Bitnet: A Peer-to-Peer Programable Money Network
Masayoshi Kobayashi
masayoshikob@gmail.com
www.bitnet.money

I've been working on the creation of a decentralised network protocol to resolve ideological issues I have against all programmable money networks in existence and their inherent centralisation issues that, in my opinion, disallows them to be used in the formation of the new global financial system.

I am not looking for anything but to share my idea with you, and if you deem it valid, if you could keep a node running that accepts incoming connections, you'll really be helping the network a lot. I'm calling it Bitnet, and I have posted a brief paper with my thoughts on the website.

You can read the abstract below:

Quote

Peer-to-peer networks based on blockchain technology made possible for value to be transferred from one individual to another without the need for an intermediary financial institution, enabling self-custody and full control of funds by the individual participants of such networks. The evolution of the technology started with the launch of Bitcoin in 2009 with a further breakthrough being achieved by Ethereum in 2015 with the introduction of smart contracts, making money highly programmable, enabling the tokenisation of value through fungible and non-fungible assets, and more. Bitcoin’s original intent was to serve as a decentralised medium of exchange, but for reasons we will elaborate further in this paper, it has failed in its core mission, and instead converged into what could be compared to a digital version of gold, or a decentralised digital store of value. Ethereum on the other hand, enables the implementation of more adequate payment technology but fails in being sufficiently decentralised, with more than half of its current supply in circulation (around 70M out of 120M, at the time of writing) being pre-mined, creating an uneven and unfair distribution of the circulating supply of ETH, which is added to the fact it has now migrated from what is seen as an efficient and truly decentralised consensus mechanism, PoW, to an unproven and somewhat fragile PoS consensus mechanism, further favouring big holders at the expense of newcomers. It also has an appointed CEO and a very centralised and concentrated core development team, that hold the de facto power to decide on the implementation of improvement proposals that could drive price, adoption, and the distribution of ETH, making such currency resemblant of a security more than what should be a properly decentralised means of exchange. Bitnet aims to solve these issues by conceiving a PoW implementation of Ethereum to run in parallel with Bitcoin and serve as a truly decentralised vehicle for programmable money, with a built-in monetary policy that favours its usage as a means of exchange rather than a store of value, with a predictable and hardcoded supply creation mechanism that allows for a healthy supply growth over time to foster economic expansion, true decentralisation, and fairness.

What is Bitnet?

Bitnet is a decentralized technology that powers programmable money. Much like Bitcoin, users can make use of the protocol to generate, send, and receive Bitnets among themselves, and like Ethereum, it is also compatible with smart contracts and can be used to develop complex subprotocols that can power programmable money, digital assets, non-fungibles, decentralized autonomous organizations and more.

It has no pre-mined supply, and for a while after the launch, anyone with a regular PC will be able to setup a node, mine, and generate Bitnets. By doing that you will help securing the network and keeping it decentralized. Bitnet can be used with any EVM-compatible wallet, including MetaMask.

Visit Website: https://bitnet.money/
Join the Conversation: https://bitnet.money/forum
Read the Paper: https://bitnet.money/d/bitnet.pdf
Download: https://github.com/masayoshikob/bitnet/releases

Follow the progress on Github or send me an email if you have any questions or want to contribute.

Bitnet is open source software, distributed under the LGPL-3.0 license.