Kopalnie Krypto Team - Friday 14 July 2023
The BPX project - how to connect two separate worlds
Unique combinations - that's what the world is currently living on. Let's think about pizza with pineapple, breaded chicken with avocado, or a sandwich with peanut butter and jam. At first glance, they may not seem to fit together, but surprisingly, such mixtures taste good to a significant number of people. And what if we did something similar in the world of crypto? Let's say we wanted to blend Chia and Ethereum together. It's quite unlikely, but it's indeed possible - as proven by the BPX project.
Two worlds - Chia and Ethereum
Let's put two different ecosystems in front of us. The first one is Chia, an innovative blockchain based on the Proof of Space and Time method. It is secured by farmers who mine successive blocks using energy-efficient miners. Why energy-efficient? Well, unlike the Proof of Work method that requires hardware with power-hungry graphics cards, Chia miners utilize free disk space. So, it can be said that Chia Network is an eco-friendly network.
The second ecosystem is Ethereum, a true classic with a rich history. Initially based on the Proof of Work method, it quickly gained recognition among miners. However, there was no doubt that in the face of an energy crisis, many aspects of life would change. Ethereum was no exception. On September 15, 2022, the so-called "Ethereum Fusion" took place. Its main purpose was to reduce the energy consumption of the blockchain. The long-anticipated change transformed the Ethereum blockchain from Proof of Work to Proof of Stake... and chaos ensued. Above all, the level of network decentralization suffered, which is undesirable in the context of blockchains. Interestingly, due to the complexity of the Proof of Stake algorithm, even Ethereum's founder resigned from participating in securing the network. Moreover, transaction fees became quite high. The change in the consensus method also greatly affected miners, as they were no longer able to mine one of the most popular cryptocurrencies. In just one day, they were left with expensive equipment that became useless in the context of Ethereum.
What can we do?
What do we actually desire? We want the ability to mine and earn from it. At the same time, we would like to maintain compatibility with Ethereum, have low transaction fees, and a high level of decentralization. Additionally, the solution should be straightforward and user-friendly for both users and miners.
The ideal solution would be to build a network based on the Proof of Space and Time method that is compatible with the Ethereum ecosystem. In other words, it would be a blockchain based on the Chia Network's consensus mechanism, while applications would be created in the Ethereum Virtual Machine (EVM). It may sound abstract and seemingly not cohesive, but as they say, necessity is the mother of invention. This is how the BPX project was born - a hybrid of Chia and Ethereum technologies!
Introducing BPX
BPX is an innovative next-generation blockchain. It is fully compatible with Ethereum and is based on a modern consensus algorithm developed by Chia Network - Proof of Space and Time. Compared to Proof of Work based blockchains, BPX provides comparable levels of security and decentralization while consuming significantly lower amounts of electricity. It's worth noting that BPX is not just another Chia fork - it borrowed only the consensus mechanism, while the rest of the solutions were entirely replaced with original code. Unlike Proof of Stake based blockchains, BPX is also censorship-resistant and doesn't suffer from the "rich getting richer" problem. It's important to mention that the Ethereum is based on the latter method.
This information may be useful to potential farmers. BPX utilizes hard drives to generate new blocks and supports Chia plots in K-32 format. This means it can be farmed simultaneously with other cryptocurrencies based on the Proof of Space and Time method. There's no need to create new plots - existing ones can be used.
If you are an Ethereum developer, this information may come in handy. BPX is fully compatible with the Ethereum Virtual Machine (EVM). Developers can create smart contracts and decentralized applications using Solidity programming language. Moreover, all existing solutions can be migrated to the BPX network without any changes to their source code. BPX also provides a standard Web3 RPC API, making it compatible with popular wallets (e.g., Metamask, Trust Wallet) and programming tools (e.g., Remix IDE, Web3.js). BPX also offers a standard interface for fungible and non-fungible tokens, compatible with interfaces in other blockchains (e.g., ERC-20, TRC-20, BEP-20).
The BPX network has its native cryptocurrency, which is used for paying fees related to blockchain operations. It also serves as a way to reward farmers involved in securing the network.
Summary
Tastes may vary, even in the world of crypto. There are Ethereum ecosystem fans who are not entirely pleased with the current Proof of Stake consensus method. There are also users of the Chia network for whom the Proof of Space and Time mechanism represents a significant achievement in blockchain technology. On the other hand, they are not satisfied with applications operating on the Chia blockchain. The BPX project was able to create an innovative network based on an excellent consensus method while maintaining full compatibility with Ethereum. Thus, two distinct worlds were merged into one unique solution without compromises.
