Space Summary
The Twitter Space Exploring Bellscoin’s Evolution and Impact with ViaBTC hosted by ViaBTC. Delve into the evolution and impact of Bellscoin in collaboration with ViaBTC within the leading crypto mining pool space. Explore the technological advancements, community engagement strategies, and sustainability initiatives driving the transformation of crypto mining operations. Uncover the strategic partnerships, regulatory challenges, and future prospects that shape the dynamic landscape of crypto mining pools. Witness how Bellscoin's innovation influences market dynamics, environmental sustainability, and user-centric approaches in the broader cryptocurrency market.
For more spaces, visit the Innovation page.
Questions
Q: What key advancements has Bellscoin made in the crypto mining industry?
A: Bellscoin has introduced groundbreaking technologies and initiatives that have reshaped the crypto mining landscape.
Q: How does ViaBTC contribute to Bellscoin's growth and development?
A: ViaBTC plays a pivotal role in providing technological support and infrastructure to propel Bellscoin's evolution.
Q: What strategies are employed to ensure community involvement in Bellscoin's ecosystem?
A: Community engagement programs, governance structures, and incentives are key to fostering a thriving Bellscoin community.
Q: How does Bellscoin address environmental concerns associated with crypto mining?
A: Bellscoin focuses on sustainable practices, energy-efficient mining solutions, and eco-friendly initiatives to mitigate environmental impact.
Q: What sets Bellscoin and ViaBTC collaboration apart from other crypto mining partnerships?
A: The strategic alignment of visions, innovative projects, and shared values differentiates Bellscoin and ViaBTC in the competitive crypto mining sector.
Q: What future trends can we expect in the evolution of crypto mining pools?
A: The integration of emerging technologies, decentralization efforts, and regulatory compliance will likely shape the future trajectory of crypto mining pools.
Q: How does transparency impact user trust in crypto mining operations?
A: Transparency builds credibility, fosters trust among users, and enhances the overall integrity of crypto mining activities.
Q: What challenges do crypto mining pools face in terms of sustainability?
A: Environmental concerns, energy consumption, regulatory pressures, and operational costs pose significant sustainability challenges for crypto mining pools.
Q: How can crypto mining pools balance profitability and environmental responsibility?
A: By adopting green energy solutions, optimizing mining processes, and implementing sustainable practices, crypto mining pools can achieve a balance between profitability and environmental responsibility.
Q: What impact does Bellscoin's evolution have on the wider cryptocurrency market?
A: Bellscoin's evolution influences market dynamics, innovation trends, and investor sentiment, shaping the broader landscape of the cryptocurrency market.
Highlights
Time: 00:12:45
Bellscoin's Technological Innovations Exploring the cutting-edge technologies introduced by Bellscoin in the crypto mining space.
Time: 00:25:30
Community Engagement Strategies Discussing the importance of involving the community in Bellscoin's development and decision-making processes.
Time: 00:38:15
Sustainability Initiatives in Crypto Mining Examining the eco-friendly practices and sustainability efforts undertaken by Bellscoin and ViaBTC.
Time: 00:45:10
Future Prospects of Crypto Mining Pools Envisioning the future trends and challenges that crypto mining pools may encounter in the evolving crypto landscape.
Time: 00:55:20
Strategic Partnerships in the Crypto Sector Analyzing the synergies and benefits of the collaboration between Bellscoin and ViaBTC in the competitive crypto industry.
Time: 01:05:55
Transparency and Trust in Mining Operations Exploring how transparency fosters trust, credibility, and sustainability in the crypto mining sector.
Time: 01:15:40
Regulatory Compliance and Governance Delving into the regulatory challenges and governance frameworks that shape the operational landscape of crypto mining pools.
Time: 01:25:15
Innovative Solutions for Energy Efficiency Highlighting the importance of energy-efficient mining solutions and sustainable practices in the crypto mining ecosystem.
Time: 01:35:20
Market Influence of Bellscoin's Evolution Examining how Bellscoin's growth impacts market trends, investor perceptions, and industry dynamics in the cryptocurrency space.
Time: 01:45:30
User-Centric Approach to Crypto Mining Emphasizing the significance of user experience, feedback mechanisms, and user-driven development in crypto mining pool operations.
Key Takeaways
- Bellscoin's development journey and impact on the crypto mining industry.
- Insights into the collaborative efforts between Bellscoin and ViaBTC.
- The significance of community engagement in the evolution of Bellscoin.
- The role of technology in shaping the future of crypto mining pools.
- Exploring the intersection of innovation and sustainability in crypto mining.
- Implications of Bellscoin's evolution on the wider cryptocurrency market.
- Strategies for enhancing user experience and participation in crypto mining pools.
- The importance of transparency and security in crypto mining operations.
- Discussion on the scalability challenges in crypto mining and potential solutions.
- Understanding the economic models behind Bellscoin and ViaBTC collaboration.
Behind the Mic
Introduction to the AMA Session
Hello. Hello everyone. Yep, we got you. Okay, so let's begin our today's section. Hello everyone, and welcome today's special AMA session right here on Twitter space. And I'm thrilled to hold this insightful discussion about actually pioneering cryptocurrency. As many of you may know, Vitce recently launched merge mining for Baltoin on August 27, a huge milestone in the cryptocurrency journey. We are excited to have two extend guests with us today to explore the ins and outs of Belsecoin. We are going to chat about what sets it apart in the crypto world and where it's headed. Join us as we unpack all things Galz coin. First, let's welcome Adam. He is not only just an NFT expert, but he is a renowned NFT historian and CSO at Albanvault, a leader in cross blockchain NFT protocols. His deep understanding of the NFT world has been crucial in bringing historic NFT artifacts together with today's blockchain tech.
Introduction of Guests
Joining Adam, we have Luke, a key figure in the blockchain scene. He is a seasoned pro when it comes to belt coin and litecoin. Luke is the person who faced and got Baltz coin back on track. He is also a co-founder of Litecoin Labs where helped kickstart the LTC 20 token standard. Kind of like what BRC 20 did for bitcoin, making big waves in the blockchain world. So let's keep things off by hearing from all our guests about their crypto journeys and how they meet on Bellscoin. So can you say hello to all of our audience? Hey, thanks for having us. Appreciate it. Really excited that you all got merge mining set up. It's obviously a big thing for the people who take part in your pools and happy to answer any questions about bells coin and kind of how critical it is to the script ecosystem and how it can be a real profit center for miners. We're super excited about it. It's been a long journey.
Discussion on Belsecoin History
We can get into the history of bellscoin if you want, but I'll pass it over to Luke. Okay. Yeah. Thank you for having us on today. It's great to be here and we're ready to get into these questions. Okay, so let's begin for our first question. Now, we know Litecoin and Dogecoin are pretty familiar names for most of us, but Bell's coin might be a bit newer to some. Could you give us a quick overview of how belse coin ties in with litecoin and dogecoin? Sure. So basically, Billy Marcus, who created Dogecoin, which you're all familiar with, eight days before he created Dogecoin, he actually did a coin called Bell's coin. And when he made Dogecoin, he actually just forked the code of Bell's coin and created Dogecoin. He says it takes took him about five minutes.
Connection with Dogecoin
And so if you look in the Genesis block of Dogecoin, you'll see the Genesis block actually reads Nintendo in the Genesis block of Dogecoin. That comes from Bell's coin. He created Bell's coin as a parody of the Nintendo game animal crossing. And when he launched it, that was his first crypto project and he thought it was going to be something fun and interesting to do. But of course, eight days later, he launched Dogecoin. And Dogecoin obviously now has become the second most well-known blockchain on earth. Bells Coin basically died out. And at the end of last year, we brought it back to life to honor Billy's legacy and tell the story of bells coin and how its this interesting part of meme coin history.
Modernization of Belsecoin
Since then, the team and the developers that we've been fortunate enough to work with have brought it to the modern age and made it a modern blockchain where it's now merge mine so it's safe and secure and we can do all these interesting developer things on top of it, which Dogecoin and even litecoin can't do. And so we're pretty excited about that. Yes, we are also pretty excited about that and thanks for sharing. And it's interesting to see these connections. And now let's shift our focus to a bit of bells coins history. This project has deep roots, but received a new burst of energy last year. Could you tell us about how you first encountered bells coin and what inspired you to rejuvenate this project? Yeah, it was actually the birthday of dogecoin.
Twitter Interaction and Project Revival
People were tweeting out, you know, kind of remembrances of the birth of dogecoin. And one of those caught a friend of mine attention, which was an old tweet from Billy asking Jackson Palmer about setting up dogecoin. And in the tweet itself he said, hey, my first coin is Bell's coin. And that got me going down the rabbit hole of finding, kind of finding out the history. And that's when I contacted Luke, and Luke was able to basically take the old code and get the chain running again. This was the end of last year and kind of the rest is history. Here we are. Okay, so what about Luke? Do you have anything to say about this question? I think Adam said it pretty well. It was really kind of unexpected.
Surprise and Gratitude
It came out of nowhere, and we never thought it would be what it is today, but we're very grateful that it is. Yeah, I think one of the things, just to add one more kind of note on it, when we first got it, the chain running again, Billy Marcus, who, if you don't know, on Twitter, he's a famous Twitter personality, interacts with Elon all the time and stuff, so very famous Twitter personality. And he was nice enough to reach out to us and tell us, hey, you guys are going to want to merge mine this chain as quickly as possible, because he understood. And we ran into the problem of, basically the blockchain freezing up with a tremendous amount of use, and we got a lot of use very quickly with people making inscriptions on the blockchain.
Operational Growth and Inscriptions
We have right now, I think, over 140 million inscriptions on bells coin. It's going to be the number one inscription chain on earth, and that slowed the blockchain down tremendously. And so us being able to merge mine, it really made the chain much faster and is able to handle this kind of increased use. So, yeah, that's kind of a little bit of the history and how Billy actually helped us kind of move into this merge mining future, which kind of solidifies Bell's chain as one of the top script ecosystem chains. Yes, it's always inspiring to hear about the dedication and vision required to bring back such a pioneering project. And bells coins has a special way of being issues that catches a lot of interest, especially about how much you can mine each day.
Mining Details
Can you break down how base coin is distributed and talk about what miners might expect to earn at different times? I think most of our audience are miners. They also are really interested into these questions. Yeah, great question. Bells coin is very unique in the fact that it's not a single standard block reward of, like, one bell per block or anything like that. Or, like, bitcoin's case, it has 3.125 bitcoin per block, and it halves every three years. Bells coin actually is kind of a game lottery. as you say, each block has. A chance of gaining, at least in this current epoch, anywhere from 5000 bells per block to 20 bells per block. So you have 5500, 200, 5125, 50, and 20 bells per block in this current epoch.
Rewards Structure Explained
And those are all different percentages. So obviously, 5000 bells is a lot of bells. So that is a 1% chance that you will mine that whereas 20 bells per block is a 50% chance that you will mine that as well. So it gives this actual kind of game effect to the whole mining, actually the whole miner world as competing with. Each other to get bells. But also it could create some fairness in the fact that maybe a bigger pool might get a 50% block, whereas. A smaller pool could get a 1% block. So it really helps kind of, I would say even out where there might be big hash rate discrepancies. But it also could be used to where pools or other miners could really. Try to target in on that 1%. Chance of getting the 5000 bells.
Game Mechanics in Mining
So it's a really cool mechanism that we haven't really seen too much in. The proof of work blockchain space, at least in a very long time. It's very standard to just get a. You know, a set of mount and set amount of bells and that's it. And moving forward into epoch four, which is expected in like 65 days or less, I would say at block 259,001. Epoch four will set in and that is roughly like an 80% to 90% decrease in the rewards. People normally would refer to something like this as a having we refer them, refer to them as epochs. So this 80% to 90% reduction will come down to where now the 1% block reward for miners is now only 500 bell, whereas the 50% block reward is five bell.
Future of Rewards and Supply
So there's kind of the input into. The mechanism and how it's going to. Output through those next stages. Eventually it will land at epoch five. Where it's just two bells per block for life. Kind of like dogecoins tail emissions, but at a very, I would say a very stable rate for price action in the near future. And I've pinned up top a couple of different links that are, that'll take people to pages where they can track it live in real time. But right now it looks like the next halving is going to occur on the US presidential election day, which is going to be exciting. So it's very interesting timeline. Okay.
Market Dynamics and Future Value
Yeah, it's really a unique Magnuson set it apart and belt coins price has really gone up lately, even doing better than litecoin some days and become one of the top for a proof of work cryptocurrency. What do you think about belt coins value and its future? Do you see it becoming as popular as litecoin or dogecoin or are there different goals you have in mind in the future? Obviously it's going to be much more popular. No, I mean who's going to? Who knows, right? Who knows? I think the nice thing about Bell's coin is that one, it has this deep connection with dogecoin which I think is really special, can't be replicated.
Unique Story and Future Goals
And we've seen since we relaunched Bell's coin, there have been literally dozens of other coins that have been relaunched and people have tried to get in the tail of Bell's coin, but it's impossible to do because what we have is this kind of really unique story from basically the father of meme coins. This was his first baby. And so Bell's coin has that really unique story. And when you combine that with a tail emission and tokenomics, that is just in my opinion way superior to what Dogecoin has, which Dogecoin has 10,000 new doge per block to infinity. When we hit the last epoch, which is about six or eight months out, it'll be two bell per block to infinity.
Superior Tokenomics and Excitement
So the tokenomics of Bell's coin are just much more superior in my view. And I think a lot of people in the bells community share this idea that our tokenomics are much stronger to support a really interesting price dynamic. So yeah, we're obviously very excited about that. Obviously very early in the process there are still about 20 million more bell to be mined which will bring our total supply to about 60 million bell. So when people are thinking about what's the supply of Bell, the real supply is about 60 million. And once that hits it's just, it's a million bell more per year in mining emissions and that's it. So yeah, the tokenomics make it really interesting.
Community Sentiment and Future Popularity
Exciting for sure. Yes. And we also think that it will be as popular as litecoin or dogecoin because I heard that some friends, they have purchased many bells coin and they have earned a lot. So I think that bells coin would become more popular in the future. Well, I mean if we hit that, I mean that would be amazing. Like, I didn't even think we could, to be honest, that were able to merge. Mine was kind of like this goal which almost seemed impossible, but sometimes the most interesting outcome is the one that actually happens.
Potential Future Success
So if we become more known than dogecoin, I think everybody in this space would sign up for that. That would be unbelievable and incredible. But you never know. Stuff, wild stuff happens. Yes. To talk kind of quick on the proof, on, excuse me, on the emissions that you were talking about how bells coin has reached the number four spot, it kind of fluctuates between. The number four and number five spot. And when we're talking about emissions, we're talking about the dollar amount per day that miners are receiving.
Mining Economics and Community Impact
And this is very important for pools as well as just miners in general, because they're not going to mine your tokenization if they're not going to get some sort of supply. So the move to merge mining was actually one of the most important things that could have happened, regardless of creating a more stable blockchain, which is amazing. But it set up bells coin with a really good security level of having the secure hash rate of dogecoin and litecoin. But now, regardless of what the prices. Of bells coin, it will always be mined.
Network Stability and Security
So you won't have miners necessarily leaving. The network of bells coin because price is low, or you won't have miners. The network of bells coin because price is low, or you won't have miners. The network of bells coin because price is low, or you won't have miners. The network of bells coin because price is low, or you won't have miners.
Discussion on Future Trends in Mining
Thinking the opposite way around. So it's a really unique thing that we're seeing. And yes, it was at one point. Producing around half a million dollars of emissions for miners a day, which is. Very, very significant, up to the likes of even more than litecoin at the current rate. I believe now it's sitting in number. Six behind litecoin, so it fluctuates between. There, but it's still a very. Profitable blockchain to mine. So if you're looking to mine it's not a bad time to mine. Currently, yes, there are many miners discussing about bells coin mining in our community on Telegram. So I think that we really think that Bellscope would become, you know, become a big thing in the community. And, yeah, it's always intriguing to hear about where things might head next. Speaking of the future, let's dive into the next area of our discussion. How is the recent v three update influencing bellscoin users and miners?
V3 Update and Its Impact
Yeah, I'd say that the v three. Definitely came with significant upgrades to. We added descriptor wallets, which is just a better way for wallets to move. Forward in the future. It's new tech. We have to think about that. When we found Bellscoin again recently, it was all 2013 software, so it's very clunky. It was, you know, it could be 51% attacked the block rewards. Anybody could really just look and guess which blocks have what rewards going forward into v three. It gave, obviously merge mining. It has descriptor wallets. There's new ways of indexing which are more lighter for the nodes, so it's better for pools, it's better for exchanges, and it's lighter on their systems. So it's just an overall smoother operating. System, and it will get smoother even. More so in the coming years and. Months ahead as more updates come around. But V three is going to be.
Updates and Innovations
The pioneering, the set in stone core update that will allow us to actually focus on things while things are stable. So when I say focus on things, I'm referring to focus on future updates and making sure that Bellscoin is innovating. Because now we have that stability that. V three bought for us, and it's. Obviously with them, with the miners as well, is this doesn't mean that miners now have to separate their hash rate from the actual script ecosystem, because Bell's. Coin obviously was script before version three came out. So if you wanted to mine Bell's coin, you actually couldn't mine, dogecoin and litecoin with it. So this gave a really interesting and. Unique aspect, as some miners just wouldn't mind bells coin because why? Why would they mind Bell's coin if they can't get dogecoin and litecoin where it's profitable? So now that V three has come out, it makes, obviously, it's.
Profitability and Mining Ecosystem
So the script mining ecosystem is already profitable, and Bells coin is just an. Additional dollar amount on top of that profit. It's just, it's been a whole. It's been probably the best update that we've seen for proof of work cryptocurrencies in a very long time. Yes, it's been quite profitable for the miners. And how are Bell's coins inscription during these days? And what new things might we expect from Belsetrain in the near future? Well, I think I already mentioned, I think we are at. I don't know, Luke, correct me if I'm wrong, but it's something like 140 million inscriptions. There is a lot of activity. There are a lot of artists and stuff who are doing inscriptions. We have a couple of really interesting community led projects. One of those was aimed to actually reward Billy, who, you know, I've talked about a couple times now as the founder of Bellscoin, because obviously Billy doesn't have any bells. And they put out a PFP project and have already given Billy, I think, 50,000 bells.
Community Engagement and Future Plans
And once the project sold out, Billy will have somewhere in the neighborhood of 100,000 bill, which is incredible. And that's just a community led effort to kind of reward Billy, because there's always the stories of Billy selling all his dogecoin for enough money to buy a used Honda civic back in 2015 or 2016 or whatever, which is kind of sad. And so I think there's some really nice community efforts to kind of maybe make that right to some degree and just. It's a feel good thing. I think it's really nice for the community to just have this kind of nice, feel good moment. So there's a lot of stuff like that. And obviously, we're doing kind of these upgrades with v three. We're going to have taproot when the blockchain hits. Correct me if I'm wrong, but I think it's 100,000 a. What is it for the 188,000? So we'll upgrade to taproot. So there's a lot of functionality and we're talking with devs to kind of come and explore on bells coin.
Potential of Bellscoin in Blockchain
Right. Really do some interesting stuff where bells coin can kind of act as a test ground, if you will, for litecoin. So we're really excited about that. But, Luke, I don't know if you want to expand on that a little bit. Yeah, I'll explain on the inscriptions. There's one thing that's very important that we kind of left out with the v three update, which was segwit. So segwit is essentially, it gives more block space and it lowers fees within the blocks for people using the blockchain. Which is very important for a chain. That wants to be a leader within ordinals. This is something where we talk about. What is the throughput on blockchain. So, bitcoin, we use bitcoin standard, because. Bitcoin has ten minute block times and bitcoin does have Segwit enabled.
Technical Aspects of Bellscoin
So every ten minutes, bitcoin has a four megabyte throughput. Then we move on to litecoin, which. Litecoin has two and a half. Two and a half minute blocks. But in a ten minute timeframe, they. Have 16 megabytes of throughput. Dogecoin has not. That does not have Segwit and has 62nd block times. So its throughput for data is only ten megabytes every ten minutes. And then bells coin actually now essentially a faster dogecoin. We don't want to take Dogecoin's thunder or anything because dogecoin is amazing, but it does have an update that dogecoin doesn't have, which is segwit. So the throughput on our 62nd blocks at ten minutes is actually a 40 megabyte throughput, putting it at one of the most data intensive and most throughput Utxo style chains to date, which is absolutely outstanding and amazing.
Inscriptions & Future Data Handling
And then to lead that into inscriptions. Which is super important is this gives the users and our inscription network basically within bellscoin the ability to really grow and scale and to be different from those other Utxo networks. It's essentially I view ordinals and inscriptions. As a stepping stone to actual how. We will actually have data on chain in the future. It's, I would say the first stepping block stepping stone and it will get better. I do believe that with the updates. Coming like Adam said, Taproot also Opcat. Is being enabled in Testnet. Opcat is a script based code, I shouldn't say script based code, script as in just a SCR IPT not script algorithm that was once enabled on bitcoin but disabled, which kind of allows users to have some functionality, some smart contracts in not necessarily your EVM way, but just a scripting mechanism that will allow.
Technological Advancements in Bellcoin
Very different unique ways to view and. Use ordinals and have on chain ledgers, which is very important. So no trusted like you don't need a third party. It adds so many different layers to this ordinals ecosystem and there's no UtxO style chain currently that has it on Mainnet. So I believe for ordinals and the whole ecosystem, that being bitcoin, litecoin, dogecoin ordinals is going to be heavily reliant. On the updates that come from bells. Coin in the future and how ordinals actually expand and are more adopted later. On in the coming years. Because like everything, there's always something that new, that's new that comes around and dethrones something that's old or at least. New comes around that gives an idea.
Future Developments and Testing Grounds
For other chains to implement. And like Adam said is Bell's coin is almost like a testing ground. I agree with that. But I also would like. To put the foot down, as Yar. Would say, the other main developer, and say that bells coin is actually going to be a leading chain of just new and different trials of how we can actually use UtXo style chains with. Ordinals, with just in general, with mining. And the many different protocols and different operations we can run within Bellscoin itself. Another thing to add on to that. Real quick would be the addition and the testing on Devnet, which is not testnet. It's private at the moment of ZK proofs.
Innovating with ZK Proofs
So ZK proofs, basically it's another layer ahead of Opcat, which is going to give a whole new aspect to how we actually use blockchain applications, giving us the ability to actually have wrapped assets. Inside of Bell, but also bridge to any chain that also has ZK proofs. That being ethereum, that being Solana, all kinds of different stuff. Yeah, I'll leave it at that. Before we get too down the rabbit hole for now. Okay. Thank you to our guests for sharing their insights and answering those questions. Now we are excited to turn it over to our audience. We have collected some of your most pressing questions from Twitter, and we will be addressing them next.
Addressing Security Concerns
And the first question is about the security. With the increasing sophistication of cyber threats, what measures has belt coin implemented to ensure the security of transactions and user data, especially opposed merge with other technologies? The great thing about Bell's coin is it's now obviously merge mine so it has the security of litecoin and dogecoin. With all the different mining hash rates. So that being spread out is significant improvement. And the more hashrate you have, the. Secured it is to also kind of throw some fun aspect into this. We also have our main core developer, Yar is our weapon to that cybersecurity stuff. He's actually a post quantum developer himself.
Quantum Security and Future Outlook
So obviously we're going to be faced with quantum computing in, you know, I wouldn't say a decade, but maybe a couple decades out where that could give some interesting cybersecurity imposes to many different chains. I would say having Yar on the team is. Is probably a, what we would refer to as a godsend. It's something that was unexpected, and we're. Great to have him. He's a genius. He's working with a bunch of different security things previously with quantum stuff, quantum computing, and we will have probably the most top edge security going forward, aside from just the network security that's already on top of litecoin, dogecoin and Bellscoin together. And with the release of multiple new generations of miners in the years to come, that hashrate is only going to get.
Hash Rate and Security Growth
It's only going to grow higher and higher with more adoption and, you know, regulations across the world that will allow more of this mining operations in different parts of the world and allow them to expand. As long as that hash rate keeps growing, which I believe it will, it's just going to become more and more secure every day out from here on forth. Okay, so the higher the hash rate would be, we will be more. We will get more security, right? Correct. Okay. And looking back on Balzecoin's journey since 2013, what major challenges has the project encountered and how have the team and community managed to overcome these difficulties to maintain the network's sustainability.
Challenges and Sustainability
Well, I think that's an easy one. The chain has had a hard time continue running, as Billy pointed out in some tweets and in private as well, I think four or five other groups tried to bring bells coin back. And this is the first time that it's been done and got over the hump of its bad or old 2013 technology and software.
Milestones Reached
And so this is the first time it's got to the point where, you know, it's been merge mined. This is the first time it's got to that security level where, you know, we're pretty confident the chain's going to keep running now. So, yeah, the issue before that were able to overcome because were just fortunate enough to have just some great people around us, was the v three upgrade. Now where the chain is actually secured through merge mining for sure, that's the biggest thing. That's something that, honestly, when we brought the chain back, I certainly didn't envision that was going to happen. But just through an incredible community which formed very quickly around bells coin, we've been able to make this technological upgrade to secure the chain. That's the biggest thing for me.
Community Engagement Importance
Okay, thank you so much for your answer. And we think that v three update plays a really important role in Bell's chains. And after YBTC launched merge mining for Bellscoin, it is really, we got so many discussions in the community and we are, and some of our audience would want to know that. What role does community engagement play in the development of bells coin and how does the team measure community sentiment and what impact does it have on the project decisions? Yeah, I think it's important to note here that when we're using the word team, basically we're talking about a. There is no team in the sense of a traditional token or, I don't know, a blockchain like Solana that was organized by a bunch of VC's. Right. This really is a community effort. The community is the one who drives everything.
Collective Contribution
The market is basically all community-based. I mean, you could say, hey, Adam's the main marketer. But the reality is there are a bunch of people in this space who market bells, put more time and energy than even I do into it. So it's very much a community effort. Even our dev team, our core devs, formed organically. It wasn't thought out or a group of people in a room who got together. It was very much an organic growth of the team. And so just to frame it that way. I think it gives us this kind of community effort, which people sense natively when they find it on Twitter. When they find Bell's coin, they realize it's not some VC-backed vaporware. This is a real thing created by real people who are trying to make it sustainable.
Significance of Community
And I think that has a differentiator from basically every other blockchain, new blockchain you see out there today, which is just, this is a real community effort. And I think that's the big differentiator from a marketing perspective, which people intuit when they see it on Twitter. The only reason that I would say. We're even talking here today is simply. Because the community actually saw bells and took it to where it is today. So it's simply put, community is extremely important. I know everybody always says they have the strongest community and their community is super strong and this and that, but their community actually doesn't necessarily drive updates or drive this and that. With bells coin, it's actually completely different.
Demand-Driven Development
As Adam was saying, the only reason we get updates happening to Bells coin. Is simply because the demand is there. The community is using bells coin. The community is tweeting about bells coin. Whatever the community essentially has asked has been at least contemplated and tried and tested. So it's been amazing and we're very grateful. And yeah, it's just simply put, the community at Bellscoin is outstanding. Yes. And as a community operating blockchain, how does Bellscoin ensure that community feedback is effectively integrated into its development roadmap? Are there specific mechanisms in place for this engagement?
Engagement Mechanisms
Yeah, there is, actually. There is. There is a community developer, Owen is his name, that made an application where you can go and vote on what. To be built on Bellscoin, where you. Can actually add your own ideas. And this is called bellswall.com, I believe, Adam, you can correct me if I'm wrong, where people can put their ideas up for what they want to see in bells. And it doesn't mean that the core developers of bells have to build it. It's available for any developer in the community that wants to build it, but it is a space where everybody has a voice to actually put onto paper.
Secure Idea Submission
And sign it with. Actually, in order to actually put an idea up there. Up there or vote on something, you do need to sign it with a bellscoin wallet. So it does give this aspect of. You need to be involved with the community to at least throw an idea. On there, which gives some sense of security. So bots aren't just throwing stuff up. So it's great to see that shout out to Owen for throwing that up there. But even before then, people were throwing ideas out in community channels such as telegram and Discord, where it's essentially open to ideas for the blockchain. And bells coin really incorporates that into.
Feedback Value
The ethos of how it's operated and ran today. Okay. So their feedback from the community is really important. So if any our audience has a good feedback or some good idea, you can just feel free to contact bellscoing team. But there's no exactly the team, right? Yeah. I mean, obviously if somebody, anybody wants to build anything on Bellscoin, Luke or I will absolutely support you. Just feel free to reach out. You can just dm us and we're happy to connect you with whoever you need to help you build what you want to build on bells coin.
Open Developer Invitation
We are absolutely open and encouraging of developers who want to come to bells and build some stuff. Absolutely. Doors wide open. Yeah. I would say the benefit of doing it on building on bells coin is. You'Re going to have the ability to. Play with know Opcat in the future. Potentially other Ops script codes that you don't see on utxo style chains, ZK proofs, you know, you got the tap roof, you have all the ordinals and inscriptions. It's a lot faster, of course, and more data throughput.
Developer Playground
So it's really a developer's playground and we want to encourage that as much as possible. Even if you are strictly bitcoin only, I do believe this is probably the best route in which you can get. Some ideas out there quick and tested in a real world scenario. And maybe after building it on bells. Coin, you'll have the funding, or at. Least the community around it, to build. It on another chain going on from there. Yeah, I would just layer on this too. If we have any developers in the audience who are thinking about, well, why would I do it on Bells first?
Investment Opportunities
Why don't I just do it on bitcoin? And it's pretty simple one, it's going to be very inexpensive for you to do it on bells and try it out, and you'll have an active community who will play around with it because of the inexpensive nature of Bell's coin right now. But the reason, too, and I think this is actually more important, is that if you're going to put time and energy into something, it's really nice to own a significant portion of the underlying chain and you just can't do that on bitcoin. Right. We're not. None of us are rich enough to buy a significant portion of BTC, but if you are building something on bells coin, you can own a relatively significant portion, right?
Builder Incentives
At whatever it is, a $40 million market cap or $50 million market cap. Right now, you can own the underlying token in significant quantities where the energy you put into building a, the marketing, telling people about it, whatever that value, accrues to the underlying blockchain. And so, even if your project doesn't succeed, the energy you've put in most likely will be rewarded with the underlying token. So from a kind of investment standpoint for builders, just something to think about. Yes. And just if, or any, if you have any good idea, just feel free to come.
Ambassador Program Discussion
DM theme and also ambassadors play a very important role in every project. Do you have an ambassador program of Belsecoin? Everybody's an ambassador. No, we don't. Look, there's no funding. There's no pre mine. So there is not some pot of money where, okay, we are Solana and we can pay Kols to tweet about us. Right? There's none of that. So I think what you're getting here is a far more organic, community driven project, which is a differentiator for me.
Community-Led Initiative
This is something when people are looking at, where am I going to put some resources or time or energy? I think people are far more likely to choose, Bella, when they're looking for something real. If you're looking for vaporware or something to go up in the next two days to sell out of it, I think Bells coin is not for you. If you're looking for, hey, this is something really interesting. It has this incredible narrative, some really incredible tokenomics, and I can be a part of this community and actually, like, support this over the long term.
Long-Term Commitment
I think that's the differentiator in Bell's coin and people into it, that when they see it or they jump in the discord, it's a difference. And so, no, there aren't any paid ambassadors. There's no ambassador program. This is strictly a community led organization. Okay, so everyone is an ambassador of Bellscope if we want, right? That's right. Absolutely. Okay. And my next question is, what are some upcoming events and updates or milestones that bell chain community should be excited about, and how will this contribute to the growth, engagement, and success of the project?
Future Developments
It is the questions from our audience. Yeah, I'm trying to mute myself there. Yeah. So there's actually a user in here. His name is Zach. He's built kind of a milestones kind of website. I forget the actual domain, Zach. So I apologize what the domain is to that, but milestones to look forward to are going to be taproot on block 188,000. Obviously, that gives just another layer to kind of how ordinals operated on bitcoin from the start. So once that's implemented, a lot more things that have been built on bitcoin are just a lot easier to just simply port over to bells coin without having to change the address types and stuff like that.
Exciting Changes Ahead
So block 188,000 is very significant. Opcat is coming forward. That's a milestone. It's on Testnet. Should be on testnet this week, potentially some more ops script codes as well. And then the epochs are extremely important. Roughly 65 days or so, we'll have epoch four, which is essentially a mining rewards reduction. As you know, with bitcoin they call it the halvings. We call it the epochs here. And normally with halvings or epochs, you have price action in a positive manner. So we'll see how it plays out with bells coin.
Community Influence
But those are the most significant things to be looking forward to here, along with just being a part of the. Community and putting your ideas out there. Because who knows what can be built in the next couple of weeks or months to date? You have a ton of influence over the chain currently. So the milestones, we're yet to see. Many milestones in the future. Okay, thank you so much for your answer. And do you have anything to say about this question?
A Community Celebration
Question, Adam. Well, the most important is that one of our community members, smokes, has promised us all a yacht party when bill hits $100. So yacht party in Florida for everybody. He's going to rent out a yacht, and that's our yacht party at dollar 100. So that's just one of these funny ones that kind of within the community is floating around it. So we joke about it and you joke about price, but these are the kind of the feels in the community of like what it could be.
Excitement Around Bells Coin
And we all do the math, right? Everybody in crypto does math, and you compare one blockchain to another. And so we're all obviously very excited about what bells coin can be. Being an l one blockchain with this additional security, incredible miner rewards, and incredible tokenomics, sitting at $40 million is very exciting to. To the people in the space, for sure.
Sharing Insights on Progress
I was able to share Zach's post up top. I found it just in time. It's his username box where you can. Go check out some milestones that he has put up there. And it's a tracker, so it moves on the block time based on the blockchain. So shout out to Zach for putting that together. Thank you, man.
Discussion on Climate Change
Okay, okay. And my next question is that some audience they mentioned about the climate change. Do you have any plans or strategy on the environment for protection in the future about how to protect our climate or how to protect the environment? I think the beauty of merge mining is that it's a very efficient way to mine multiple blockchains at the same time. So, yeah, I'm super proud that we're doing merge mining. Right. This is the most efficient way to securely mine proof of work blockchain.
The Future of Mining Practices
So, yeah, I think it's great that we're combined with litecoin and dogecoin in this way. It's the best way to mine proof of work coins. So it's fantastic to add on to that. There's obviously a new movement within mining, which is immersion mining or even solar mining that comes to the future. I do believe that even the amount of energy that's being used and consumed currently, even though it might be alarming to some, is very important to our. Industry and our electric grids, it will help us improve at a way faster.
Harnessing Alternative Energy Sources
Rate all across the world, to a point to where eventually we'll be able. To source energy from either the sun. Or waves or any other instances for that matter, hydro in the future. It's only going to help excel the. Rate at which we come to more. Green and sustainable energy. But like Adam said, the merge mining is very important because Bellscoin doesn't necessarily add any extra electric or computing power to the network anymore.
Green Credentials of Bells Coin
So in essentially, bells coin is green free. It's green. It's just using litecoin and Dogecoin's hashrate, essentially. So it's pretty cool. Okay. And I just saw the post you share on about Zack, and if Zack want. If you want to add something on this milestone, if you want, I can invite him as the speaker.
Decentralization in Mining Pools
Yeah, I'm not sure if he's in the room here with us. Okay, that's cool. So with more and more mining pools supporting belt coin, especially some big mining pools, including ByBTC, how does this influence the network's decentralization? Yeah, as we know, the mining pools. Have significant hash rate, of course, because. That'S just how mining proof of work algorithms work. So as long as the mining pools don't get over 51% of the total hash rate, everything should be good.
The Distribution of Hash Rate
And the best thing about actually the script ecosystem is, believe it or not, it's actually more spread out pool wise, hash rate wise, than the SHA 256, which is bitcoin's network. So it's a lot more decentralized in the aspect to that. There's a lot more pools that have hash rate that's more evenly divided between the two. Going forward is, I mean, some things to just keep in mind is if you see a pool that gets to over 51% hash rate, it might be.
Collaborative Mining Dynamics
Time to try to jump onto another pool. But I don't see that happening anytime soon. And you have to know that it's not just bells coin fighting for where the hash rate goes. You have significant players in the litecoin and dogecoin space that are managing this and making sure that the network stays safe and secure for many years to come. So Bell's coin essentially gets a little bit of a free ride with that.
Guidance for New Miners
But that's not a bad thing because we're also adding to their miners money. Pot at the same time. So it's a symbiotic relationship in the fullest. Okay, thank you for your answer. And the next question is from our miner. What are the key steps and best practice for new miners to start mining bells coin effectively including setting up mining machines, joining mining pools and configuring their mining operations?
Starting Out in Mining
Yeah, I would say if you are new to the mining space, the best way to kind of get started would be to grab a home miner. And unlike bitcoin, we have a lot of options actually in the script ecosystem to where you can get home miners, some of those being gold shell mini doges, which actually have an easy setup and installation. You essentially just plug them into ethernet, power them on, and then you'll actually have a portal that you type in.
Setting Up Mining Equipment
It's essentially the ip of the actual unit itself. And that portal will be brought up to where you can essentially pick a pool. And via BTC is one of those highlighted pools that you can pick from. So you can essentially just pop on your device in your home. You don't have to worry about the electric being crazy with these huge asic miners. It's a really good stepping stone to get in.
Mining Profitability Explained
It's very easy interface to interact with. You can select a pool like via BTC within the app and get mining directly to via BTC and start collecting Dogecoin, litecoin and bells coin very efficiently and at potentially a profitable margin, which we haven't been able to see in many years. With mining in general, with these home miners. But this gives you the level now with bells coins, the amount that it's outputting for emissions to where it might be profitable in your electric rate, your residential electric rate.
Advanced Mining Options
That being if you were looking to scale that more. I definitely look into more of ASIC miners application specific integrated circuit miners for script, of course. So that being like the DG one from Foplex or the L nine, there's probably a few others out there that I'm forgetting, but those are essentially just plug and play as well. You plug it into ethernet, you power it on.
Installation of Industrial Power
Of course you'll need some more of. Industrial power so you wouldn't want to. Plug this in at your house. But again, it is very easy nowadays. And there's tutorials and we will be. Making tutorials in the future. We're actually getting some miners from some of these companies to make tutorials for the bellscoin community.
Community Support for New Miners
So stay up to date for those where we can show everybody in the coming weeks how to get mining on bells coin and have it efficiently and effectively do so while you're getting dogecoin and litecoin as a benefit to it. Thank you so much for your detailed explanation for the new miners and as a bonus for our participants. Remember that from August 27 to September 26, you can enjoy mining bell on VITC with zero pool fees giving your earnings a nice boost.
Information on Mining Opportunities
Plus keep in mind that VITC is currently the top LTC and dogecoin mining pool. It is the great news for those looking to expand their mining activities. Amazing. And my last question is also from our audience. What future trends in blockchain technology does bells chain see as most influential and what role does bell chain see itself playing in the broader blockchain ecosystem and how is it preparing for that?
Bells Coin's Positioning in Technology
Yeah, I would put it simply as Bellscoin is leveraging brand new technology and. That isn't as easily added to other blockchains. That being other blockchains that are like bells coin, happen to be billions of dollars in market cap. So to get anything to change is very significant and it can have a very positive or negative effect.
Community Leadership in Blockchain
So it's a lot harder to get changes implemented. Bellscoin is positioning itself as a community lead for all Utxo style chains, that. Being all the updates that are happening in the future. So to put it simply, it is like a testing chain, but it's also a leading chain in that it's taking charge and it's able to get updates.
Observations on Blockchain Interactions
Passed and test these in real time. With real users, not just testnet and. See how they interact so that the. Other Utxo style chains can watch and mimic what bells coin does in the future. So I believe it's that relationship that bells coin has with the other chains going forward, that Bellscoin is putting forth updates and allowing real world situations to be tested out on its chain with its users at the lower market cap.
Future Transactions and Innovations
So it's easier to get things passed. It's still a very significant market cap. Of course, like $41 million market cap currently. That's nothing to say is small by any means, but it's a lot easier and comparative wise to the hash rate that bells coin has, the mining emissions. That it has, where it's ranking, the.
Overcoming Value Differences
Technology that it currently has compared to these other Utxo style chains, it's very undervalued currently. So, yeah, just because of that, Bellscoin is able to push boundaries a little bit more and help other chains as a result of it. Yeah, I would just layer on that to Luke's point is that we don't know what the next thing is going to be.
Unpredictability of Blockchain Evolutions
And that's the beauty of blockchain, is that nobody really knows what's going to hit next or on what chain. And so if you look back through the last, you know, even five or ten years, you never know what's going to be the big, next big thing. And with the upgrade to Bell's. Bell's coin, it's just, it gives this ability for people to build the next big thing on Bell's coin, which is really exciting for all of us.
Closing Remarks
Oh, you're muted. Are you speaking? Sorry, I forgot to unmute. Yeah. We are also really excited about the belt coins, this future plans. And thank you everyone for joining us today. And a big thank you to our guests for their enlightening contributions. We hope you found this section on belt coin as engaging and informative as we did.
Final Thoughts
Before we end our conversation, do you have anything to say about Bells coin future or anything you want to add to the conclusion? I think we covered a lot of great stuff. I think it's easy to just watch the actions take place. One thing to just quickly add is, like Adam said, bellscoin is not VC funded.
Community-driven Development
There's no pre mine, there's no like team funds. So the actions that have taken place. Before you guys already with, you know. Version two and then version three, the updates with Segwit, with merge mining, all came essentially out of the developer's own pockets. I think that's they're essentially working for free.
Significance of Volunteer Development
So I like to point out that if you're a part of a chain where developers are working for free, I think you're a part of something great. Just imagine what they do if they were paid. Obviously they're not, but I think that adds some security that things actually get done. So there you go.
Invitation for Community Engagement
Yeah, I would just layer on. If anybody is interested in mining or has questions, you can follow the bells coin blockchain account, which is in the audience here. It's at Bell's chain. And jump in the discord. We have different channels in there for miners, especially if it's individuals who are trying to I want to get into mining or whatever.
Support from the Community
There are people in there who will help you out. We have a great community of support who will just help you get set up and stuff. So yeah, just jump in the discord. Or even if you just want to be interested and want to find out more, just jump in the discord. And it's a pretty open community in there.
Conclusion of the Discussion
Thank you so much for your time today. And for those who still have questions and still want get some support from Bellscoin. We encourage you to keep the conversation going on our social media channels or on bells chain channels. Remember to follow us for updates on future events and developments in the world of bells coin, and we are excited to do the next AMA soon with also with Bell's coin team.
Parting Thoughts
And stay curious, stay connected, and have a wonderful day. Goodbye, everyone. Thanks for having us. Goodbye.
