0xBitcoin is the implementation of Bitcoin in Solidity and is the first decentralized ERC20 token for Ethereum. It is an open source community project, not led by an official team or corporation, and therefore does not have ICO capital or other vast amounts of currency/capital that a centralized token project would have. We believe as a community that decentralization is the true flavor of the blockchain and that is the architecture that provides open and transparent trust for users. We also believe that Ethereum and ERC20 tokens are a significant segment of the future of blockchain technology. The Ethereum Network has proven itself as the world’s first ecosystem for permissionless, transparent and immutable software applications. These software applications, typically taking the form of Smart Contracts, can all seamlessly interact with each other. To facilitate this process, various standard protocols have been developed such as the ERC20 standard for a common ‘token’ format so that these Smart Contracts can pass scarce, owned, and transferable data between one another without a centralized mediator. Up until 2018, every ERC20 token has been distributed in a matter that is generally known to align with ‘securities.’ The tokens are sold to ‘investors’ by the ‘creator’ under the pretenses that the ‘creator’ will perform some action to make the tokens more valuable. It should be clarified that Bitcoin is distributed via ‘bitcoin mining’ and therefore aligns itself as a ‘commodity’ and not a ‘security.’ This whitepaper will describe the first ERC20 token that aligns itself as a ‘commodity’ since it is distributed only using ‘Proof of Work Mining’ identical to the Bitcoin model. This token is also transferred on a blockchain in a method very similar to Bitcoin and so therefore interfaces with other software and with the world in a manner which is effectively identical to Bitcoin. This token has several advances that set it apart from Bitcoin such as the ability to directly interact with Ethereum Smart Contracts and the rest of the Ethereum Ecosytem in a permissionless way.
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