Product Overview HBIT is a 100% proof-of-stake cryptocurrency, constructed in open-source Java. HBIT unique proof-of-stake algorithm does not depend on any implementation of the coin age concept used by other proof-of-stake cryptocurrencies, and is resistant to so-called nothing at stake attacks. A total quantity of 50 billion available tokens were distributed in the genesis block. Curve25519 cryptography is used to provide a balance of security and required processing power, along with more commonly-used SHA256 hashing algorithms. Blocks are generated every 30 seconds, on average, by accounts that are unlocked on network nodes. Since the full coin supply already exists, HBIT is redistributed through the inclusion of transaction fees which are awarded to an account when it successfully creates a block. This process is known as forging, and is akin to the mining concept employed by other cryptocurrencies. Transactions are deemed safe after 10 block confirmations, and HBIT current architecture and block size cap allows for the processing of up to 1,101,600 transactions per day.
HBIT transactions are based on a series of core transaction types that do not require any script processing or transaction input/output processing on the part of network nodes. These transaction primitives allow core support for: Transfer Coin. Mining. Discussion Board. User to User Encrypted Messages. Merchants Tools. Issue Assets. Asset Exchange. Online and Offline Payment Gateway (HBIT Pay). Developers Tools. By leveraging these primitive transaction types, HBIT core can be seen as an agile, base-layer protocol upon which a limitless range of services, applications, and other currencies can be built. This version of the whitepaper documents features and algorithms that are implemented in HBIT as of version 1.00.00. Future revisions will be made to reflect additional planned features and algorithm changes.
HashBit Blockchain (HBIT) is a Java-based Blockchain, extremely light, fast and simple for any type of integration, be it applications, games, online stores but above all we are working to make it perfect for everyday use, allowing everyone to day to be able to use it quickly and easily, when buying in a store or a simple transfer of coins between two users via their smartphone. HBIT is used through a normal browser, using all available tools, simplicity must be the basis for easy mass use, speed for practically instant transactions and the safety of each user is our priority.Business Case
. Daily use via POS, fast transfers, decentralized applications, such as discussion forums, instant messages, creation of own assets and much more. . Anyone can create any kind of program, application, game using HBIT technology effortlessly, in no time and safely. The limit is your imagination!
The total supply of HBIT is 50 billion coins, divisible to eight decimal places. All tokens were issued with the creation of the genesis block (the first block in the HBIT blockchain), leaving the genesis account with an initial negative balance of 50 billion HBIT. The existence of anti-tokens in the genesis account has a couple of interesting side effects: the genesis account cannot issue transactions of any kind, since its balance is negative and it cannot pay transaction fees. As a result, the private passphrase for the genesis account is free for anyone to use. any tokens sent to the genesis account are effectively destroyed, since that accounts negative balance will cancel them out. The choice of the word tokens is intentional due to HBIT intention to be used as a base protocol that provides numerous other functions. HBIT most basic function is one of a traditional payment system, but it was designed to do far more
Proof of Stake
In the traditional Proof of Work model used by most cryptocurrencies, network security is provided by peers doing work. They deploy their resources (computation/processing time) to reconcile double-spending transactions, and to impose an extraordinary cost on those who would attempt to reverse transactions. Coins are awarded to peers in exchange for work, with the frequency and amount varying with each cryptocurrency’s operational parameters. This process is known as mining. The frequency of block generation, which determines each cryptocurrency’s available mining reward, is generally intended to stay constant. As a result, the difficulty of the required work for earning a reward must increase as the work capacity of the network increases. . As a Proof of Work network becomes stronger, there is less incentive for an individual peer to support the network, because their potential reward is split among a greater number of peers. In search of profitability, miners keep adding resources in the form of specialized, proprietary hardware that requires significant capital investment and high ongoing energy demands. As time progresses, the network becomes more and more centralized as smaller peers (those who can do less work) drop out or combine their resources into pools. . In the Proof of Stake model used by HBIT, network security is governed by peers having a stake in the network. The incentives provided by this algorithm do not promote centralization in the same way that Proof of Work algorithms do, and data shows that the HBIT network has remained highly decentralized since its inception: a large number of unique accounts are contributing blocks to the network.
. A node on the HBIT network at the moment it is only the Official one, monitored and guaranteed by the development team, this allows greater security, 99.9% uptime and guarantees access from all over the world without any problem.. Official node features a built-in DDOS (Distributed Denial of Services) defense mechanism which restricts the number of network requests from any other node to 30 per second.
Blocks As in other crypto-currencies, the ledger of HBIT transactions is built and stored in a linked series of blocks, known as a blockchain. This ledger provides a permanent record of transactions that have taken place, and also establishes the order in which transactions have occurred. A copy of the blockchain is kept on every node in the HBIT network, and every account that is unlocked on a node (by supplying the account private key) has the ability to generate blocks, as long as at least one incoming transaction to the account has been confirmed 1440 times. Any account that meets these criteria is referred to as an active account. In HBIT, each block contains up to 255 transactions, all prefaced by a block header that contains identifying parameters. Each transaction in a block is represented by common transaction data, specific transaction types also include transaction attachment, and certain transactions may include one or more additional appendices. The maximum block size is 42KB. All blocks contain the following parameters: A block version, block height value, and block identifier A block timestamp, expressed in seconds since the genesis block The ID of the account that generated the block, as well as that accounts public key The ID and hash of the previous block The number of transactions stored in the block The total amount of HBIT represented by transactions and fees in the block Transaction data for all transactions included in the block, including their transaction IDs The payload length of the block, and the hash value of the block payload The block’s generation signature A signature for the entire block The base target value and cumulative difficulty for the block
Staking Blocks in the HBIT Blockchain are created with Staking, you can generate blocks using any amount that has at least 1440 blockchain confirmations in your account. The staking person receives the fees for each transaction included in the block that is created. The greater the number of HBIT, the greater the number of blocks generated in the blockchain, and the greater the HBIT of Fees earned. HBIT are always available even if they are in Staking, you can send them at any time without having to unlock them. Staking is currently managed by the Development Team, to keep the Blockchain safe, soon staking will be available to everyone, initially directly on the main node, then on the nodes of users who use the HBIT software.Mining HBIT The HBIT distribution is done at 99.5% by Mining. Directly in the frontend of the blockchain (currently https://chain.hashbit.org) the mining section allows you to mine HBIT with your computer, using the power of the CPU. It is also possible to undermine HBIT via smartphone. The distribution is divided as follows: 0 to 1B HBIT Mined: 1 Accepted Share = 0.1 HBIT 1B to 10B HBIT Mined: 1 Accepted Share = 0.01 HBIT 10B to 20B HBIT Mined: 1 Accepted Share = 0.001 HBIT 20B to 40B HBIT Mined: 1 Accepted Share = 0.0001 HBIT 40B to 49.5B HBIT Mined: 1 Accepted Share = 0.00001 HBIT 500M HBIT are reserved for developers. 49.5B HBIT is for Mining
for more details visit - https://chain.hashbit.org/HBIT_white_paper.pdf
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