What is Bitcedi?
Bitcedi is an open decentralized cryptocurrency. Anyone interested can join Bitcedi network and take part in currency development. As well as the Internet, Bitcedi is international by its nature.
Bitcedi allows safe and secure transactions around the globe and offers the convenience of instant fee-free money transactions.
In order to distinguish Bitcedi network from Bitcedi currency, the latter is referred to as BXC. For instance, current Bitcedi emission rate is 80 BXC each 240 seconds.
Bitcedi is an open cyptocurrency. Therefore anyone willing can become a user of the currency and voluntarily take part in operation of the network. The only thing you need to do is to download a special software that will create a wallet for you. With the help of this software you will be able to send money to other users and receive payments from them.
Bitcedi algorithms don’t allow other users to know your wallet balance, to whom you send money and where you receive your funds from.
You can take part in operation of the network by allocating computing power of your computer. Due to this mechanism, transaction processing is decentralized, which allows a person to be not only a user, but also a participant.
There are two ways to obtain Bitcedis. You can take part in network maintenance and get a reward for it, or buy Bitcedi(BXC) with fiat.
Fiat money transactions between people are carried out through an intermediary, a bank or financial institution. Transaction reliability is guaranteed by an agent who conducts the transaction.
Transactions between Bitcedi users are carried out through the Internet. Transaction privacy is protected by secure cryptographic algorithms whereby no one can identify who sent the money, who the receiver was, and what amount of money was transferred.
Bitcedi transactions processing is done by the whole network of users. Yet no participant has access to the transaction details. All transfers are fully anonymous.
The transactions processing requires a considerable amount of computational resources. Those users who joined the network may allocate time of their computers for transaction processing. As a reward they receive BXC. Such process is called mining.
Emission of fiat currencies is a closed process where an issuer is engaging its own capabilities. One can’t take part in the emission process.
Bitcedi emission is an open process which employs computing powers of all network members. Any user can join the Bitcedi network and take part in the emission process (thus, becoming a miner).
Mining in the network results in creation of new money, which serves as the reward for users who employ their computing power in order to process transactions.
All transactions are carried out each 240 seconds. Miners ensure that the transactions are processed correctly and provide cryptographic protection of transactions and personal data. However, miners cannot access users’ financial data since Bitcedi protects the identity of the sender and the receiver, and conceals the sum transferred.
As a reward, miners receive roughly 80 BXC each 240 seconds. Such approach allows both new money emission and zero-fee transactions.
Bitcedis are gradually getting more expensive over time, since the emission is limited to ~85.9 million BXC. The number of Bitcedi emitted each 240 seconds is slightly decreasing. As a result BXC gains value and exchange rate increase.
Fiat currencies are assigned to specific territories while Bitcedi is bound to the Internet and therefore is international by its nature.
Bitcedi has formed its own network that consists of users who use Bitcedi for mutual settlements. Bitcedi network is open and anyone willing to join is welcome to become a user of Bitcedi currency.
Safety and reliability
The reliability of Bitcedi is defined by total computational power of all the computers that take part in transactions processing. The greater the processing power, the more reliable the network.
In so doing all money stored in your wallet is already protected during the transaction processing and the safety doesn’t depend on network reliability. Your money is safe anyway.
How Bitcedi works
John has 30 BXC in his wallet. He wants to order pizza delivery to his place which costs 1 Bitcedi, taxes and delivery included.
John places an order on the website. Right after that he receives 1 BXC bill that contains the pizzeria Bitcedi wallet address. John broadcasts the following instruction to the Bitcedi network: send 1 BXC from John_address to pizzeria_address.
Once each computer in the network receives this instruction, it checks whether this BXC John wants to transfer actually belongs to him. However a computer can’t find out neither who transferred this BXC to John, nor his balance. A computer simply checks conformity of sender’s signature. It has no access to personal data.
Each computer in the network collects the transactions that need to be processed and packs them up in a block. Each block should comply with specific rules, which is a difficult task to solve. Hence, each computer in the network works on calculating suitable transaction block form. This is required to protect the network from transaction forgery.
At some point one of computers in the network may be lucky to find the correct block structure. Then this computer puts the block into its blockchain file, which represents the database for all performed transactions. Then this computer broadcasts the new block to all other computers in the network so that they could also update their blockchain files. The transaction is completed and the owner of the computer that was the first to find the correct block structure gets a reward.
After the transaction is done, 1 BXC belongs to pizzeria and no longer to John. The Bitcedi blockchain contains all data required for pizzeria owner to use this 1 BXC for his own goals.
This whole process takes about than 4 minutes, and the pizzeria owner will get paid before he even starts to cook John’s pizza. Moreover, in order to get paid with Bitcedis he only needs a computer/phone with the Internet access. No fees, no intermediaries.
You can easily convert Bitcedis into U.S. dollars and vice versa through the exchanges.
Block time: 240 seconds. It takes 240 seconds to check the authenticity of a transaction and process it. This time is used to apply cryptographic algorithms, and make the payments secure.
Total amount: ~85.9 million BXC. Bitcedi emission is limited. Each 240 seconds a new batch of roughly 80 BXC is emitted and distributed between miners as reward which makes zero-fee transactions possible.
Learn more about Bitcedi
Bitcedi employs open source technology. You can familiarize yourself with the source code and cryptographic algorithms of all programs.
If you happen to be a mathematician, a cryptographer, or a programmer we’re eager to discuss any technical details about Bitcedi that you might find interesting.
If you are a businessman or an entrepreneur, we will be glad to answer any your questions on how Bitcedi can help to decrease the costs of your business and make it easier for you. Contact us anytime.