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Author Topic: Introducing Bitcoin BTC Quantum (BTQ)  (Read 395 times)

Offline bitcoinquantumxyz

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Introducing Bitcoin BTC Quantum (BTQ)
« on: June 10, 2024, 04:22:38 PM »
Hello everyone,

I want to introduce you to a fascinating project called Bitcoin BTC Quantum (BTQ). This is a state-of-the-art cryptocurrency that combines Bitcoin's robust economic framework with advanced quantum-resistant security measures.

Overview of BTQ:

Total Supply: 21 million units, similar to Bitcoin.
Dual Mining Algorithms: Utilizes both CPU-friendly RandomX algorithm and GPU mining with Cryptonight cn/0. This makes mining more diverse and reduces the risk of hardware centralization.
Emission Schedule: BTQ’s emission is planned over approximately 1000 years, with block rewards decreasing by 5% every 525,600 blocks, ensuring long-term sustainability and market stability.
Quantum-Resistant Security:
BTQ uses Extended Merkle Signature Scheme (XMSS) technology to protect transactions from quantum computing threats. XMSS is a hash-based cryptographic signature method that generates one-time signatures and ensures forward secrecy. This makes BTQ a robust and secure platform against future quantum computing advancements.

Mining BTQ:
BTQ adopts a hybrid mining approach, combining CPU-friendly RandomX Proof-of-Work and GPU mining with the Cryptonight cn/0 algorithm. This ensures mining accessibility and efficiency, allowing miners to use both CPUs and GPUs to contribute to network security. RandomX is optimized for CPU performance, while Cryptonight cn/0 extends compatibility to GPU rigs, enhancing decentralization and broadening participation.

Guide to Mine BTQ with XMRig: docs.bitcoinq.xyz/basic-tutorial/guide-to-mine-btq-with-xmrig

Key Features of BTQ:

1. Quantum-Resistant Infrastructure: Uses quantum-resistant cryptography to ensure the security of user transactions and assets.
2. Dual Mining Algorithms: Combines CPU and GPU mining, optimized for both types of hardware.
3. Preventing Centralization: Aims to minimize the risk of mining centralization, fostering a more diverse and decentralized mining environment.
4. Total Supply and Emission: Total supply is 21 million units, with a 5% decrease in block rewards every 525,600 blocks, maintaining value and preventing inflation.
5. Public Addresses and Asset Management: BTQ’s public addresses start with the letter "Q". Users can manage their assets through the BTQ Web Wallet, an easy-to-use web interface for secure transactions and asset management.
6. Strong Node Support: Supports the setup and operation of individual nodes, ensuring decentralization and enhancing network security. BTQ node IP addresses are globally distributed, optimizing network speed and reliability.


Additional Information:

Official Website: bitcoinq.xyz
Whitepaper: docs.bitcoinq.xyz/btq-whitepaper
Developer Documentation: docs.bitcoinq.xyz
Explorer: explorer.bitcoinq.xyz
Web Wallet: wallet.bitcoinq.xyz
Email Contact: [email protected]

Let’s discuss and share your thoughts on the BTQ project!

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Introducing Bitcoin BTC Quantum (BTQ)
« on: June 10, 2024, 04:22:38 PM »

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Offline bitmover

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #1 on: June 10, 2024, 05:33:03 PM »
Your project is so similar to bitcoin

Why don't you fork it from bitcoin? This looks a better approach imo. And would give more credibility to it.
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Offline bitcoinquantumxyz

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #2 on: June 10, 2024, 06:29:51 PM »
Thank you for your feedback and for pointing out the similarities between BTQ and Bitcoin. While forking from Bitcoin could indeed offer certain advantages and potentially add to the credibility of the project, we chose to develop BTQ with its own independent blockchain for several reasons:

1. Quantum-Resistant Security: Our primary goal with BTQ is to address the emerging threat of quantum computing. By building from the ground up, we can integrate quantum-resistant cryptographic techniques such as the Extended Merkle Signature Scheme (XMSS) directly into the core of our blockchain, ensuring the highest level of security.

2. Dual-Mining Approach: BTQ employs a dual-mining mechanism using both the RandomX algorithm for CPU mining and Cryptonight cn/0 for GPU mining. This approach fosters greater inclusivity and reduces the risk of mining centralization, which would be challenging to implement by simply forking Bitcoin.

3. Long-Term Emission Schedule: Our emission plan is designed to span approximately 1000 years with a 5% block reward reduction every 525,600 blocks. This unique emission model helps ensure long-term sustainability and stability, which required a customized blockchain structure.

4. Innovation and Flexibility: Developing BTQ as an independent blockchain allows us to innovate more freely and implement features tailored specifically to our vision. It also gives us the flexibility to adapt and evolve the blockchain technology as new advancements and challenges arise.

5. Building a Unique Ecosystem: By creating a distinct blockchain, we aim to build a unique ecosystem around BTQ, fostering a dedicated community and encouraging development tailored to the specific needs of our network.

We believe that these reasons justify our decision to develop BTQ as an independent project. Nonetheless, we deeply value your input and remain open to suggestions that can help us improve and gain broader recognition.

Offline bitcoinquantumxyz

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #3 on: June 11, 2024, 08:43:18 AM »
Thank you for your feedback and for pointing out the similarities between BTQ and Bitcoin. While forking from Bitcoin could indeed offer certain advantages and potentially add to the credibility of the project, we chose to develop BTQ with its own independent blockchain for several reasons:

1. Quantum-Resistant Security: Our primary goal with BTQ is to address the emerging threat of quantum computing. By building from the ground up, we can integrate quantum-resistant cryptographic techniques such as the Extended Merkle Signature Scheme (XMSS) directly into the core of our blockchain, ensuring the highest level of security.

2. Dual-Mining Approach: BTQ employs a dual-mining mechanism using both the RandomX algorithm for CPU mining and Cryptonight cn/0 for GPU mining. This approach fosters greater inclusivity and reduces the risk of mining centralization, which would be challenging to implement by simply forking Bitcoin.

3. Long-Term Emission Schedule: Our emission plan is designed to span approximately 1000 years with a 5% block reward reduction every 525,600 blocks. This unique emission model helps ensure long-term sustainability and stability, which required a customized blockchain structure.

4. Innovation and Flexibility: Developing BTQ as an independent blockchain allows us to innovate more freely and implement features tailored specifically to our vision. It also gives us the flexibility to adapt and evolve the blockchain technology as new advancements and challenges arise.

5. Building a Unique Ecosystem: By creating a distinct blockchain, we aim to build a unique ecosystem around BTQ, fostering a dedicated community and encouraging development tailored to the specific needs of our network.

We believe that these reasons justify our decision to develop BTQ as an independent project. Nonetheless, we deeply value your input and remain open to suggestions that can help us improve and gain broader recognition.

We are planning for an airdrop and opening a pool mining operation.







Offline bitcoinquantumxyz

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #4 on: June 11, 2024, 01:01:56 PM »
We are looking for passionate partners to help expand our Bitcoin Quantum (BTQ) community. Partners will not only receive airdrops in BTQ but will also get early updates about the project and early access to our project's Github.

If you want to join us and be part of this journey, please contact us via email: [email protected]

Offline ABCbits

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #5 on: June 11, 2024, 01:12:59 PM »
I probably missed it, but where's source code of your wallet and full node software? I found https://github.com/bitcoinq, but it only contain documentation.
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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #6 on: June 11, 2024, 01:18:24 PM »


Can you add more details about Dual Mining Algorithms, since mining can be done using a GPU, but as the reward decreases, the difficulty of the network will increase, as the return will be less, and those who have access to advanced mining hardware will have more luck in mining more blocks, just as happened in Bitcoin.
What is the average time between blocks and what are your solutions to fees and scalability problems?

x

We are planning for an airdrop and opening a pool mining operation.
If the supply is limited and the mining algorithm is POW, the only way to get an airdrop is to hardfork the Bitcoin network after a certain block.
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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #6 on: June 11, 2024, 01:18:24 PM »


Offline bitcoinquantumxyz

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #7 on: June 11, 2024, 03:00:08 PM »


Can you add more details about Dual Mining Algorithms, since mining can be done using a GPU, but as the reward decreases, the difficulty of the network will increase, as the return will be less, and those who have access to advanced mining hardware will have more luck in mining more blocks, just as happened in Bitcoin.
What is the average time between blocks and what are your solutions to fees and scalability problems?

x

We are planning for an airdrop and opening a pool mining operation.
If the supply is limited and the mining algorithm is POW, the only way to get an airdrop is to hardfork the Bitcoin network after a certain block.


1. Dual Mining Algorithm
BTQ employs a dual mining algorithm combining CPU-friendly RandomX and GPU mining with Cryptonight cn/0. This approach is designed to:
- Reduce Hardware Centralization Risks: By making mining accessible to a wider range of participants with varying hardware capabilities.
- Prevent Dominance by Specialized Hardware: Supporting both CPU and GPU mining prevents the dominance of mining by entities with specialized, expensive hardware (such as ASICs used in Bitcoin mining).

2. Mining Difficulty and Network Adjustments
BTQ dynamically adjusts the mining difficulty to maintain a steady rate of block generation as the network grows. Key features include:
- Steady Block Generation: Ensuring a consistent block creation rate regardless of the influx of more powerful mining hardware.
- Democratic and Decentralized Mining: Preventing disproportionate benefits to entities with advanced hardware, keeping mining more democratic.

3. Average Time Between Blocks
BTQ targets an average block time of approximately 1 minute per block, balancing:
- Transaction Confirmation Times: Providing timely transaction confirmations.
- Network Efficiency and Security: Maintaining a robust and secure network operation.

When the difficulty increases, it automatically balances and vice versa.

4. Fees and Scalability Solutions
BTQ's approach to transaction fees and scalability includes:
- Low Transaction Fees: Keeping fees low to encourage network adoption and usage, with adjustments based on network load to ensure they remain reasonable.

5. Long-Term Sustainability
BTQ plans a gradual reduction in block rewards, reducing by 5% every 525,600 blocks. This strategy:
- Encourages a Fee-Based Reward System: As block rewards decrease, increasing transaction volumes and associated fees will sufficiently compensate miners.
- Sustains Mining Interest: Ensuring long-term miner incentives through a balanced reward system.

These features collectively address some of the inherent challenges faced by early cryptocurrencies like Bitcoin, focusing on:
- Reducing Hardware Centralization.
- Enhancing Network Scalability and Efficiency.

We will update additional information to the docs in the upcoming phase.

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #8 on: June 11, 2024, 03:03:32 PM »
Our goal in releasing BTQ is to establish it as a form of digital gold. That is why we will limit its supply to 21 million units.
 




« Last Edit: June 11, 2024, 03:05:48 PM by bitcoinquantumxyz »


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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #10 on: June 11, 2024, 03:27:16 PM »
Yes, we conducted a pre-mine, and 3,000,000 BTQ were allocated for the foundation and marketing, which are used for listing on exchanges. The remaining pre-mined coins are reserved for airdrops and marketing activities.

Such a long uptime is a testament to the network's stability and continuous operation. We wanted to ensure that the system was thoroughly tested and stable before making a public announcement. This approach guarantees safety and provides the best experience for users when they join the network.

All the coins mined by the pool are earmarked for our airdrop plan to ensure fair distribution and encourage community participation. We are always attentive to feedback and committed to continuous improvements to meet the needs of our community.

We are looking for passionate partners to help expand our Bitcoin Quantum (BTQ) community. Partners will not only receive airdrops in BTQ but will also get early updates about the project and early access to our project's Github.

If you want to join us and be part of this journey, please contact us via email: [email protected]

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #11 on: June 11, 2024, 04:10:25 PM »
Yes, we conducted a pre-mine, and 3,000,000 BTQ were allocated for the foundation and marketing, which are used for listing on exchanges. The remaining pre-mined coins are reserved for airdrops and marketing activities.

And you never mentioned this anywhere, not on your website, not on your whitepaper, you mined 1/7 of the total supply and more than 12 years of mining!!!! for, airdrop promotion! Common!
You knew the whole pre-mining thing is frowned upon by every miner or investor and you hid that willingly!

Then you claim "transparency"! How can you claim transparency when you didn't tell anyone that 12 years from now on you will still own half of all the mined coins?

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #12 on: June 11, 2024, 08:30:44 PM »
@bitcoinquantumxyz, I don't know the future, but your project is not on the right track doing things like this. 3 million premined coins is too large an amount for a small total supply, and what's worse, as @Stompix says, without saying it on the website for example. Investors (at least those with more experience) do not want to know anything about premined coins, since in 99% of cases everything ends in a dump, deletion from the official website, social networks, etc... I'm not going to tell you what to do, I'm nobody, but starting again from 0, or burning those 3 million coins, would not be a bad idea to be able to talk about transparency. Good luck.
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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #13 on: June 12, 2024, 12:28:37 PM »
Yes, we conducted a pre-mine, and 3,000,000 BTQ were allocated for the foundation and marketing, which are used for listing on exchanges. The remaining pre-mined coins are reserved for airdrops and marketing activities.
And you never mentioned this anywhere, not on your website, not on your whitepaper, you mined 1/7 of the total supply and more than 12 years of mining!!!! for, airdrop promotion! Common!
You knew the whole pre-mining thing is frowned upon by every miner or investor and you hid that willingly!

Then you claim "transparency"! How can you claim transparency when you didn't tell anyone that 12 years from now on you will still own half of all the mined coins?

According to their explorer, the premined actually happened on single block which happened on  05:09 26 Jun 2018. But assuming the date isn't manipulated, it's become more weird since the team decide to promote BTQ now (6 years after premine).
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Offline bitcoinquantumxyz

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Re: Introducing Bitcoin BTC Quantum (BTQ)
« Reply #14 on: June 12, 2024, 05:17:13 PM »
Yes, we conducted a pre-mine, and 3,000,000 BTQ were allocated for the foundation and marketing, which are used for listing on exchanges. The remaining pre-mined coins are reserved for airdrops and marketing activities.
And you never mentioned this anywhere, not on your website, not on your whitepaper, you mined 1/7 of the total supply and more than 12 years of mining!!!! for, airdrop promotion! Common!
You knew the whole pre-mining thing is frowned upon by every miner or investor and you hid that willingly!

Then you claim "transparency"! How can you claim transparency when you didn't tell anyone that 12 years from now on you will still own half of all the mined coins?

According to their explorer, the premined actually happened on single block which happened on  05:09 26 Jun 2018. But assuming the date isn't manipulated, it's become more weird since the team decide to promote BTQ now (6 years after premine).

@bitcoinquantumxyz, I don't know the future, but your project is not on the right track doing things like this. 3 million premined coins is too large an amount for a small total supply, and what's worse, as @Stompix says, without saying it on the website for example. Investors (at least those with more experience) do not want to know anything about premined coins, since in 99% of cases everything ends in a dump, deletion from the official website, social networks, etc... I'm not going to tell you what to do, I'm nobody, but starting again from 0, or burning those 3 million coins, would not be a bad idea to be able to talk about transparency. Good luck.


Yes, we conducted a pre-mine, and 3,000,000 BTQ were allocated for the foundation and marketing, which are used for listing on exchanges. The remaining pre-mined coins are reserved for airdrops and marketing activities.

And you never mentioned this anywhere, not on your website, not on your whitepaper, you mined 1/7 of the total supply and more than 12 years of mining!!!! for, airdrop promotion! Common!
You knew the whole pre-mining thing is frowned upon by every miner or investor and you hid that willingly!

Then you claim "transparency"! How can you claim transparency when you didn't tell anyone that 12 years from now on you will still own half of all the mined coins?



Thank you for your questions and the opportunity to clarify some misunderstandings about Bitcoin Quantum (BTQ).

Decentralization vs. Centralization: It's important to understand that early access to our project's Github does not imply centralization. Early access is a common practice for projects that want to involve their community closely and gather feedback before making everything public. The ultimate goal is still to open-source the project fully, ensuring that it remains decentralized in its governance and operation. The blockchain itself operates on decentralized principles, and governance will shift to a community-led model as the project matures.

Similarity to Quantum Resistant Ledger (QRL), Inspiration, and Economic Model: BTQ draws significant inspiration from the Quantum Resistant Ledger (QRL), particularly in adopting quantum-resistant cryptography. Beyond QRL, we have incorporated a wide array of ideas and technological concepts from other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and more, to enhance our platform's robustness and utility. These influences extend into areas like smart contract functionality, governance models, and scalability solutions, ensuring a well-rounded and innovative approach. One of the standout features of BTQ is the integration of the XMSS algorithm, a quantum-resistant signature scheme that has received approval from the National Institute of Standards and Technology (NIST). This not only emphasizes our commitment to maintaining a secure and future-proof blockchain but also highlights our focus on incorporating cutting-edge technologies that address future challenges in the crypto space. Our economic model, designed to position BTQ as digital gold, aims to provide a reliable store of value and a hedge against inflation, ensuring stability and long-term value retention. By recognizing pioneering projects and integrating a broad spectrum of blockchain innovations, we underscore our commitment to delivering a comprehensive and secure digital currency.

Open-source Code: Transparency is crucial for trust in the crypto community. Our plan includes making the source code publicly available once certain milestones are reached. This is to ensure that the code meets high standards of security and functionality before wide release. We understand the importance of transparency, and detailed timelines for open-sourcing will be shared with our community and partners as they are finalized.

Use of AI Tools: The use of tools like ChatGPT in drafting documents or communications is part of modern digital practices. This does not undermine the authenticity or the originality of our project. It ensures that we communicate effectively and efficiently. Our whitepaper and other texts are generated by our team, with AI used as a tool for enhancing the quality and clarity of the information we present.

Project Legitimacy and Mining Practices: It's crucial to address concerns about legitimacy head-on. BTQ has been transparent about its mining practices. All addresses minting from block 0 will be transparently publicized, ensuring full transparency of the genesis and subsequent mining activities. Additionally, all coins mined earlier by BTQ developers are designated for airdrops, marketing, listings, partnerships, etc., to foster community growth and project visibility. We refute claims of "privately mining." The mining started openly as per the timelines shared with our community. Our emissions and reward structures are designed to ensure fairness and long-term sustainability, detailed on our official channels.

Future Plans and Rewards: In the coming period, we will announce our plans for allocating BTQ Coin and our activities related to airdrops, marketing, and more. Contributions on forums and through collaboration plans can be made via email at [email protected]. Active participants and contributors will receive BTQ rewards as a token of appreciation and incentive for their engagement. Specifically, accounts contributing to discussions on forums like BitcoinTalks and AltcoinTalks will have their contributions publicly acknowledged and will receive bounties from the project transparently.

We invite anyone interested in deeper engagement or looking for more detailed information to reach out directly via our official email. We appreciate constructive feedback and are here to provide any clarifications needed.

 

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