Pre-Launch Overview of EarthBucks and the Sprint to Launch
I have decided to put the P2P network and KYC features on hold while I sprint to launch the genesis block.
In this post, I want to create an overview of the EarthBucks blockchain, P2P network, and apps that is sufficiently informative for all users of the product at launch.
What is EarthBucks?
EarthBucks is a brand new, from-scratch blockchain designed to be world money. Development began in March 2024.
Similarities to Bitcoin
EarthBucks is similar to Bitcoin in many ways. The total supply is fixed (at 42 million instead of 21 million), and the distribution schedule is the same as Bitcoin (halving every 4 years). The block time is 10 minutes.
The transactions have multiple inputs and outputs with a FORTH-like scripting language, also called a predicate. Script has two stacks and is Turing-complete across multiple transactions.
Blocks are mined with proof-of-work like Bitcoin, but with two additional “work hashes” added into the header. One work hash is for serial proof-of-work, and the other is for parallel proof-of-work. The highlight is the parallel proof-of-work, which is an adjustable algorithm designed for GPUs, currently set to an algorithm called algo1627, which is essentially a large matrix multiplication based on pseudorandom blockchain data.
In summary, the structure of transactions and blocks is the same as Bitcoin.
Differences from Bitcoin
Despite the similarities, there are many ways in which EarthBucks is different from Bitcoin.
Bitcoin was implemented in C++ with a custom P2P protocol over port 8333. EarthBucks is co-implemented in TypeScript and Rust with a web-based P2P protocol. Mines on EarthBucks are not anonymous; instead, they are identified by a domain name and must have a website conforming to the EarthBucks standard.
Bitcoin has a fixed maximum block size. EarthBucks does not. There is no upper limit to on-chain transaction volume on EarthBucks.
Bitcoin requires six confirmations for a transaction to be valid because blocks can be reorganized (or “reorged”). EarthBucks confirmations are nearly instant because mines vote on every transaction after it is received in proportion to their share of the total work. This is made possible because EarthBucks identifies mines by domain name, and the domain name is used to determine the share of work.
Similarly, blocks do not undergo reorgs. Instead, every block is voted on like transactions, meaning every new block is instantly reliable, which significantly simplifies the software. Again, this is made possible by the domain name that identifies mines.
Bitcoin has transaction fees that can sometimes be high. EarthBucks has no transaction fees, or rather what I call “change fees,” because users have a direct relationship with a mine (or a wallet, which in turn has a direct relationship with a mine). Because the user can pay the mine directly, there is no reason to include a fee in the transaction. It is expected that wallets for ordinary users will be completely free and most likely funded by ads.
There are many other smaller differences as well. In summary, while the structure of transactions and blocks is the same as Bitcoin, everything else is quite different.
The main points are:
- EarthBucks is mined by consumers on consumer devices.
- EarthBucks has unlimited transaction volume.
- EarthBucks has (nearly) instant confirmations.
- EarthBucks has no transaction fees.
- EarthBucks has no block reorgs.
- EarthBucks has a notion of identity based on domain names.
Status of Development
The blockchain software is nearly finished. I have decided to sprint to launch the genesis block without first finishing the P2P network, KYC features, or other apps.
Thus, when EarthBucks reaches the “launch” milestone, it will mean:
- You will be able to mine EarthBucks on your consumer device from a web browser at earthbucks.com.
- You will not yet get an advantage for verifying your identity.
- You will not yet be able to use alternative mines or wallets.
- There is no exchange for EarthBucks.
- There are no apps for EarthBucks.
However, all these things will be coming soon after launch. I am working on this project full-time and expect to roll out new features and apps quickly.
The expected order of new features and apps is as follows:
- After the genesis block, I will build the KYC feature hosted at internetkyc.com. This will allow users to go through optional pseudonymous identity verification or full identity verification. This will be used to prevent spam and abuse on the network. I want to emphasize that KYC is optional. However, it will come with significant advantages. Limits, such as transaction limits, will be lifted or removed entirely, and the advantage for mining will probably be 10x. Most people will want to get verified because it is worth it.
- After the KYC feature is built, I plan to finish the P2P network. This means I will launch at least two new mines. The first alternate mine will be NinjaButton, hosted in Tokyo, Japan, and the second will be Compucha, hosted in London, UK. You should use the mine closest to you for the best experience.
- After the P2P network is built, I will build an exchange called EBXOTC. This will be a self-custodial P2P exchange to ensure that EarthBucks acquires a market value as quickly as possible. This is a web analog of the early #bitcoin-otc IRC channel.
- Finally, after all this is going, I plan to launch my own apps. I have many app ideas based on AI that pair well with EarthBucks payments. I will be building these apps in the coming months.
I will also provide many open-source tools and documentation along the way for any developers and entrepreneurs who want to build on EarthBucks.
Marketing Plan
When EarthBucks “launches,” meaning the genesis block is mined, I do not plan to market EarthBucks loudly. Instead, I will immediately proceed to building the entire network. Marketing will come later, after the network is built and the apps are launched.
More Information
The EarthBucks Blog is the best source of information about EarthBucks. If you wish to know more, please read the entire blog. I do not plan to write a white paper until well after launch, so the blog is the best source of information for the time being.
Some parts of EarthBucks are open-source and can be found on GitHub at github.com/earthbucks/earthbucks. You can also find links to the Telegram group, Discord group, and X account on the main app at earthbucks.com.
Conclusion
EarthBucks is a new, from-scratch blockchain designed to be world money. Some key parameters are the same as Bitcoin, such as a fixed supply and the structure of transactions and blocks, but other important parameters are totally different, such as the web-based P2P network, the instant transactions, the lack of a block size limit, the lack of transaction fees, and the lack of block reorgs. Please find all links and all information at earthbucks.com.