Released On December 2017 Updated On May 2020

Bitcoin True
White Paper

What is White Paper?

A WHITE PAPER IS AN AUTHORITATIVE REPORT OR GUIDE THAT INFORMS READERS CONCISELY ABOUT A COMPLEX ISSUE AND PRESENTS THE ISSUING BODY'S PHILOSOPHY ON THE MATTER. IT IS MEANT TO HELP READERS UNDERSTAND AN ISSUE, SOLVE A PROBLEM, OR MAKE A DECISION.




Table of Contents:

Abstract

There exists a vast array of assets in the world which people freely choose as a store­of­value, a transactional medium, or an investment. We believe the Ethereum blockchain is a better technology for transacting, storing, and accounting for these assets. BTCT Token uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of BTCT is carried out by the ETH network. BTCT is open-source; everyone can take part. Through many of its unique properties, BTCT allows exciting uses. A digital Token provides individuals and organizations with a robust and decentralized method of exchanging value while using a familiar accounting unit. The innovation of blockchains is an auditable and cryptographically secured global ledger. Asset­backed Token issuers and other market participants can take advantage of blockchain technology, along with embedded consensus systems, to transact in familiar, less volatile currencies and assets.

Philosophy

Satoshi Nakamoto's development of Bitcoin in 2008 has being one of the first successful example of a digital asset which simultaneously has no backing or intrinsic value and no centralized issuer or controller. Decentralizing. Trough the years the Bitcoin experiment is showed us that in many things Satoshi was right about, one of them is - There is a lot more people interested in centralizing and Tokenization than we know. Also, Satoshi wrote in 2009 “I would be surprised if 10 years from now we're not using electronic currency in some way, now we know a way to do it......” We not sure if now happening exactly what he was expecting, but we should say that every year blockchain technology is growing and crypto assets getting more and more confession and attention then years back. Bitcoin showed us an example of blockchain technology that include using digital assets to represent custom currencies and financial instruments (crypto Tokens), as well as more complex applications or even blockchain-based decentralized autonomous organizations and more. He called it The Internet of Value, people calling it The Internet of Money, but we like to say The Internet of Opportunities.

Motivation

Bitcoin primarily as alternative way of money, as digital gold. It took many years to became more valuable. But it’s more than that, nowadays it’s became new culture, communitie, new vector for enthusiasts and technology and more. With the advent of Bitcoin opened the opportunity for development of decentralization. On other side, decentralization means some risks. Diversification is the right way to reduce risks. In addition, decentralization should not be monopoly. What BTCT intends to provide is right of choice in a blockchain world, decentralizing with a built-in smart-contract and diversification of digital actives of user and much more. Decentralizing allowing users to use any of the tools described above, as well as many others that we have not yet imagined. BTCT Token upgrades every year getting better and better. It took many years for Bitcoin to become more trusted and itself is not widely adopted outside the internet yet. But crypto-entusiasts, like us, want to popularize the blockchain technology, tools and more outside the internet as well.

Internet of Value

Throughout history, banks and third-party institutions have existed to provide trust between multiple parties of a transaction. Bitcoin radically changed this construct, allowing transactions to take place within a blockchain protocol, without the need to depend on third-party entities. By moving trust from the intermediary to the protocol, Bitcoin changed the way money flows and set the stage for the Internet of Value. Bitcoin was created as “an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” Bitcoin created a new class of digital currency, a decentralized digital currency or cryptocurrency . All the Blockchain initiatives we talk about today, including Ethereum and BTCT Token are a result of Bitcoin. Although Bitcoin may be more well known, because if exists from 2008 and was made aggressive marketing and distributions. But the most important here is the basic idea of Nakomoto. BTCT Token was inspired, supportive and willing to move forward the idea of Satoshi about Internet of Value. Or like we say in our community — Internet of Possibilities.

Mission

The intent of BTCT is to become widely adopted an alternative way for transactions, deals and more. We believe that is very useful to have different set of trade offs with particular emphasis on situations where rapid transaction time, security, and the ability of different kind of actives, applications to very efficiently interact, are important. BTCT Token can be used as “digital currency” and be sent over the internet instantly and cheaply now. The BTCT Token was originally conceived as an upgraded alternative version of a cryptocurrency, providing advanced features. What is more interesting is that the BTCT Token can move far beyond just crypto-currency. Smart contracts, fast transactions and other advantages of BTCT Token around decentralized blockchain and decentralized markets, among dozens of other such concepts, have the potential to substantially increase features and usage of the crypto industry, and provide a massive boost to other peer-to-peer world by adding for the first time an economic layer. Finally, there is also a substantial array of potential that have nothing to do with money at all. Progress does not stand still, and in the future many issues and problems can be resolved. BTCT Token with a built-in smart-contract introduced the future needs and desires of users and make it possible to carry out reliable and confidential transactions without the participation of external intermediaries in the person of banks or other third parties. The concept of decentralizing and “Internet of money” as implemented by the BTCT Token provides for users with unique potential; rather than being a closed-ended and borders limited, transaction's time limited, tools limited, BTCT Token is open-ended by design, and we believe that it is extremely well-suited to serving as a foundational layer for a very large number of both financial and non-financial world in the years to come.

Objective

BTCT Token is a blockchain-based cryptocurrency with operating system featuring smart contract functionality in ERC-20 standard protocol. It based and inspired on modified version of Satoshi Nakamoto's idea about Internet of Value. Like Bitcoin or Ethereum — BTCT Token is an open-source project built by small team but very soon many people around the world started developing and join the BTCT Token community. But unlike the Bitcoin BTCT was designed to be more adaptable, faster, flexible with full potential to adapt in future for world needs and upcoming “updates”. BTCT Token is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology (blockchain). We have a long way to go, but given the fact that we are from 2017 as a community, I believe we have done a good job being pragmatic, flexible and realizing that we will develop and grow every day to find optimal decision-making and coordination system and usage for users, we are on our way there.

Where we are today

(Future Innovations. Multi­sig and Smart Contracts)

BTCT Token with a built-in smart-contract make it possible to carry out reliable and confidential transactions without the participation of external intermediaries in the person of banks or other third parties. Tokens can be bought through online trading platforms (exchanges and exchangers), or in personal transactions (the sender and receptionist agree personally). The Token trading process itself is identical to the typical trading process. BTCT Tokens are stored and sent using Ethereum addresses and transactions. In the processes of transfer and storage is very simple. For this, digital wallets are used that implement the storage and processing of send and receive, convert, exchange etc, as well as the formation and signing of transactions. Wallets became Tokenization platform infrastructure. Some of the primary advantages of BTCT Token are: low transaction costs, international borderless transferability and convertibility, trustless ownership and exchange, pseudo­anonymity, real­time transparency, and immunity from legacy banking system problems. Therefore, the BTCT Token with a built-in smart-contract introduced nowadays and the future needs, desires of users. Any user of BTCT Token is able to take advantage of the extended benefits of a smart-contract. Among the main advantages of smart-contracts are: * autonomy (to conclude and confirm the transaction, you do not need to look for an intermediary represented by a broker, bank, notary, etc.); * reliability and security (a duplicate of a contract is stored in encrypted form on the blockchain); * the security of the system is guaranteed by mathematical laws and make not possible the hacker attacks, as well as the substitution of information retroactively; * Savings and speed — thanks to the blockchain, many intermediaries are eliminated and processes are automated; * accuracy — due to automation and minimization of manual work, the likelihood of errors that often appear when filling out forms during the approval process and when carrying out various contract operations manually is reduced. To get started with BTCT Token we are always recommending read tips “how to use BTCT Token”, “BTCT wallets storage”, “quick overview of BTCT Token”, “something you need to know about risks”, “how to buy BTCT Token”.

Naming

We started our crypto mission, back when the protocol was young, when Ethereum Network was smaller with less users and less notoriety, the mining pools, exchanges, and infrastructure providers supporting Ethereum. On the beginning from plenty of standards on the network we have chosen “erc standard” on Ethereum Blockchain Network. ETH (Ethereum Blockchain Network) allows developers to create absolutely any kind of application without restriction to specific feature types, this includes registering names, making offers on exchanges, and other similar functions. BTCT Token is registered in the Ethereum contract ABI language and contract source code of BTCT, and the name is verified. The growth of BTCT Token brought with it challenges. There was a time when we were the first cryptocurrency with a «number» in name, so it was hard to integrate our name on exchanges/markets interface. That is how it is in many early projects and that is okay. Nowadays everything is fine and BTCT Token is widely adopted. The Ethereum core developers are altruistic and try their best to listen to community feedback when considering what is included in network upgrades. This is entirely based on personal experience, and we may just be a naive optimist when it comes to gauging the situation in general. The choice of Ethereum Blockchain Network and the name was challenging for us and still stays. Major decisions took longer to debate and more people got involved. That is great! We are interested in development of Ethereum Blockchain Network because we truly believe that we want contributions and rigor when making changes to such an important technology as blockchain, Ethereum Network and Internet of Value and Possibilities.

BTCT and ERC-20 standard

ERC-20 standard — is one of the blockchain network protocol. BTCT Token — is a cryptocurrency, an open-source, public, blockchain-based Token with operating Ethereum Blockchain Network featuring smart contract functionality in version of ERC-20 standard protocol. Although the Ethereum Foundation and figureheads, like Vitalik, played a significant role in Ethereum’s trajectory early on, the community is taking up the torch to decentralize processes. From this 5 years Decision making processes in Ethereum have matured significantly as the network and users has grown. Through the dissemination, use and popularization the Ethereum Network and ERC-20 standard became more popular each year. Having a standard is very important as it allows to Token to be compatible with every wallet and every exchange built to the same standards. The standards provide functionality to transfer Tokens, send, receive as well as allow Tokens to be approved, so they can be spent by another on-chain third party etc. On the beginning Bitcoin was possible to send and store only by emails and on hard disks, there was no digital wallets for it. So we sure it was one of the main problem for widely popularization and distribution for Bitcoin since it was not so easy to store. Conclusion about erc standard: There is no way to confuse ERC-20 standard and BTCT Token. It’s completely different tools. But we here to help users if they have any questions. BTCT Token is registered in the Ethereum contract ABI language and contract source code of BTCT and name is verified. There are many Tokens on blockchain that use ERC-20 standard. And there is plenty of different standards to choose: erc, ERC-20, ERC-137, ERC-681, ieee and etc. And now trough the years erc standard and BTCT Token are widely adopted (100.00 BTCT Holders) because of the new users, popularization and naming. Nowadays, some Tokens do not even have half of the advantages, integrations, updates that the BTCT Token now has.

Advantages over other cryptocurrencies:

❖ BTCT Token exist on the Ethereum blockchain rather than a less developed/tested “altToken” blockchain nor within closed­source software running on centralized, private databases.
❖ BTCT's one­-to­-one backing implementation is easier for non­technical users to understand as opposed to collateralization techniques or derivative strategies.
❖ BTCT can be used just like Bitcoins, ethereum, i.e. in a p2p, pseudo­anonymous, decentralized, cryptographically secure environment.
❖ BTCT inherit the properties of protocol which include: a decentralized exchange; browser­based, open­source, wallet encryption; Bitcoin­based transparency, accountability, multi­party security and reporting functions.
❖ Mobile payment facilitation between users and other parties, including other users and merchants (via crypto digital wallets)
❖ Instant or near­instant fiat value transfer between decentralized parties (such as multiple exchanges)
❖ BTCT can be integrated with merchants, exchanges, and wallets just as easily as Bitcoin, Ethereum or any other cryptocurrencies can be integrated.
❖ Users can buy or sell as many BTCT as they want, quickly, and with very low fees.
❖ Introduction to the use of smart contracts and multi­signature capabilities to further improve the general security process.

Implementation Weaknesses

We understand that our implementation doesn’t immediately create a fully trustless cryptocurrency system. Mainly because users must trust BTCT Token and our founder. However, almost all exchanges, markets and crypti digital wallets are subject to the same weaknesses. Users of these services are already subject to these risks. So before start with BTCT we reccomending to read more about weaknesses and risks of cryptocurrency. The current limited mainstream use of cryptocurrencies include: volatile price swings, inadequate mass­market understanding of the technology, and insufficient ease­of­use for non­technical users.

For Exchanges

Exchange operators understand that accepting any new cryptocurrencie can be complicated, risky, slow, or expensive. Exchange users know how risky it can be to hold crypto currencies on an exchange. By offering BTCT Token, an exchange can relieve themselves of the above complications and gain additional benefits. Additionally, there are other benefits to holding tethers, explained in the next section.
❖ Allows users to move BTCT in and out of exchange more freely, quickly, cheaply
❖ Multi­signature security, cold and hot wallets, pc wallets, etc.
❖ Easily add other Tokens and crypto currencies as trading pairs to the platform
❖ Anything one can do with Ethereum as an exchange can be done with BTCT Token

For Individuals

There are many types of individual crypto users in the world today. From traders looking to earn profits daily; to long term investors looking to store their cryptocurriencie securely; to tech­savvy shoppers looking to avoid credit card fees or maintain their privacy; to philosophical users looking to change the world; to those looking to remit payments globally more effectively; to those in third world countries looking for access to financial services for the first time; to developers looking to create new technologies; to all those who have found many uses for cryptocurrencie. For each of these individuals, we believe BTCT Tokens are useful in similar ways. More advantages for individuals can be found here.
❖ Transact pseudo­-anonymously, without any middlemen/intermediaries.
❖ Cold store by securing one’s own private keys.
❖ Avoid the risk of storing crypto on exchanges ­move crypto­-active in and out of exchanges easily.
❖ Avoid having to open a fiat bank account to store fiat value.
❖ Easily enhance applications that work with ethereum to also support BTCT Token.
❖ Anything one can do with Ethereum as an individual one can also do with BTCT Token.

For Merchants

Merchants want to focus on their business, not on payments. The lack of global, inexpensive, ubiquitous payment solutions continue to plague merchants around the world both large and small. Merchants deserve more. Here are some of the ways tether can help them:
❖ Prevent chargebacks, reduce fees, and gain greater privacy
❖ Price goods in BTCT value rather than Bitcoin.
❖ Provide novel services because of crypto features
❖ Microtipping, gift cards, more
❖ Avoid the risk of storing crypto on exchanges ­move crypto­-active in digital-crypto wallet.
❖ Anything one can do with Ethereum as a merchant one can also do with tether

Conclusion

BTCT is based on the Ethereum blockchain, the most secure and well­tested blockchain and public ledger in existence. BTCT Token has a simple and reliable peer-to-peer technology. Our team is composed of experienced and respected entrepreneurs from the blockchain ecosystem and beyond. We are focused on arranging integrations with existing businesses in the cryptocurrency space. Business like exchanges, wallets, merchants, and others. We’re already integrated with Mercatox, Bamboorelay, EtherDelta and more to come. Please reach out to us to find out more. Please keep yourself updated.
❖ The BTCT contract source code is verified
❖ BTCT Token is represent a known & public interest project
❖ The BTCT Token is maintain a working website with active social profiles and communication channels
❖ The BTCT Token is operated for a period in time and achieved certain milestones
❖ The BTCT Token remains active and has ongoing on-chain activities
❖ The BTCT Token is well known and often interacted.

NOTES

What Is a Smart Contract?
The term smart contract has been used over the years to describe a wide variety of different things. In the 1990s, cryptographer Nick Szabo Tokened the term and defined it as “a set of promises, specified in digital form, including protocols within which the parties perform on the other promises.” Since then, the concept of smart contracts has evolved, especially after the introduction of decentralized blockchain platforms. In the context of Ethereum, the term is actually a bit of a misnomer, but the term has stuck. Ethereum network, uses the term “smart contracts” to refer to immutable computer programs as part of the Ethereum network protocol. Basically a “smart contract” is simply a piece of code that is running inside Ethereum Blockchain Network. Smart contracts have gained widespread practical use with the advent and development of the Ethereum Blockchain Network. In 2013, its future founder Vitalik Buterin came to the conclusion that Bitcoin is not suitable as a basic protocol, tool for smart contracts, since it was not originally designed for this task. Subsequently, Buterin decided to create from scratch the most suitable protocol for smart contracts.

Simply Terms for ERC-20 standard:
Standards — it’s like widgets with functions and interface that you can choose. But inside blockchain it’s making function of protocol. Basically “standard” is cryptographic protocol. A Token — it’s a Token created on Ethereum Blockchain Network. erc, ERC-20, ERC-137, ERC-681 and etc — it’s like versions of updates for smartphones. But in blockchain it’s versions of standards. Where Erc — is category (stands for Ethereum Request for Comment) and 20(identifier) — version, options of tools. Basically “ERC-20” is interface for cryptographic protocol. Bitcoin Blockchain Network and Ethereum Blockchain Network — it’s like software, for example Android and IOS, but only for cryptocurrency.