88th Meetup: Bitcredit Protocol
Topic: Bitcoin — Just a Store of Value or Soon Ready for Everyday Use?
Bitcoin has established itself as digital gold with a fixed cap of 21 million coins. Its strength as a store of value (SoV) is hardly disputed. But can Bitcoin also function as a medium of exchange (MoE) in daily life without abandoning its core principles?
Talks
A New Approach: Bitcredit Protocol (Hubertus & Mykyta)
Unlike fully backed payment or scaling solutions such as the Lightning Network or Liquid, the Bitcredit Protocol allows an elastic money supply of “Credit Satoshis” to be created. These are minted in a decentralized way by businesses against real trade goods in supply chains. Credit Satoshis circulate until the goods reach consumers and are paid for in Bitcoin. They are then redeemed 1:1 into conventional “Debit Satoshis.”
The idea is to create an elastic currency for payments that builds on the solid foundation of Bitcoin and is limited by “real” Proof of Work.
Discussion Points
- MoE vs. SoV: Where does the debate currently stand?
- Bitcredit Protocol: Technical analysis — What is behind it?
- Is it compatible with Bitcoin’s principles?
- Live demo: Hubertus and Mykyta present Bitcredit v0.2.0 and show how “Credit Satoshis” and “Debit Satoshis” work in practice as eCash on mainnet.
Program
- 18:30 — Doors open
- 19:00 — Talks and live demo
- 20:30 — End
Location: Hayeksaal, Hayek Institut, Grünangergasse 1, 1st floor, Vienna. Free admission. Drinks available.