Openverse/bitgold whitepaper

A Decentralized Economic Framework Based on Public Currency

Author: Dr. Bright [[email protected]], Version 2.1.5

Preface: When Bitcoin was first introduced, the white paper envisioned it as "a peer-to-peer electronic cash system". In fact, through years of development, Bitcoin and blockchain technology have partially achieved this vision, and it is likely that the vision will be fully realized in 50 years. However, at this stage, in terms of overall performance, scalability, transaction fees, cross-cultural issues, user experience, security, etc., Bitcoin has not yet met the standard for public use. Bitgold is a brand new experimentation based on the concept of Bitcoin 3.0, aimed at realizing the concept of Bitcoin.

Abstract: Based on the ideas of Bitcoin and some simple financial rules, this paper proposes a logically simple solution, advocating methods such as "new gold standard, competitive issuance, public currency, and decentralized digital asset allocation", and through technical means, it has realized the competitive issuance of digital currencies (stable coins) corresponding to various national currencies by mortgaging Bitgold, thereby achieving consensus on trust at the bottom layer of assets and circulation of assets on the application layer. It has truly realized the value scale, circulating equivalent, storage means, and payment intermediary capabilities of digital currencies, and widely applied decentralized smart contracts to various fields such as "value investment, online payment, automatic settlement, commercial contracts, property rights tokenization, etc." The entire experimentation process will go through three major technical steps: 1. Public currency operating platform; 2. Autonomous architecture of digital assets; 3. Distributed economic architecture.

Keywords: Public currency, new gold standard, Bitgold, tokens, sound money drives out bad