EarthBucks 2025: A Vision for a Global Electronic Cash System

2024-12-26 · Ryan X. Charles

EarthBucks is a global electronic cash system designed to be used by everyone on Planet Earth.

The fundamental design criteria of EarthBucks are as follows:

  • It must be sufficiently decentralized that no one trusted third party is necessary for two people to exchange value. However, some aspects of centralization, such as standards bodies, are allowed.
  • It must have a fixed total supply (permanently set to 42 million EBX) to prevent central parties such as central banks from inflating the currency and stealing value from the users.
  • It must technically scale to the entire world, meaning it must be able to handle all transactions for all people on Earth, while preserving zero or at most nearly zero transaction fees.
  • It must have the same properties as cash, namely non-reversibility and high privacy.
  • It must be capitalist in nature, which includes that the consensus algorithm is based on proof-of-work, and all other aspects of the system are designed to reward merit with payments in EBX.

EarthBucks launched on November 4, 2024. The goal for 2025 is to finish building all of the basic pillars of the ecosystem, particularly multiple mines and an exchange, and to set the stage for the ecosystem to grow and thrive, eventually becoming the primary electronic cash system for the entire world.

Launch

EarthBucks was launched on November 4, 2024 after about seven months of development. The full blockchain, including the genesis block, can be found on the blockchain page.

The launch included a full working blockchain and the ability for users to mine EarthBucks. The network is designed around the idea of “mines,” which on Bitcoin are called “mining pools.” The first mine is earthbucks.com. No other mines have launched yet.

The launch does not include a wallet. However, users who mine EarthBucks receive payments from “share payment” transactions that are implemented using an early but incomplete version of the EarthBucks wallet.

EarthBucks is partially open-source. The first commit can be found on the GitHub repo from late March, 2024.

Decentralization

Like Bitcoin, EarthBucks is designed to be decentralized. However, in light of the inability for the Bitcoin community to remove the maximum block size, or make other important changes, EarthBucks is specifically designed to avoid the problems of Bitcoin by becoming “privately regulated.” At the time of writing, the EarthBucks protocol is 100% controlled by its creator, Ryan X. Charles. Eventually, I plan to create a standards body to govern the protocol, but this is not yet in place and there is no ETA.

“Decentralization” is not a technical word with a simple, clear meaning. Instead, this word is used as a sort of wiggle word in the cryptocurrency industry to mean whatever the creators want it to mean. In the case of EarthBucks, it is probably better to regard EarthBucks as a “privately regulated” blockchain that satisfies some criteria of decentralization, in particular that two individuals who exchange value should not need to trust a mutual third party. However, this does not mean that no third parties are involved. The mines that constitute the core of the network are permissioned third parties. It is possible that mine operations may become partially permissionless, such as by allowing a portion of mining power to be fully permissionless, but it is also likely that the remainder of the network, and most likely a majority of mining power, will remain permissioned for the foreseeable future.

The role model of decentralization for EarthBucks is the Internet, not Bitcoin. The Internet is far more decentralized than Bitcoin and has proven that having central overseeing organizations such as ICANN, or standards bodies such as the W3C, can be effective at maintaining a decentralized system. EarthBucks is designed to be similar to the Internet in this regard.

EarthBucks absolutely does not regard Bitcoin as a role model for decentralization. The ineffective and totally useless quality of decentralization on Bitcoin is more like the world’s worst bureaucracy than a decentralized system. Bitcoin is completely unable to make any impactful change, even when necessary for its most basic functionality, such as its use as a peer-to-peer electronic cash system. The permanently fixed maximum block size, which makes it completely useless for any purpose other than as a giant pyramid scheme, is the greatest example of this.

Capitalism

Many of the design decisions of EarthBucks are based on the idea that if people are able to earn EarthBucks by providing value, they will do so. The mines earn 30% of the blocks for providing the core network services of the blockchain. The remaining 70% of each block goes to miners, who essentially work to provide a social signal that the blockchain has value. It is intended that all other functions of the network should be funded with EarthBucks payments. For instance, users can pay a small fraction of trades for an exchange, or a monthly fee for a wallet, or a fee for a name on a naming system.

EarthBucks is not an ideologically open-source project. Parts of EarthBucks are open-source, but it is not an open-source ethos that guides the design decisions. Instead, the idea that individuals and businesses can earn money for helping is the central ethos. It is my conviction that providing software at the edges of the network should mostly be open-source, because the edges are where nodes communicate with one another, and open-sourcing that code, such as inter-app communication data structures and APIs, smooths the ability for each node to communicate with one another. But software exclusive to each node, including whatever software is internal to each mine, wallet, or other app, does not need to be open-sourced. Each individual and business should make a strategic decision about whether to open-source their software, which should be guided by their own self-interest.

Mines

Mines on EarthBucks are what’s called “mining pools” on Bitcoin. The reason why the name is changed is both because the name makes sense (a mine is where miners work), but also because the notion of a “full node” in the sense of Bitcoin is not really a thing on the EarthBucks network.

On Bitcoin, the reality is that there is only a small network of mining pools (approximately 10 or so), that do now and have always constituted the core of the network. By making mines first-class citizens, many problems are solved, particularly the enablement of instant transactions and instant block propagation. Because each mine has a domain name, and the domain names are put inside each block, users, miners, and other mines can poll the set of mines to know if a transaction is valid or not. By polling all mines, if all mines agree, then it is a certainty that a given transaction will be included in the next block. Furthermore, because mint transactions occur at the end of the block, and are transmitted to all mines, blocks are effectively propagated instantly. In order for this full system to work, each mine keeps track of the latest working Merkle tree of each other mine.

The network of mines is a small world network where each mine identifies and connects with all other mines. Because blocks only occur every 10 minutes, and each block is found by one mine, and there are approximately 1008 blocks per week, then in a given week there can only be up to 1008 mines operating. In practice, this number is expected to be far less, probably approximately equal to the number of mining pools on Bitcoin, which is about 10. Because the number of mines is necessarily small, this is the portion of the network that is privately regulated. For now, the creator of EarthBucks, Ryan X. Charles, is the “benevolent dictator” of the mining network, and can change the protocol at will. Long-term, it is planned that this mining network is opened up to multiple independent mines, and to have a central coordinating organization that governs all protocol changes. Ryan X. Charles will probably be the leader of this organization once it is created and will continue to be the “benevolent dictator” for the foreseeable future.

Wallets

Wallets are apps that allow users to create and receive EarthBucks transactions. Wallets do not need to maintain the entire history of the blockchain, or even the current working UTXO set. Instead, wallets connect to mines and use the mine APIs to send and receive transactions. Because transactions are included in a Merkle tree, wallets can use a Merkle proof to verify if a transaction was included in a given block. This mechanism is called Simplified Payment Verification (SPV) on Bitcoin.

Because wallets do not need to maintain the full blockchain or even the full UTXO set, but instead must only keep track of the transactions for their users and the respective Merkle proofs, this makes wallet software far simpler and more scalable than on Bitcoin or other networks that require the full blockchain. It is expected that wallets will both act as specialized apps just for transacting with EarthBucks, as well as embeddable libraries that can be used by other apps to transact with EarthBucks.

Exchanges

The first exchange will be EBXOTC, which is a peer-to-peer exchange for EarthBucks (EBX) whose first trading pair will be Bitcoin Cash (BCH). The mining APIs necessary for wallets, and thus exchanges, will be opened up during 2025 and will make it possible for any existing cryptocurrency exchange to add EarthBucks as a trading pair.

Although any cryptocurrency exchange can add EarthBucks as a trading pair, I have decided to create my own exchange, EBXOTC, because having a market value is so critical to the ecosystem that I don’t want to be dependent on third party exchanges for providing this service. Thus, EBXOTC is regarded as one of the core pillars of the network in order for the full MVP version of EarthBucks to be complete.

Apps

Apps are any applications that integrate EarthBucks in some way, typically for payments, but possibly for other services such as stamping data on the blockchain. I plan to build several apps that use EarthBucks for payments, all of which revolve around the use of AI. Because EarthBucks enables small payments with no fees, it is ideal for AI apps which have small but negligible costs per action.

One of those apps will most likely be Artintellica 2.0, a re-launched version of an AI app I created a year ago where users could create and manage many independent AI agents with distinct personalities. In other words, Artintellica is a social network for AI agents. Because every action such as generating images or text costs money, Artintellica included a micropayment system where the users loaded a balance with a credit card. In Artintellica 2.0, the user will be able to pay for each action with EarthBucks.

Comparison to Bitcoin

EarthBucks was created specifically because it appeared most likely that Bitcoin would never remove the maximum block size. Although I have a lot of respect for Bitcoin Cash, and other big block blockchains, it was obvious that no other blockchain was anywhere near the critical mass necessary to become the primary global blockchain for payments, and therefore we have every reason and every opportunity not just to fix the maximum block size issue, but all other issues with Bitcoin as well.

EarthBucks can therefore be thought of as the Ryan X. Charles interpretation of Bitcoin 2.0. What if Bitcoin not only didn’t have a maximum block size, but we also fixed all of the other issues, and used a 100% modern technology stack, fixed the governance issues (primarily by having a clear leader, Ryan X. Charles) and then re-launched with a new name, new brand, and with mining subsidy starting from zero?

Besides the absence of a maximum block size, EarthBucks has many other changes to Bitcoin, including, but not limited to:

  • Using Blake 3 instead of SHA256 for the hash function.
  • Using a GPU-based proof-of-work algorithm that runs on consumer GPUs rather than custom ASICs.
  • Using big endian instead of little endian for all numbers.
  • Using TypeScript and Rust instead of C++.
  • Assuming the mine as the core of the network, rather than the full node.
  • Identifying mines with a domain name, thus enabling instant transactions and instant block propagation.

Bear in mind that EarthBucks is a from-scratch implementation of a new blockchain that shares no software or blockchain history in common with Bitcoin. Therefore, wherever not specified, EarthBucks should be assumed to be different, not the same as Bitcoin. This applies not just to the protocol, but to the tech stack and social organization as well.

Comparison to Bitcoin Cash

There are too many cryptocurrencies to do a compare/contrast with all of them, but Bitcoin Cash deserves special attention because it, too, was specifically created to solve the primary issue with Bitcoin, which is the miniscule maximum block size.

Bitcoin Cash was created by Amaury Sechet during the 2017 hash war. It’s a long story, but I trust the book Hijacking Bitcoin to be an accurate summary of events. (Caveat: I have not yet read the book “Hijacking Bitcoin”, but I promise the authors, Roger Ver and Steve Patterson, who I personally know, have a high degree of credibility.)

Bitcoin Cash is a fork of Bitcoin from 2017 that increased the maximum block size, and added a few other changes. At the time, it was possible it might become known as “Bitcoin” to a mass audience, but that has not happened, and instead it has retained the name “Bitcoin Cash.”

Bitcoin Cash is a viable alternative form of Bitcoin which I regard as one of the most useful cryptocurrencies. It has low fees, good features, a strong and competent community, and a realistic roadmap that includes raising the maximum block size as needed. There are no fundamental issues with Bitcoin Cash at all. However, it simply has not grown big enough to be anywhere near the critical mass necessary to become the primary global blockchain for payments. Furthermore, I know from experience that in order to get things changed in Bitcoin Cash, I would have to politic and lobby and it would be slow and cumbersome. Instead of trying to work on and improve Bitcoin Cash, it is easier to start over and make a new blockchain from scratch where I can program 24/7 and never have to politic or lobby anyone. If Bitcoin Cash were much larger, and if I were convinced the problem of electronic cash were fully solved by it, then I would not feel the need to create a new blockchain. However, that is not the case.

To be clear, here are some of the specific issues with Bitcoin Cash which I am fixing or improving with EarthBucks:

  • Bitcoin Cash is implemented with C++, but EarthBucks is implemented with TypeScript and Rust. These modern programming languages are far easier to work with for countless reasons.
  • Bitcoin Cash uses SHA256 for the hash function, but EarthBucks uses a custom proof-of-work algorithm that runs on consumer GPUs, which enables ordinary consumers to mine and get a significant amount of EarthBucks. The mining algorithm is designed to change with time to make sure it is always mineable by consumers.
  • Bitcoin Cash uses little endian, and lots of other minor technical details are different and slightly more annoying than EarthBucks. EarthBucks fixes all these minor irritants.
  • I, Ryan X. Charles, have total control over the EarthBucks protocol, for now and for a long time, which means I can update and change things in a way that is not possible with Bitcoin Cash. Some people may think this is bad, because it is “centralized,” but it is a very important property that enables EarthBucks to move very quickly and make bold forward-looking changes, which I believe will ultimately pay off many fold compared to Bitcoin Cash and other cryptocurrencies.

The first trade of EarthBucks happened for Bitcoin Cash, and I plan to launch Bitcoin Cash as the first trading pair on the exchange (EBXOTC). I personally use Bitcoin Cash and I plan to continue to use it. Furthermore, I plan integrations of EarthBucks and Bitcoin Cash at the layer of communication protocols so that other entrepreneurs and engineers have an easier time using both blockchains simultaneously. For the foreseeable future, I expect both blockchains will continue to exist, and in fact it is likely Bitcoin Cash will continue to be larger for quite a while. Long-term, however, I am optimistic that the design decisions of EarthBucks are fundamentally superior and will eventually win out in terms of market share.

One Global Chain

The vision for EarthBucks is that there will inevitably be one global blockchain for essentially all monetary transactions. Of course, not literally everything needs to be on one blockchain, but transfers of money in a global marketplace do benefit from global consensus. Such a blockchain can be achieved with today’s computing hardware. It is just a (non-trivial) matter of writing the software and building the ecosystem around such an idea. EarthBucks aims to be the one global blockchain.

This does not mean there will not be other monetary, financial, or payments technologies of other sorts, or that EarthBucks won’t play fairly with other blockchains. It is obvious that many competing technologies exist at this time, and we have every reason to be completely compatible with all alternative blockchains and financial technologies of all sorts wherever possible. EarthBucks will be stronger if we are strongly linked to all existing solutions, including competing blockchains. EarthBucks will win over the long term by being the best solution, not by being the only solution.

Software Architecture

EarthBucks is co-implemented in TypeScript and Rust. The software architecture is based on the idea that a mine is a node.js application that runs in a container and scales horizontally in the cloud. The underlying database could be any scalable database, but MySQL with Vitess (on PlanetScale) has been chosen due to the fact that it is extremely proven in practice both to have adequate features and to be scalable to any size.

The basic philosophy is that by using a horizontally scalable node.js application (with some Rust built to WASM inside), the app can scale to any size. The underlying database, MySQL, is also proven to scale to any size. The only limitation is actually the protocol itself. Because the Merkle tree organizes all transactions in a sequence, the fundamental limitation is actually ordering transactions. Eventually, we may need a custom database specifically for counting and ordering transactions, and MySQL (with Vitess) will be used for everything else. Because the Merkle tree is ordered, it is the fundamental scalability bottleneck. However, because modern CPUs have a clock speed of about 5GHz, that limit is extremely high (billions of transactions per second). This will work for a global blockchain for a long time.

Network Architecture

The core of the network consists of mines that have domain names and are mutually aware of each other. All mines connect to each other and monitor the working Merkle tree of each other. They constitute a small world graph.

Around the mines are wallets, exchanges, and apps. Let us call all of these types of apps together just “apps”. Each app can connect to one or more mines to retrieve blockchain information and to send new transactions. It is not assumed that such APIs will be provided for free. Instead, with time, as the mining subsidy halves and halves with time, eventually mines will earn most of their revenue by providing these APIs to the apps.

The network around the mines thus constitutes a sort of mesh network, or really any other network type that emerges naturally from economic activity. The only guarantee about the network structure as a whole is that the mines are all connected to each other.

The Creator

The creator of EarthBucks, also called the “founder” or “author” or “Benevolent Dictator,” is Ryan X. Charles, an American entrepreneur, engineer, and scientist.

I have 30+ years of programming experience, and 10+ years of experience building Bitcoin or Blockchain wallets and apps. I have also spent time as a physicist, although I left graduate school before finishing my PhD. I currently live in central Texas, having previously lived in Missouri, Illinois, Georgia, and California. My undergraduate degrees in Physics and Mathematics are from the University of Missouri-Columbia, and my six years of physics graduate school experience (with no actual degree) are from Washington University in St. Louis. Companies I have worked for include BitPay, reddit, BitGo, and my own company Yours Inc. Yours Inc. was acquired by the Bayesian Group in 2020.

My primary motivation for creating EarthBucks is seeing the potential of Bitcoin to be an electronic cash system used by everyone on Planet Earth, but being hobbled by the minuscule maximum block size of only 1 MB, which is a non-starter for all potential applications except as a giant speculative pyramid scheme, and gradually losing hope that this technical constraint will ever be lifted. If Bitcoin can’t be a global electronic cash system, then we need an alternative that retains the best properties, such as a fixed total supply and absence of trusted third parties, while also being able to scale to the entire world.

Status

The EarthBucks blockchain launched on November 4, 2024. At the time of writing, we have almost 6,000 blocks and 12,000 transactions. The wallet has not yet been launched, but it is currently being implemented and will launch soon. The alternate mines and the exchange have not yet launched, but they are on the roadmap for early 2025.

The genesis block was mined by users. All users who mined during the early testnet phase received some EBX from the genesis block. There are currently 445 users who have mined at least some EBX.

Timeline

The next features to be implemented into the mine at earthbucks.com are:

  • Wallet: The ability to send and receive transactions.
  • Automatic mining: The ability to mine without swiping.
  • Mining Advantage: Up to 10x advantage for verified users.

The next apps to launch are:

  • Compucha: an EarthBucks mine in London, UK.
  • NinjaButton: an EarthBucks mine in Tokyo, Japan.
  • EBXOTC: the first EarthBucks exchange.

It is expected that these features and apps will launch in the first half of 2025, but there is no official ETA.

Important Blog Posts

There is no white paper for EarthBucks at this time. The authoritative source of information about EarthBucks is the blog, hosted at earthbucks.com/blog.

Here are some of the most important blog posts:

Conclusion

EarthBucks is a global electronic cash system designed to be used by everyone on Planet Earth. The goal for 2025 is to finish building all of the basic pillars of the ecosystem, particularly multiple mines and an exchange, and to set the stage for the ecosystem to grow and thrive, eventually becoming the primary electronic cash system for the entire world.

With its modern technology stack, GPU-based mining, instant transactions, and scalable architecture, EarthBucks aims to solve the limitations that have held back other cryptocurrencies. By combining the best properties of Bitcoin (fixed supply, permissionless transactions) with practical governance and modern engineering, EarthBucks provides a clear path toward becoming a truly global payment system.

The launch of additional mines in London and Tokyo, along with the EBXOTC exchange, will mark important milestones in early 2025. As the ecosystem grows, the focus will remain on enabling small casual transactions with near-zero fees while maintaining the security and decentralization necessary for a global financial network.

Earlier Blog Posts

Introducing Identellica Integration, Part 1: A Blue Check, Longer Block Messages with Links, and User Name Synchronization
2024-12-23 · Ryan X. Charles
Please Don’t Use the Name “EarthBucks” in Your Company Name & Here’s What to Do Instead
2024-12-18 · Ryan X. Charles
Why and How I Plan to Change the Mining API
2024-12-16 · Ryan X. Charles
EarthBucks Don’t Expire (But UTXOs Do): Here’s What You Need to Know
2024-12-08 · Ryan X. Charles
How Bitcoin Became the World’s Largest Pyramid Scheme and Why We Need EarthBucks
2024-12-06 · Ryan X. Charles
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