STP 8 — Restorative Rebase

  • Restorative Contribution: During an epoch (each epoch is about 24 hours) where τBitcoin TWAP is below 0.9 (relative to Bitcoin) such that deflation becomes necessary, all outgoing transfers of τBitcoins from any addresses (other than addresses whitelisted for being exchange consolidation wallets or τBitcoin re-investment vaults, etc.) must pay a Restorative Contribution in an amount equal to 30% of the transferred amount. For example, a user must hold 1.3 τBitcoin in a sender address in order to successfully initiate a transfer-out with a specified amount of 1.0 τBitcoin. The Restorative Contribution is not deducted from the amount that a recipient will receive; rather, the transfer will fail if the sender address does not contain sufficient τBitcoin to cover the contribution. When the transfer goes through, the sender address will be deducted 1.3 τBitcoin, and the recipient will receive 1.0 τBitcoin.
  • Restorative Burn: Of the collected Restorative Contributions, 50% (15% of the transfer amount) will be burned immediately to permanently take them out of circulation. Again, unlike the current deflationary rebase process, Restorative Burn is transfer specific and does not impact holders of τBitcoins who have no outgoing transfers of τBitcoins during deflationary epochs.
  • Ecosystem Rewards: The remaining 50% (15% of the transfer amount) of the collected Restorative Contributions will be allocated to be mined by the BTCST-τBitcoin vault over a period of 5 epochs, with 10% released during each epoch. Note that only addresses that have no outgoing transfers of τBitcoin during an epoch is eligible to mine this allocation of τBitcoin rewards.

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Bitcoin Standard Hashrate Token (BTCST) brings exchange-grade liquidity to Bitcoin mining. Each BTCST is collateralized by real Bitcoin mining power.

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BTCST

BTCST

Bitcoin Standard Hashrate Token (BTCST) brings exchange-grade liquidity to Bitcoin mining. Each BTCST is collateralized by real Bitcoin mining power.

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