A set of free transaction functions have been introduced to BitEthereum: The “bandwidth” generated from the pledged tokens of an asset issuer and manager in the system is used to pay the transaction fees arising from transfers during issuance of assets.
In addition to the general bonus point assets, asset issuers and managers also demand for issuance of token assets featuring in dividend payout.BitEthereum will be equipped with a smart contract-driven automated asset dividend function.
Asset issuers and managers may form an asset alliance by entering into a smart contract, in which case, users can exchange assets issued by different asset issuers and managers of the alliance at a fixed exchange rate.
The total supply of BitEthereum Token(BITE) is 100 million, 99% of BITE tokens will be distributed to the BTC, ETH token holders. All BTC holders can claim a total of 66 million BITE tokens, and all ETH holders can claim 33 million BITE tokens.
The team will release BitEthereum wallet in March 2018, and token holders of BTC and ETH can claim their BITE tokens by submitting the BTC / ETH address's signature to the BitEthereum blockchain after installing the BitEthereum wallet. When user submits signature on BitEthereum wallet, BITE token will be automatically distributed to his BitEthereum account.
The team will take a snapshot of the BTC and ETH blockchain at 00:00 on December 21, 2017 (GMT+8) . The snapshot will record the token balances of all BTC and ETH accounts at that time. The snapshot requires that the address with balance BTC≥0.1 and ETH≥1 .
To get a sense of the token giveaway math, take John as an example: John owns 10 bitcoins, At time of snapshot, the total amount of bitcoin circulation supply is 16748650. Since all BTC holders can claim a total of 66 million BITE tokens, so John can claim 10/16748650 * 66000000 = 39.40616 BITE tokens.
BitEthereum blockchain network set the giveaway campaign deadline for 00:00 in April 2, 2018
ETH block: 4766319. Each ETH can claim 0.34210519 BITE tokens.
BTC block: 500283. Each BTC can claim 3.93946357 BITE tokens.
During preliminary development, it is expected to complete the basic structure so that BitEthereum can fulfill zero transaction fee, user authentication, token asset issuance and management, alliance formation and other fundamental functions and provide service for small and medium-sized merchants. Subsequently, the token asset payment and circulation functions will be optimized to strengthen its capabilities and attract larger merchants. In the coming future, automated asset dividend payout and advanced token asset management functions will be developed to serve other industries.