Moat: the next generation in Bitcoin
Creating the world’s first true token on top of Bitcoin
Article available on Mirror
The world of cryptocurrencies has come a long way in the past ten years. Starting out as a technical paper published under the pseudonym Satoshi Nakamoto, to a small network of miners, to the world we see today: a large number of companies integrating blockchain technology, hundreds of tokens listed on exchanges, fully functional decentralized applications, Bitcoin’s price hitting all-time-highs, and a budding Decentralized Finance ecosystem. As one era fades, a new one begins. And we are starting to see the beginning of crypto’s next stage in evolution.
A new world for Bitcoin: Satoshi’s Vision
When Bitcoin first began, Satoshi had a vision for it, where any transaction could be published on its public ledger. Since then, constraints were put on the system, limiting the kind of transaction that could occur. These constraints limited Bitcoin’s evolution as a network. Until now. The limitations have now been removed, freeing Bitcoin to expand outside of normal transactions. With Bitcoin Satoshi Vision, or BSV, Satoshi’s original intentions for the network are finally being realized.
At Moat, we are realizing this new potential in the network. We are creating the world’s first true Token on top of Bitcoin. So what is a Token system? You can think of a token as a new currency that is validated and backed by the Bitcoin network, making it secure and transferable.
You have probably used tokens in real life at some point, from amusement park tickets to movie theater passes. All that matters is you have something that can be validated for authenticity, can transfer ownership, and is valued and accepted in an economic ecosystem. The wide range of possible tokens are as vast as the economy itself.
Miners in Moat’s network will be able to earn tokens for their work. Individuals will be able to buy and sell their tokens on exchanges. And people will be able to purchase tokens from Moat in the world’s first true crowdsale on top of Bitcoin .
A new form of Mining
When mining on Bitcoin first began, individuals were able to use their own computers, connect them to the network, and begin making money by being awarded what are called mining blocks. With Bitcoin’s expansion, it has become nearly impossible for individual miners to make a profit. From this, Mining Pools began to emerge. Users can join mining pools, and whenever someone in the pool is awarded a block, everyone in the pool shares in the reward, relative to how much computing power they contributed.
But this came at a cost. One of Bitcoin’s greatest features is that it is decentralized. No centralized authority controls Bitcoin, or makes decisions for the network. But mining pools are centralized under a single authority, and they are consuming a greater and greater percentage of the network. If the three most major mining pools colluded, they could make decisions for Bitcoin’s future, taking it out of the hands of individuals.
Moat is a decentralized mining pool, just like the Bitcoin network itself. No single authority controls the pool, with the goal of making it fully decentralized. Miners will be able to join the network, earn tokens for their work, and make decisions for the network’s future. A network that is truly in the hands of the users.
A new way to look at energy
A question early on for Bitcoin was how to prevent someone from taking over the network. The ideal is that every participant has a say in changes made, and if 51% agree on something, the change is implemented. But how do you keep track of these participants? Everyone’s identification on Bitcoin is created using what is called a Public Key, which works as a form of identification. But an individual could generate thousands, or millions, of public keys and takeover the network. What prevents this from happening?
It is accomplished using what is called Proof of Work. By solving mathematical puzzles, which take up a large amount of computing power to accomplish, you prove that you possess that computation, and are unable to fool the network. But this comes at a cost. The energy consumed on Bitcoin’s network is currently greater than the energy consumed by Ireland, and a large number of developing countries.
Moat is creating a new form of energy accounting. Each participant will have the power they use to mine validated on-chain, and will receive a percentage of the mining pool’s rewards based on how much power they have. We are changing the way people keep track of power.
We are excited to be pioneering the next stage in the world of cryptocurrencies and decentralized ecosystems. You can stay updated by sending us your email or visiting our website. Stay tuned as we mint a new era!
We are excited to be pioneering the next stage in the world of cryptocurrencies and decentralized ecosystems. You can stay updated by sending us your email or visiting our website. Stay tuned as we mint a new era!
