Bitflate has inflationary supply. We want to create a digital native payment crypto through inflation.
Bitflate is based on Bitcoin. It has the following differences:
- It creates 19.3 million coins in the first three halvings.
- Proof of Work timespan adjustment is 3.5 days.
- Block time is 2.5 minutes. It has 1-year halving interval.
- In subsequent halvings, coins inflate 7% per year. At this inflation rate, coin supply doubles - every 10 years.
Here’s the block reward schedule for the first 10 halvings:
- 0: 50
- 1: 25
- 2: 12.5
- 3: 6.25 (end of halving)
- 4: 6.56 (start of inflation 7%)
- 5: 7.02
- 6: 7.51
- 7: 8.04
- 8: 8.60
- 9: 9.20
- 10: 9.85
Why do you want to have inflation?
Bitcoin has fixed supply. The currency is deflationary. It causes price to fluctuate wildly. We think it is a good Store of Value (SoV). But for transactions, price fluctuation is a problem.
Existing stablecoins are typically implemented through bank ledger. This requires 3rd party centralized banks. We want to create a payment crypto through inflation. We think inflation would add liquidity to Bitflate currency.
Why Bitflate inflation rate is 7%?
We take a not-Bitcoin approach of setting inflation rate fairly high. If we set the rate low, the currency may behave just like Bitcoin.
If this coin ever receives widespread adoption, high inflation can meet market demand.
We pick the rate of 7% from Rule 72.
Coin supply doubles every 10 years.
What is Bitflate relationship with Bitcoin?
Bitflate started with Bitcoin Core codebase. It has changes in reward schedule and branding. Bitflate chain is separate and has no relationship with Bitcoin.
Can I use Bitflate for business?
When the network hashrate is low, please wait for more confirmations before consider transactions finalized.