To whom it may concern
The BitcoinFile main network has been successfully developed at the end of May. After a large amount of stability optimization, the open source code has been fully released. Due to a large number of additional improvements to BiFi during the R&D process, the workload estimation is seriously insufficient and the global virtual currency market has undergone major changes at the same time. Therefore, after the discussion of the community, some changes have been made to the overall scheme of this fork. Specific changes are listed as following:
1. The community will launch two versions of the client, BiFi Core and BiFi Pro. Among them, BiFi Core is a full-node wallet that supports rigorous POC (Proof of Capacity) mining, and BiFi Pro is an IPFS-based bandwidth trading platform with BiFi token as its transaction certificate;
2. We have released the BiFi Core in early June and it is completely open source. All users can use the BiFi Core code for BiFi token mining using hard drive capacity by POC based mining methods. The release of the BiFi Pro beta version wolud be in early July.
3. We strive to build BiFi as the world's most secure and decentralized virtual digital currency. Based on concerns about security, we decided to abandon the use of the DPOS consensus mechanism, but by optimizing the POW as a rigorous POC. Achieve more energy-efficient, more decentralized goals, while we still retain the "enhanced access protocol" in BiFi Pro;
4. To maximize the decentralization of BiFi, we will support distributed mining pool systems and provide global community members with appropriate deployment plans. By then, global users can spontaneously organize and build their own small mining pools. To minimize the decentralization of BiFi's power;
5. The pre-digging share reserved by the community was adjusted from 1% to 5%, ie 1.05 billion. Of which 700 million will be used for BiFi's future ecological operations and marketing, mainly used to expand BiFi Pro's global content and bandwith trading ecology, and encourage more users use BiFi Pro to share their content, disks, and bandwidth. Other share will be locked for 4 years, unlocking 20% each year.
6. Since the BiFi Pro bandwidth trading platform requires a large number of high-frequency micro-transactions, the community decided to postpone support for smart contracts, and prioritize optimization of the high-frequency micro-transaction experience. BiFi Pro, which would be released in early July, will support a simplified version of BiFi's Lightning Network - Pay Channel function, while the community will continue to improve the development of Pay Channel in the third quarter, in order to continuously improve the experience of the use of bandwidth trading platform, to facilitate more users to share their bandwidth and disk resources;
7. The maximum block size of BiFi is 16 MB, and the average block creation time is about 5 minutes. The block speed is equivalent to 32 MB of Bitcoin, and the difficulty adjustment period is 144 blocks creation time(about 12 hours);
We will revise the official website within 3 days after the release of this announcement, and will retain the original copy on the official website for a period of time. BitcoinFile is a point-to-point distributed file system based on blockchain technology and it aims to create a global decentralized file system combined with IPFS file system and bitcoin settlement network. The combined technology makes it more environmentally friend for the world, more fair and more rewarding for miners, more reliable and easier-to-use for users. It perfectly solves the problem of low stability in IPFS networks due to the inability of contributors to earn sufficient returns and the uselessness of power consumption in the process of bitcoin mining.