BitChain will be holding their presale on pinksale on July 3rd 2023.
BitChain Whitelist Giveaway!
This will be your chance to get whitelisted.
JOIN THIS LINK: https://docs.google.com/forms/d/e/1FAIpQLSeva7TQrMJtC9WirCTu_NedhKtnO2-1EsoOxxIWCHTPWHxC5g/viewform?pli=1
We will be hand selecting a few people who fully fill out this form and complete its tasks, before the start of the presale.
About BitChain
BitChain $BIT is an upcoming blockchain project lead by a Celebrity CEO and Co-Founder that’s followed by Conor McGregor, DJ Khaled and 100’s of other celebrities. BitChain has formed many partnerships leading up to the Presale like Sphynx, Pinksale, BXIN Exchange, Salus Security (Binance Partners) and many more. Everything we have mentioned is 100% verifiable.
Some important Questions that need to be answered before you dig deeper into our Whitepaper.
Q: What is BitChain?
BitChain is developing a layer two solution to scale the BNB Chain and make it even more efficient and faster. You can use BitChain to do everything that you do on BNB Chain. Develop decentralized application and deploy smart contracts. Simply with faster transactions and lower fees. BitChain is a zkRollup scaling BNB chain even more, while enjoying BNB Chains security.
Q: What’s “BNB Chain”? What’s a “smart contract”?
If you aren’t yet familiar with the BNB Chain ecosystem, you can check out https://docs.bnbchain.org/docs/overview/ for an overview. Come back whenever you’re ready, no rush.
Q: What is a layer two?
A layer 2 refers to any off-chain network, system, or technology built on top of a blockchain (commonly known as a layer-1 network) that helps extend the capabilities of the underlying base layer network. Layer-2 networks can support any blockchain to introduce enhancements such as higher transaction throughputs, lower fees. In general it allows the underlying Layer 1 to be scaled through the Layer-2 network.
Q: You said BitChain exists to “scale” BNB Chain; why does BNB Chain need this , when it’s already fast and cheap?
BNB Chain is and has been one of the most active chains throughout the last years. However, we can see that L2 solutions are getting more popular and more efficient. Check out https://l2fees.info/ for more information regarding this. These L2 solutions have gained a lot of traction and established themselves within the web3 industry. Currently BNB Chain does approx 2.2k transactions per second while practically it could go up to 5K transactions per second. Paired with zkRollups BNB Chain can be scaled up to 10k transactions per seconds allowing it to be even faster, while also lowering the fees.
Also check https://l2beat.com/scaling/tvl how arbitrum and optimism as L2 solutions have over 80% of the market share. Meaning that when zkBNB launches and BitChain launches, we will potentially be able to get a high percent of the market shares and provide a secure L2 solution.
Q: And BitChain zkRollups fixes this?
BitChain zkRollup runs a sort of sub-module within BNB Chain. Unlike regular, Layer 1 (L1) BNB Chain transactions, we don’t require BNB nodes to process every BitChain transaction. Instead, the BNB Chain adopts an “innocent until proven guilty” approach towards BitChain.
Layer 1 initially “optimistically assumes” activity on BitChain is following the proper rules. If a violation occurs (i.e., somebody claims “now I have all of your money”), this claim can be disputed back on L1; fraud will be proven, the invalid claim disregarded, and the malicious party will be financially penalized.
This ability to adjudicate and prove fraud on L1 is BitChain’s key, fundamental feature, and is how and why the system inherits BNB Chains security.
Q: zkRollup part is how and why BitChain is able to offer low fees, yes?
Primarily, yes, this is the heart of where the savings come from. However, there are a number of other means by which BitChain alleviates the burden on L1, all of which translate to lower transaction costs for end users. For one, BitChain transactions are submitted on the L1 in batches; typically, a single batch (submitted in a single L1 transaction) will contain several hundred L2 transactions. Batching amortizes the overhead cost of interacting with the L1, and thus offers significant savings over posting individual transactions at a time. Furthermore, the transaction data is posted on L1 in compressed form (and only decompressed within the L2 environment), further minimizing the transaction’s L1 footprint.
Q: As far as the experience of using BitChain: when you said that it’s very similar to using BNB Chain…
Yes it is similar. It will be interoperable with any BNB Chain token. Different layer 2 protocols emphasize and optimize for different things; BitChain will be created with BNB Chain compatibility and security. This means users can use BitChain with all their favorite BNB Chain wallets; developers can build and deploy contracts with all their favorite BNB Chain libraries and tooling; in fact, most of the time, the experience of using BitChain will feel similar to BNB Chain just faster and cheaper.
Q: So it sounds like BitChain zkRollup is an ideal solution that solves any and all scaling problems…?
BitChain zkRollup is very strong at its core. Its design is geared heavily toward avoidance of introducing any centralization or trust assumptions, and it is thus a clear, strict net-win for the BNB Chain ecosystem. Decentralization, however, comes at a (literal) price, and not all applications and users necessarily want or need to pay that price. For dapp use-cases with different security considerations, different tools in the BitChain suite will be made available.
Telegram: https://t.me/BitChain_Global
Twitter: https://twitter.com/BitChainGlobal
Website: http://www.bitchain.gold/
Whitepaper: https://bitchain.gitbook.io/bitchain-whitepaper/