A full clone of Bitcoin in the standard token ERC-20 (0xB) is now working on the Ethereum blockchain using the same algorithms, the limit of 21 million coins, halving every four years and a private mining PoW. Now on the project website you can download miner new coins.
It does not copy existing balances; token 0xBitcoin started with a zero block, but his distribution methods are the same tokens as in Bitcoins.
The Ethereum is Turing complete platform, so on the blockchain you can build any application, including even another Ethereum, or, as in this case, Bitcoin.
One of the first reported on the launch 0xBitcoin said the developer of Ethereum Nick Johnson (Nick Johnson):
A fun project! However, PoW mining looks like an optional luxury, because the token is already protected PoW of the Ethereum.
In the ensuing discussion, Johnson clarified his position:
PoW mining is its economy – it determines the minimum cost of double-spending. In this case, such a need is absent, and mining may be the only way of determining the price to be paid by the buyers of the token. I think it’s ridiculous; even some random distribution would be more.
Algorithms PoW or PoS are complex mechanisms that prevent double-spending, but in addition they provide fair distribution of coins.
Random distribution is not fair, because it does not have the work performed, but if the energy actually used to create something, then its value would be the base price of the token.
Moreover, the level of security that provides a PoW in the public block chain, from a historical perspective, too, is unnecessary, because no one has made large-scale attacks, grave that, as a proof of concept.
In fact, Nakamoto pointed out, the threshold at which an attack is successful, however, the algorithm makes it meaningless.
The existence of tokens 0xBitcoin be meaningful in some cases. For example, the simple conversion of Fiat currency into tokens, which arose from nothing that attracted the attention of financial regulators, from finding properties securities or token-utility.
But the PoW token is outside the jurisdiction of the SEC, since in this case the buyer does not invests money with the expectation of receiving profits from efforts of others, but instead creates value, expending effort.
At least achieve some level of distribution will be formed if a sufficient market mechanism token can be changed on the PoS, that is, its mining will generate interest income.
Adding a little imagination, one can imagine many possible innovation projects to be funded is not a direct conversion of Fiat currency and energy market, which will be able to join anyone.
As a first step, Trustnodes offers to name the new token class «energy tokens», abbreviated as «Enta» to emphasize the contrast of tokens or token-ICO main Protocol, such as ETH.