay huge elecricity bills as a result of mining. A more eco friendly, democratic way of receiving free coins can be achieved with DPOS called 'forging' rather than expensive Proof of work which some coins like Bitcoin use to validate blocks in order to create trustless transactions on distributed ledger called blockchain.
The roles of delegates revolve around:
Ensuring their node (network) is always up and running.
Collecting the transactions across the network into blocks.
Signing and broadcasting those blocks, validating the transactions.
If there are issues in regard to consensus, DPoS allows these to be resolved in a fair and democratic way.
Any token holder can be a delegate as long as they have required funds in their wallet. DPOS is a democratic consensus system where delegates are competitively voted for by token holders. The voting weight of the token holder depends on how much tokens the account has. The number of delegates in BitWhite is 101. It can fairly be said that Delegated Proof of Stake is affordable, digital democratic, eco friendly way of staking where any account can register and participate to get free coins while maintaining and running the node or network.
BitWhite Sidechain Architecture
Sidechains are emerging mechanisms that allow tokens and other digital assets from one blockchain to be securely used in a separate blockchain and then be moved back to the original blockchain if needed. Sidechain functionality holds tremendous potential to enhance the capabilities of existing blockchains.
Sidechains allow cryptocurrencies to interact with one another. They add flexibility and allow developers to experiment with Beta releases of Altcoins or software updates before pushing them on to the main chain. Traditional banking functions like issuing and tracking ownership of shares can be tested on sidechains before moving them onto main chains. If the security mechanisms for sidechains can be bolstered, sidechain technology holds promise for massive blockchain scalability.
BitWhite main target audience would be developers who will create an deploy Decentralized applications based on Javascript sidechain. BitWhite provides technological solutions as smart contracts, hosting. BTW intends to offer an easy-to-use, fully functional and plug & play ecosystem, by which developers can rapidly iterate their JavaScript applications, and easily deploy them into application store built in thesystem. These application can be smoothly downloaded and executed by every node and user located in everywhere of this ecosystem. The whole process will be secured by theBTW sidechain consensus network. On the other hand BTW itself is also a fully opened, decentralized application, which has its own cryptocurrency known as BTW coin. BTW coinis capable of interfacing with sidechain or any decentralized application (DAPP) through “two-way peg” mechanism so that it can be the bridge or media for the asset transitionamong all DAPPs, and to achieve that purpose, the BTW coin will be sold to the investors through ICO (initial coin offering) before the deployment of the system. Once an BTW system is published, it will not under the control of the core development team, but the stakeholders of the system and the owners of BTW coin.
IBOE
BTW is the first and only crypto community in the world, that is backed by the (International Beureu of Exchange) of the treasury of the United States of America. Also for the first time in the history of the blockchain industry the deal with the help of a crypto currency was made for acquisition of government securities.
The transaction was successfully closed, and actually the work is being done to create and test the platform, where each holder of BTW will have an opportunity to invest his funds in the USA security papers and other security papers. The deal is valued to $ 16,984,600 or the equivalent of BTW 3,260,000 (at the rate of $ 5.21 / BTW). This is the first crypto coin in history that is actually backed with something with intristic value.
DEX
BitWhite has plans to deploy its own Decentralized Exchange and is scheduled for the third quarter of the year. The tokens of potential best projects will be intergrated in the BTW DEX exchange.
Payment Merchant System
Developers of BitWhite have recently started working for a payment merchant system. Intergration of BTW payment options in online stores. PHP Payment API and WooCommerce.
We can safely conclude that BTW is a decentralized Application platform which is designed to lower the threshold for developers, such as using JavaScript as development language, supporting relational database to save transaction data, and making DAPP development be similar with traditional Web application. It's only three months old but hold a huge technoligical potential and I advice my fellow Kenyans to consider this coin and include it on their cryptocurrency investment portfolio. It's price value is low at the moment ($0.05) as the platform is still in development, however I'd highly doubt it'd remain the same as use cases and ongoing development of exciting new features (own decentralized exchange, wallet for BTW, Ethereum, Dash) of the coin gain traction in coming months and years. It's the only crypto to be backed by the US Treasury and that's something to go crazy about (in a good way). Do your due diligence and research and when satisfied do join the revolution. Im all in for the technology behind BTW first and foremost but who'd not wish for the coin to moon? And once it does you'd want to be in a pole position by becoming an early adopter
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Offcial Website
http://bitwhite.org/
Official Twitter
https://twitter.com/BitWhite