BIUT Chinese Community and BigONE Exchange cooperation

BIUT PoS mining pool launched on BigONE August 5, 2019. The BIUT/USDT, BIUT/ONE trading pairs also opened at the same time. BIUT support POW & POS hybrid mining mechanism. BIUT Chinese Community and BigONE exchange will have further cooperations in the public chain, mining pool, transactions. Please stay tuned for the announcement.

BigONE mining pool launched two products. Mortgage period are 120 days and 180 days, you save BIUT and you will earn BIUT. Participate BIU mining will get double benefits. Subscription time is 7 days, the maximum subscription amount is 10 million BIUT.

BIUT as the winner of Voting for Listing in the first round on BigONE. The reason for delay listing is BIUT supports two coins model and multiple chains structures so that technology connections are complicated. We are also in the process of connecting with BigONE wallet and building full nodes. The whole process will take about 2 weeks. After that, BigONE will open deposit and withdraw service. Below are the details of the products.

Trust coin BIUT

Cryptocurrency used in the application layer, BIUT chain is used to record the activity of transaction accounts by transaction trust algorithm.

Application：payment, mining interests proof, transaction mortgage, market trading fee, costs of arbitration and other disputes in the transaction.

Total amount：1.5 billion

Issue: Team 10%, foundations 10%, community 40%, 40% distributed by smart contract to the credit gatekeepers who secure the transactions in the ecosystem.

Trust coin BIU

Cryptocurrency used to pay the gas in the payment network. BIU chain used for account activity algorithm and filter the trusted nodes.

Application: Transfer, the gas of smart contract, cost of issue customize parent chain node.

Total amount: 1.5 billion

Mortgage BIUT amount: In proportion to the amount of mining BIU, Minimum mortgage of this year: 10 ( no upper limit)

Issue: Full issue

The first 100 million of 750 million will be used for release as the holding amount, the release rate is one in ten thousand percentage every 3 months.

The remain 650 million of 750 million BIU mining amount depends on the amount of the transactions. The mining amount will increase when the mining participants increasing and gas demands improving.

Mining block adjustment formula: The output is related to the number of transactions in the whole network in the first two periods, and the period is three months.

Calculate the output of the next cycle PQi+1:

Mining block adjustment formula

PQi is the output of the last period. TQi is the transaction numbers of the whole network at last period, TQi-1 is the transaction numbers of the whole network at the period before the last period.

In this formula: if TQi, TQi-1 is 0, Then add 1 respectively.

The left 750 million BIU will be halved in 4 years

BigONE as one of the block producer on EOS. They are really a reliable partner in the mining pool ecosystem. The opening of BIUT node meet the cooperation requirements of BIUT Chinese Community and BigONE on the public chain in the future.

BIUT White Paper

For further details and updates, please visit the official BIUT website.