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TuringBitChain (referred to as TBC) is a public chain based on the UTXO model that is a FORK of the original Bitcoin protocol. Here are some of its features:
1. Technological Innovation: Starting from the fundamental TXID generation method, we improve parallel performance and introduce the first pure one-layer practical Turing-complete smart contract solution based on the UTXO model, TuringContract, which can implement all EVM logic and has the advantages of high performance and extremely low fees.
2. Consensus Mechanism and Algorithm: The same POW consensus scheme and SHA256 mining algorithm as BTC are adopted, ensuring the decentralization and security of TBC.
3. Block parameters: The block interval is approximately every 10 minutes, the difficulty adjustment algorithm is Asert FastDAA, and the initial block size limit is 4G, which will be dynamically expanded based on the situation.
4. Token Information: The TOKEN of the TBC public chain is called TBC token, with a release date of February 15, 2024. The maximum supply cap is 2.1 billion, of which 93.3% naturally exists and has been locked at the time of the fork, while the remaining 6.7% is generated through POW mining.
5. Main advantages: Features such as decentralization, compliance, high efficiency, unlimited scalability, and zero-confirmation transaction technology enable data storage, contract execution, and transaction transmission to be completed on a single chain. It also has wallet addresses identical to Bitcoin wallet addresses, and in the future, it will enable a 1:1 mapping function with Bitcoin.
6. Development History: In September 2021, the underlying invention technology was announced, in March 2022, the Turing-complete high-performance Layer 1 smart contract Turing - Contract was released, in December 2023, the TBC Alpha testnet went live, and on February 14, 2024, the mainnet was officially launched.
TBC aims to unleash the potential of Bitcoin for participation in Defi, NFT, LSD, and other ecological applications through the Bitcoin Virtual Machine (BVM), assisting the UTXO BVM chain in future integration with the account model EVM chain ecosystem, creating a comprehensive underlying protocol to become a high-performance and Turing-complete blockchain infrastructure.