What is SatoshiChain?
Last updated
Last updated
SatoshiChain is an EVM-compatible blockchain that aims to complement the original Bitcoin cryptocurrency. As a proof-of-stake blockchain, SatoshiChain seeks to bring scalability, security, robustness, and utility to Bitcoin. In short, the SatoshiChain doesn’t compete with Bitcoin. Instead, it aims to harmonize with the original crypto and enhance it with smart contract capability.
SatoshiChain enhances $Bitcoin to bring Decentralized Finance applications like NFTs, games, and decentralized applications (dApps) to the $Bitcoin community. Unfortunately, $Bitcoin cannot support any of these applications (or any other dApps) as is.
SatoshiChain fixes this.
SatoshiChain utilizes the Satoshi currency ($SAT). A single bitcoin ($BTC) is divisible, just like dollars, and the smallest unit is called a Satoshi. When you bridge your $BTC to SatoshiChain, you receive $SAT in your wallet. There are 100 million Satoshis ($SAT) in one bitcoin, meaning each Satoshi is worth 0.00000001 BTC.
The bridge works both ways, so when you withdraw your $SAT out of SatoshiChain, you receive $BTC in your Bitcoin wallet according to the same conversion rate.
By utilizing the bridge solution, SatoshiChain also provides a connection with several blockchain networks, facilitating the transfer of both ERC-20 and ERC-721 tokens.
Through the JSON-RPC endpoints and the gRPC protocol, node operators can carry out a variety of operations on the nodes using industry standard web3 wallets to communicate with SatoshiChain.
SatoshiChain Relies on the Following Key Principles:
Clique Proof-of-Authority (PoA)
The Clique consensus algorithm is a simple and efficient mechanism where a fixed group of known participants take turns proposing and validating blocks, achieving fast block confirmation and immediate finality in a blockchain network.
Existing Ethereum smart contracts can easily be migrated to SatoshiChain without requiring any further modification.
Community members (token holders) can make proposals, delegate, vote on the blockchain parameters & events, and influence governance decisions.
SPES BaS is the blockchain technology that houses all the decentralized applications (dApp) with an innovative ecosystem of fully functional decentralized commerce applications.
Why Choose Us?
An Clique PoA with built-in systems contracts will be used as a core consensus algorithm by SatoshiChain.
Any account staking & passing community authority and authentication, will be allowed to validate.
The average block time is expected to be 2 seconds.
SatoshiChain has pre-deployed contracts for staking.
Initially, 21 nodes will be running to comply with BFT (Byzantine Fault Tolerance).
If the block is not produced or accepted within the expected time, the next validator would take over.
Block size will be dynamic and decided by the Validator set. The initial block gas limit is 30,000,000.
There is no newly minted block reward for block production. New $SAT can never be minted.
The number of validator nodes in the chain will be 21 minimum.
All transaction fees will be valued in $SAT but consist of bitcoin. It's important to note that the SatoshiChain project is a community-first blockchain that aims to empower Bitcoin holders and enthusiasts. SatoshiChain will ultimately provide Bitcoin users with access to blockchain games, NFTs, and the ever-growing DeFi ecosystem, one in which they can showcase their favorite coin for a wide range of applications.
