0xBTC is a decentralized, mineable ERC-20 token built on the Ethereum blockchain. Launched in February 2018, it was created to be similar to Bitcoin but implemented as an Ethereum smart contract. The 0xBTC token is proof-of-work based, utilizing Ethash algorithm for mining, which is the same algorithm used in Ethereum mining.
Unlike Bitcoin, which uses specialized mining hardware (ASICs), 0xBTC can be mined using regular graphics cards (GPUs). This approach aims to provide a more decentralized mining process. The token has a maximum supply of 21 million, similar to Bitcoin, making it a deflationary asset.
0xBTC primarily serves as a store of value rather than a medium of exchange. It does not have its own unique blockchain but instead operates on the Ethereum network. This allows it to take advantage of the existing infrastructure and ecosystem provided by Ethereum.
As an ERC-20 token, 0xBTC can be stored in any Ethereum-compatible wallet. It can also be traded on various exchanges that support ERC-20 tokens. The token gained some popularity during the initial coin offering (ICO) boom in 2017-2018, but it is not as widely known or used compared to more established cryptocurrencies like Bitcoin or Ethereum.
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