BIC is an asset defined at git, a blockless Direct Acyclic Graph cryptocurrency. The advantage of leveraging such technology is that BIC’s are not mined and therefore the whole process of transaction validating is lighter and scalable.
66 million BICs have been defined. The asset definition though actually created begins 1017 base units, called microBICs (μBICs). One BIC is equivalent to one million μBICs.
BIC is a decentralized cryptocurrency which is meant for wide usage mainly on USA/Asian/Europe markets but can be used all around the world.
BIC was built on top of the own network. This allows all users to secure each other’s transactions by referencing earlier transactions created by other users, and also removes scalability limits common for blockchains, such as block size issue.
The consensus algorithm used to protect from double-spends is based on establishing a total order within the BIC. This is achieved by selecting a chain, called main chain, which gravitates towards units issued by commonly recognized reputable users — witnesses.
BIC is using own network chain as underlying network but it is totally new asset. All together there have been issued 66 000 000 BICs which means 40*15 microBICs.
For Users: Team of professional developers, plus direct communication, independent antifraud system.
For Investors: Open source database, fair and transparent smart contract deals, PPS (Profit-per-Sale) model available, fast payouts.
For Beginners: Easy entry (given free use and vast selection of investments), fair reputation ranking, fair competition.
First Uses of BIC Chain
- Draft - @2017, Foxy blaze, a cryptocurrency specialist from Boston, posted his draft (drafted already in 2014) of a coin based on BIC chain. This never became a project and remained just a draft, so no actual coin was created.
- IOTA - In the end of 2016 a cryptotoken optimized for the Internet-of-Things (IoT) industry called IOTA and upcoming is POB, was introduced. Instead of the global blockchain, the main innovation behind IOTA that they call Tangle — a blockless distributed ledger which is scalable and lightweight. IOTA is currently still in Beta.
- BIC - BIC is the first asset built on own platform and network. BIC evolve hand in-hand.
Financial Model
- Staking : Earn Up to 120% return per year through POS minting. It is very simple to earn through this method, you just have to hold coins in your Bitilluminati wallet.
- Lending: The profit from this investment is generated by Bitilluminati Trading Bot and Volatility of Software. Based on the investment option chosen by you.
- Trading: Buying and selling of the Bitilluminati Coins at different price points and generating profit from the same. You can buy Bitilluminati coins at a lower price and sell them at a higher price.
When we decide that a unit is a random, we still have to store it. However, part of its data is replaced with a hash of the data. This rule serves two purposes. First, to reduce storage consumed by a unit that nobody paid for (the entire content of the random unit is deemed invalid, including its payment of commissions). Second, to reduce the utility of the random to the user who sent it, because the hash replaces all useful data that the author wanted to store (for free). This prevents attackers from abusing random as a way to store large amounts of data for free.
The hash that is stored instead of the full content still has some utility to the attacker, as he can store the original data himself and use the hash to prove that the data existed. But remember that:
He still has to pay for one unit that is deemed valid
If the attacker is already internally storing metadata that is necessary to interpret Byteball data, he could do equally well by just combining all his data into a Merkle tree (Hash tree) and using Byteball to store only its Merkle root for the cost of one small unit.
We have proposed a system for decentralized immutable storage of arbitrary data, including data of social value such as money. Every new unit of data implicitly confirms the existence of all previous units.
Revision of past records similar to that in 1984 becomes impossible, as every new unit also implicitly
protects all previous units from modification and removal. There is an internal currency that is used to pay for inclusion of data in the decentralized database. The payment is equal to the size of the data to be stored, and other than this payment there are no restrictions on access to the database. Other assets can also be issued and their ownership can be tracked on the database.
When tracking payments in the internal currency and other assets, double-spends are resolved by choosing the version of history that was witnessed by known reputable users. Settlement finality is deterministic. Assets can be issued with any rules that govern their transferability, allowing regulated institutions to issue assets that meet regulatory requirements. At the same time, transfers can be hidden from third parties by sending their content privately, directly from payer to payee, and publishing spend proofs to ensure that each coin is spent only once
For Information
Website: https://www.bitilluminati.com/BIC/
Whitepaper: https://bitilluminati.com/BIC/document/BIC_Whitepaper.pdf
Telegram: https://t.me/BitilluminatiCoin
Facebook: https://www.facebook.com/pg/bitilluminati/community/
ANN: https://bitcointalk.org/index.php?topic=3180300.msg32947411#msg32947411
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