For the first time, Bither has presented a completely new platform which has many advantages in executing smart contracts, setting up scientific projects that need hashing power, creating second and third layers toward categorization of activities for tokens etc.
Bither will present all these advantages to the cryptocurrency society:
Optimised use of energy and combined mining ability with a special attraction for miners: Few miners can overlook the combined method that has been presented in the Bither platform. Evidently, the attraction of active miners (in the area of cryptocurrency), will help raise the network's security. Moreover, the optimized use of energy and computing power will be one of the most important advantages of the Bither network. This resolves the critics’ concerns regarding PoW based networks.
Possibility of creating thousands of sidechains in the network: In addition to a full-fledged two-layer architecture, the Bither platform goes one step further and builds a third layer on its network structure. Such three-layer structure is completely new and makes structuring of projects far easier for developers and start-ups.
A standard platform for scientific projects: One of the most important features of the Bither network is its optimization of computing power usage and a hashing power allocation system in the lower networks. The Bither network aims to serve as a hashing power resource for scientific and academic projects that have an undeniable role in the future improvement of human well-being. Bither is the only standard platform in the area of cryptocurrency that has a pre-defined and modular base for the implementation of scientific projects. Undoubtedly, one of the main goals of the Bither team is to support modern and applied sciences that need complicated computations. Considering the prepared base in Bither, research institutions and universities will be able to conduct their scientific research. Bither's programming team's forecast is that a vast number of research institutes and universities will welcome Bither; by using its modular systems, they will develop and expand helpful and beneficial sciences.
Not needing Bither balance for sidechain transactions: In currently existing platforms, in order to transfer a token defined in the main network, the network fee has to be paid by the mother coin. Due to the algorithm of Bither, transaction fees of a certain sidechain are paid by the internal token rather than the main coin, namely BTR. This makes it easier for token users to conduct their transfers without having to pay the fee with the main coin.
Recording transaction details on sidechains rather than the main network: Considering the scalability issues and the risk of networks being spammed by low-value transactions (they recently caused chaos in the Ethereum network by running simple games), all transaction details are recorded in the sidechains and only a low volume summary of them will be transferred to the main network. Evidently, it is easier to handle the execution of a large number of microtransactions of a given token, if it is done on its own sidechain. Considering the mentioned algorithm, a large number of transactions, will not cause disorder in the main Bither network. Moreover, by having thousands of sidechains in the second and third layers of the network, its sustainability will also be guaranteed.
Profitable mining during market downturns: During market downturns, the profitability of mining reaches its lowest and even in some cases lead to a loss for miners. In such a situation, Even if miners are optimistic and wait for another increase in prices, due to the current costs of mining such as electricity and device maintenance, they may not be able to keep mining. it is possible that due to the high costs of mine (electricity, energy, device maintenance), they won't be able to continue their activity. With Bither, they can still make a profit by leasing hashing power which is always welcomed by research and scientific institutions. By allocating an appropriate part of the excess hashing power to the Bither Stock network, not only a miner covers his costs, but he can also earn an income.
The possibility of defining and creating holding companies: Holding companies are different from sub-branch companies. The Bither platform makes it possible for holding companies to be unlimitedly defined and created in a modular model. In these systems, profit of the sub-branches can be shared with holding companies' and shareholders by automatic distribution. For example, suppose that a holding company dealing with toy manufacturer is created on the second layer of the Bither network. This company is supposed to be an accelerator for various manufacturers each producing a different type of toy such as dolls, construction toys, board games etc. These separate manufacturers, while under the management (support) of the main holding company, enjoy their own autonomy. People with ideas and technical abilities can go to the accelerator company and present their plan. After technical and market assessment of each idea and primary confirmation, the accelerator company puts the idea of investment for designing and manufacturing the said toy in the form of setting up a new company to vote among its shareholders. After receiving enough votes, the project will receive the investment. After this stage, a semi-independent company will be created on Bither’s blockchain’s third layer and under the second layer’s holding network.
In this example, let's assume that 70% of the new company's shares is for the projects applicant team and 30% belongs to the holding company. During financial periods and after auditing, the project's profit is calculated and 30% of it that belongs to the holding company is allocated to the second layer's network and is distributed by percentage among the network's token holders. This process cannot be easily implemented in current networks and needs special reprogramming and coding. In Bither however, this process can be easily implemented and executed in the modular model.
Another scientific example of this ability is the definition and implementation of the Bither Stock network on the second layer of the Bither platform which is supposed to be formed by shareholders of this network. On the second layer (on the lower layer of the Bither Stock network), there is the Rental Processor which is the hashing power leasing network. The commission for leasing hashing power in this system is collected and distributed among the Bither Stock shareholders at designated times.
Defining a safe standard to prevent fraud in the initial coin offerings (ICO): There are two ways to implement an ICO in the Bither platform. Like projects such as Ethereum, NEX etc, Bither also provides the possibility of creating any subchain. However, in the standards visible in the exploration of the Bither platform, these projects are shown with the color yellow. The solution put forward by Bither is to define ICOs by the color green and placing them among standard projects. ICOs that are categorized by this color, are ICOs in which the main team has based the project plan on smart contracts (in the modular model) and this project plan is not editable. Evidently, no project can have two different project plans. People who are interested in the project can check the validity of the project plan that has been based on smart contracts, by comparing it with the project plan presented in the project's website or its official portals. In the event that the developing team finishes one stage of the project, this process is confirmed by the token holders' vote, a percentage of the raised funds (that have been stated for each stage by the core team at the time of pre-sale) will be released to be used for implementation and progression of the next phase. In case a pre-stated period (for example two months ago at the time of pre-sale with contributors' knowledge) passes from the time of completing a stage and a trigger (for finishing that stage) is not sent by the developing team, a vote will be taken to automatically refund the investors. Also, in case completion of a phase is not confirmed at every stage by token holders, voting for refunds will be activated.
A call for hashing power for mineable projects at the start of their activity: Bither can provide an appropriate base for mineable coins. Due to being new and publicly unknown (at the start of their activities), many mineable projects suffer from a shortage of hashing power which can heavily influence the security of such networks. These projects can temporarily run on the Bither network. This primary temporary start will have an important advantage for these projects. Their security will be guaranteed in the Bither network and free from being worried about attacks, they can focus on their marketing. Due to the possibilities of the Bither platform, these projects can independently create a portal for attracting hashing power for their own non-independent network. Once they attained the minimum required hashing power, they can run their own network independently and swap their tokens.
Facilitating the setting up of decentralized and user-friendly exchanges Enjoyed by the three-layered structure of Bither, decentralized exchanges would be able to renew their systems and redefine more efficient standards. A central core can be easily defined for a decentralized exchange on the second layer and tokens can be defined on the third layer with a peer to peer method for their equivalent coins.