Introduction

BitCash is a decentralized cryptocurrency designed to provide a reliable, secure, and low-cost alternative to traditional financial systems. Built on the Proof of Work (PoW) consensus mechanism, BitCash enables fast peer-to-peer transactions, ensuring transparency and security for its users.

This white paper outlines the vision, technical structure, and key features of the BitCash blockchain. It discusses the current challenges in cryptocurrency adoption, the solutions offered by BitCash, and the potential applications for its ecosystem.



Blockchain Overview

BitCash operates on a decentralized blockchain network that allows for the creation and validation of digital transactions without the need for central authorities. The blockchain uses the Proof of Work consensus mechanism, ensuring that all transactions are verified by miners, making it secure and tamper-proof.

The BitCash network is designed to be scalable, fast, and efficient, with a focus on minimizing transaction fees and ensuring fast confirmation times.



Transaction Flow

Below is a visual representation of how a transaction is processed on the BitCash blockchain:

graph TD A[Start] --> B[Add Pending Transaction] B --> J[Node A] B --> K[Node B] B --> L[Node C] J --> O[Transaction] K --> P[Transaction] L --> Q[Transaction] O --> M[Sign Transaction Using KeyPairs] P --> M[Sign Transaction Using KeyPairs] Q --> M[Sign Transaction Using KeyPairs] M --> N[Block Mined Successfully] N --> R[Block Added to Blockchain]

Network

The steps to run the network are as follows:

  1. New transactions are broadcast to all nodes.
  2. Each node collects new transactions into a block.
  3. Each node works on finding a difficult proof-of-work for its block.
  4. When a node finds a proof-of-work, it broadcasts the block to all nodes.
  5. Nodes accept the block only if all transactions in it are valid and not already spent.
  6. Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.

Nodes always consider the longest chain to be the correct one and will keep working on extending it. If two nodes broadcast different versions of the next block simultaneously, some nodes may receive one or the other first. In that case, they work on the first one they received, but save the other branch in case it becomes longer. The tie will be broken when the next proof-of-work is found and one branch becomes longer; the nodes that were working on the other branch will then switch to the longer one.

New transaction broadcasts do not necessarily need to reach all nodes. As long as they reach many nodes, they will get into a block before long. Block broadcasts are also tolerant of dropped messages. If a node does not receive a block, it will request it when it receives the next block and realizes it missed one.



Incentive

By convention, the first transaction in a block is a special transaction that initiates a new coin, which is awarded to the creator of the block. This mechanism provides an incentive for miners to participate in and support the BitCash network, ensuring the continued circulation of Oxygen (Oz) coins, as there is no central authority overseeing the issuance of new currency. Every miner who successfully mines a block is rewarded with 0.01 of new Oxygen (Oz) coins, motivating their participation and support for the decentralized blockchain system.

In addition to the block reward, the incentive can also be funded by transaction fees. If the output value of a transaction is lower than the input value, the difference constitutes a transaction fee, which is added to the miner’s reward for the block containing the transaction. Over time, as the number of Oxygen (Oz) coins in circulation approaches its maximum supply, the block reward will transition to be funded entirely by transaction fees, ensuring that the system remains inflation-free while still incentivizing miners to validate and secure the network.



Staking Rewards

To further incentivize long-term participation and support for the BitCash network, a staking reward system is introduced. Holders of Oxygen (Oz) coins who decide to "stake" their coins can earn additional rewards by contributing to the security and stability of the network. Stakers will be rewarded with a fixed annual return of 12.5% on the amount they stake.

Staking rewards are distributed periodically, ensuring that those who lock up their Oxygen (Oz) coins for a specified duration contribute to the overall health of the ecosystem. This not only encourages users to hold and stake their Oxygen (Oz) coins but also helps to stabilize the currency by reducing circulation and increasing network security. Staking rewards are paid directly to the stakers, providing them with a passive income while maintaining the integrity of the blockchain.



Circulating Supply

The circulating supply refers to the total number of BitCash coins currently available in the market. This is a key metric in determining the scarcity and potential value of the currency.

Total Supply 100.000.000.000 Oxygen Coins


Key Features

The following features highlight the core advantages and capabilities of the BitCash ecosystem:

  • Secure Transactions: All transactions are secured and verified on the blockchain, providing transparency and eliminating intermediaries.
  • Low Fees: Enjoy minimal transaction fees compared to traditional financial systems, ensuring higher profitability for users.
  • Mining & Staking Pool: Users can earn rewards by participating in the mining process or staking in BitCash DeFi pools, enhancing returns.
  • Peer-to-Peer Transactions: Engage in direct peer-to-peer transactions without the need for intermediaries, ensuring faster and more secure transfers.

Future Vision

The future of BitCash is rooted in its ability to scale effectively, enabling widespread adoption and seamless integration into global financial systems. As digital currencies become increasingly pivotal in reshaping the global economy, BitCash aims to bridge the gap between decentralized technology and traditional financial infrastructures, offering users a secure, fast, and cost-efficient alternative. By maintaining its core principles of decentralization, transparency, and low transaction fees, BitCash seeks to empower individuals and businesses worldwide, while ensuring that it remains a sustainable and reliable medium of exchange. The network's scalability will support growing demand, making it a key player in the evolving landscape of digital finance, while continuing to provide users with the freedom and security they need in an increasingly interconnected world.

Conclusion

BitCash offers a simple yet powerful solution to the challenges faced by traditional financial systems and other cryptocurrencies. With its secure, low-fee, and scalable blockchain, it enables users to transact freely and safely across the globe. By leveraging cutting-edge technology and focusing on decentralization, BitCash is poised to revolutionize the world of digital currency.