What is Betacoin

What is Betacoin?

betacoin is an open decentralized cryptocurrency. Anyone interested can join betacoin network and take part in currency development. As well as the Internet, betacoin is international by its nature.

betacoin allows safe and secure transactions around the globe and offers the convenience of instant fee-free money transactions.

In order to distinguish betacoin network from betacoin currency, the latter is referred to as BET. For instance, current betacoin emission rate is 65,000 BET each 120 seconds.


Join Betacoin

betacoin 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 visit are website or register yourself that will create a wallet for you. With help of this software you will be able to send coins to other users and receive payments from them.

betacoin 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 betacoins. You can take part in network maintenance and get a reward for it, or buy BET directly on exchanges.


Betacoin Transactions

Fiat money transactions between people are carried out through an intermediary, a bank or financial institution.

Transactions between betacoin 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.

betacoin 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 BET. Such process is called mining.


Betacoin Emission

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.

betacoin emission is an open process which employs computing powers of all network members. Any user can join the betacoin 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 120 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 betacoin protects the identity of the sender and the receiver, and conceals the sum transferred.

As a reward, miners receive roughly 65,000 BET each 120 seconds. Such approach allows both new money emission and zero-fee transactions.


Deflation

betacoins are gradually getting more expensive over time, since the emission is limited to 55 million coin. The number of betacoin emitted each 120 seconds is slightly decreasing. As a result BET gains value and exchange rate increase.

While currencies with sharp decrease of reward per block are exposed to intense declines in network power, betacoin emission is decreasing slowly, which protects the currency from economic shocks.


Geographic Region

Fiat currencies are assigned to specific territories while betacoin is bound to the Internet and therefore is international by its nature.

betacoin has formed its own network that consists from users who use betacoin for mutual settlements. betacoin network is open and anyone willing to join is welcome to become a user of betacoin currency.


Safety and Reliability

The reliability of betacoin 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 Betacoin Works

John has 30 BET in his wallet. He wants to order pizza delivery to his place which costs 1 betacoin, taxes and delivery included.

John places an order on the website. Right after that he receives 1 BET bill that contains the pizzeria betacoin wallet address. John broadcasts the following instruction to the betacoin network: send 1 BET from John_address to pizzeria_address.

Once each computer in the network receives this insutruction it checks whether this BET John wants to transfer actually belongs to him. However a computer can’t find out neither who transferred this BET 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 BET belongs to pizzeria and no longer to John. The betacoin blockchain contains all data required for pizzeria owner to use this 1 BET for his own goals.

This whole process takes about than 2 minutes, and the pizzeria owner will get paid before he even starts to cook John's pizza. Moreover, in order to get paid with betacoins he only needs a computer with the Internet access. No fees, no intermediaries.

You can easily convert betacoins into U.S. dollars and vice versa through the exchanges.


Betacoin Specification

Block time: 120 seconds. It takes 120 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 coins: 55 million coin. betacoin emission is limited. Each 120 seconds a new batch of roughly 65,000 BET is emitted and distributed between miners as reward which makes zero-fee transactions possible.


Learn more about Betacoin

betacoin 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 betacoin that you might find interesting.

If you are a businessman or an entrepreneur, we will be glad to answer any your questions on how betacoin can help to decrease the costs of your business and make it easier for you. Contact us anytime.


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