Understanding BILL in Three Minutes: Interpretation of the BILL White Paper

What is the BILL?

BILL, full name Bill Code, is the main development project of the BlockLAB Blockchain Research Center, which was established by the cooperation of world-class technology giants (Dell, IBM, etc).Bill Code is committed to the perfect application of blockchain technology to multiple industries, focusing on the storage and protection of online privacy information. Bill Code will be a key to solving the password in the Web 3.0 era, and everyone has the opportunity to have such a key to create a free and secure data storage world.

BILL uses the size of the hard disk as the consensus basis, making its production more decentralized, allowing everyone to participate in the production of encrypted currency, generating credit through information protection, and value through information protection.

BILL’s choice of computer hard disk mining is a disruptive innovation. At present, computers can be used as mining equipment including CPU, GPU and hard disk. In the end, CPU and GPU cannot avoid becoming AISC miners. At the same time, CPU and GPU will cause a lot of energy waste. Hard disks are naturally anti-AISC and power-saving. Hard disks can maintain their operation by simply scanning the disk. BILL chooses hard disk mining, which perfectly avoids the defects of CPU and GPU, making it a more environmentally friendly development future.

BILL’s economic model:

Bill Code will be divided into two parts: CPoC treasure pool and liquid treasure pool. Treasure hunters can choose one or two treasure pools to participate in the treasure hunt according to their actual conditions. In addition, in order to continuously motivate treasure hunters to participate in the Bill Code project, the liquid treasure hunt is also associated with a part of the lucky block treasure pool. The lucky block treasure pool is used to reward treasure hunters who have made significant contributions to the liquid treasure pool.

BILL’s economic model ensures the stability of the circulation of the BILL currency quantity, keeping it in a balanced state with the quantity accommodated in the market.

Bill allocation mechanism:

CPoC treasure hunt:

BILL’s consensus algorithm has been upgraded on the basis of POC, which is the upgraded CPoC (Conditioned-Proof of Capacity). CPoC treasure hunt regard treasure hunters as a community of ecological interests, and use hard drives as new production materials to replace the original power consumption resources, so that the entire BILL ecosystem has an environmentally friendly and efficient expansion foundation.

Liquidity Treasure Hunt:

Liquidity treasure hunting is also known as “staking mining”. In fact, this is a mode of liquidity development for enhancing virtual currency. When Bill Code’s treasure hunters reach a certain base, the liquid treasure hunt will be launched soon. In the BILL liquidity treasure pool, participants need to deposit more than the specified amount of BILL as required to provide liquidity for the fund pool to obtain income.

Lucky block:

Lucky blocks are used to reward miners who have made significant contributions to liquid mining pools. The top 100 miners who have contributed the most in the liquid mining pool are retrieved every ten minutes, and the 100 miners are evenly allocated 2 BILL rewards. When there are less than 100 miners in the liquid mining pool, no reward will be generated.

Summary

In the ten-year journey, POW has made BTC, but POW has also become a defect of BTC. POW has created a centralized monopoly, making energy consumption a pain point in the industry. The concentration of computing power is also far from Satoshi Nakamoto’s vision of “one person, one vote”. POW mining has gradually become a game for the powerful. The emergence of a new generation of value storage cryptocurrency BILL has given us new hope.

If Bitcoin mining belongs to the elite and resource holders, then BILL will bring treasure hunting to thousands of households. BILL gives everyone an equal opportunity to participate in cryptocurrency.

BILL CODE official links:

twitter: https://twitter.com/BillCode3

Telegram: https://t.me/joinchat/y793ttyeMSY5YzVl