Author: Anne
Editor: Caiyun
Fractal Bitcoin, a sidechain network that is almost identical to Bitcoin's Layer 1 blockchain, was announced to be live this week, immediately sparking a buzz in the cryptocurrency community. The emerging network paid tribute to Bitcoin in a unique way: embedding the same message left by Satoshi Nakamoto in Bitcoin's first block in its genesis block, echoing criticism of bank bailouts.
Fractal Bitcoin's popularity has quickly risen, reflected in its transaction fees: high-priority transaction fees have soared to 150 satoshis per byte, clearly showing strong market interest in this new platform. Despite some initial mining challenges, Fractal Bitcoin has been successfully launched and has begun to fulfill its mission of "locally scaling Bitcoin".
Image source: Fractal Bitcoin official Twitter
At the same time, the mining situation of the Bitcoin mainnet is becoming increasingly fierce. According to the latest data from BTC.com, the difficulty of the Bitcoin network has reached 92.67 T, and the total network computing power is as high as 650.63 EH/S. These data reflect that the difficulty of Bitcoin mining is at a historical high, which means that there are fewer and fewer Bitcoins to be mined, but the number of people participating in mining is increasing.
This not only highlights the vitality of the Bitcoin ecosystem, but also provides the backdrop for the emergence of new platforms such as Fractal Bitcoin. In an era where Bitcoin derivative projects coexist and develop alongside the native network, innovation and competition in the cryptocurrency space are reaching new heights.
Image source: BTC.COM
Fractal Bitcoin is an innovative Bitcoin expansion solution recently launched by the UniSat team. Its core concept is to significantly improve the performance and functionality of the Bitcoin network without changing the Bitcoin mainnet protocol. To achieve this goal, Fractal Bitcoin introduces the concept of “fractals”. In geometry, a fractal refers to a pattern that replicates and imitates a shape that is similar to the original shape, thereby retaining its key properties. Drawing on this idea, the UniSat team proposed encapsulating the core Bitcoin code to create an embeddable network extension layer. This extended network is recursively linked to the main Bitcoin network to allow each application to run independently while ultimately feeding back into the main network.
Fractal Bitcoin is an innovative Bitcoin expansion solution recently launched by the UniSat team. Its core concept is to significantly improve the performance and functionality of the Bitcoin network without changing the Bitcoin mainnet protocol. To achieve this goal, Fractal Bitcoin introduces the concept of “fractals”. In geometry, a fractal refers to a pattern that replicates and imitates a shape that is similar to the original shape, thereby retaining its key properties. Drawing on this idea, the UniSat team proposed encapsulating the core Bitcoin code to create an embeddable network extension layer. This extended network is recursively linked to the main Bitcoin network to allow each application to run independently while ultimately feeding back into the main network.
Key Features:
Strong functions: OP_CAT opcode is activated to support more advanced applications such as zero-knowledge summary.
⦁ Ecosystem expansion: Plans to introduce the Bitcoin Virtual Machine (BVM) to support easy migration of smart contracts on Ethereum to Fractal.
However, Fractal has also faced some controversy. For example, 50% of FB tokens were pre-mined and distributed to early participants, which caused concerns among some members of the Bitcoin community. In addition, some people pointed out that Fractal's code may have borrowed heavily from other projects.
2. What is the current situation of Fractal Bitcoin mining?
According to ChainCatcher, in Unisat Explorer data, the total computing power of the current Fractal mainnet combined mining and permissionless mining has exceeded 50 EH/s, or 50,000 PH/s. Based on an average block time of 30 seconds, Fractal produces about 72,000 FB per day. The total computing power of permissionless mining is currently reported at 6,400 PH/s. 1PH of computing power can mine about 7.5 FB per day, and about 225 FB per month. The current monthly rental price of computing power is about 3,000U per PH per month. The break-even price of renting computing power to mine FB is US$13.3. The market value of 210 million FB in full circulation is approximately US$2.8 billion. [1]
The official website describes it as follows: "On-chain interactions can scale up and down as demand changes - because it acts as a dynamic 'blockspace load balancer' and reduces congestion at any particular layer." This feature is designed to solve the common congestion problems of blockchain networks and provide users with a smoother transaction experience.
Fractal Bitcoin also introduces a unique consensus mechanism called "rhythm mining". Under this mechanism, two-thirds of the blocks are mined on the Fractal network for its native gas currency FB. This design is intended to ensure the security and efficiency of the network while providing sufficient incentives for miners. The total amount of Fractal Bitcoin (FB) tokens is set at 210 million, and its distribution plan reflects the project team's consideration of the long-term development of the ecosystem.
The specific distribution ratios are as follows: Mining rewards: 50% of the total, that is, 105 million FB tokens, core contributor rewards: 15%, ecosystem reserves: 15%, community rewards: 10%, consultant allocation: 5%, pre-sale: 5%.
From a technical perspective, Fractal Bitcoin appears to be a fast clone of Bitcoin Core v24.0.1 with some consensus adjustments. The project team also borrowed some code from other cryptocurrency projects such as namecoin and bcash. While this approach has accelerated development, it has also sparked discussions about the project's innovation and independence.
There are two main ways to mine Fractal Bitcoin tokens: traditional computing power mining and innovative NFT participation model. Traditional mining is suitable for experienced miners and large investors, while the NFT model provides a more convenient participation channel for ordinary users. So, how can ordinary users participate in this popular project?
There are two main ways to mine Fractal Bitcoin tokens: traditional computing power mining and innovative NFT participation model. Traditional mining is suitable for experienced miners and large investors, while the NFT model provides a more convenient participation channel for ordinary users. So, how can ordinary users participate in this popular project?
1) Traditional computing power mining
For experienced miners and investors with sufficient capital, directly participating in FB's computing power mining is an option. The total amount of FB is 210 million, of which 50% is generated through PoW mining. However, this method has a high threshold for ordinary users:
As the enthusiasts lack professional mining equipment, the BitTera platform has launched an innovative way to participate - computing power NFT. This method has the following advantages:
⦁ Low barrier to entry: No need to purchase and maintain expensive mining equipment
⦁ Convenient: You can participate in mining by purchasing NFT
⦁ Flexible: Provides a variety of duration options to meet the needs of different users
⦁ Potential additional benefits: opportunity to receive airdrops from other projects (such as BEVM)
The Fractal Bitcoin mining power NFT products provided by BitTera include:
a) 3-day period (September 9-11)
b) 7-day period (September 9-15)
c) 14-day period (September 9-22)
d) 30-day period (September 9-October 8)
Users can choose suitable NFT products based on their investment strategies and risk preferences.
Image source: Bittera official website
3) How to participate
To purchase these computing power NFTs, users can visit BitTera’s official website. It is worth noting that participating in FB mining may not only bring direct mining benefits, but also rewards from other ecosystems. For example, BitTera recently received a strategic investment from the BEVM Foundation, and BEVM has announced that it will use computing power RWA as one of its important airdrop vouchers.
In short, Fractal Bitcoin provides a new opportunity for cryptocurrency enthusiasts to participate. Whether it is traditional computing power mining or innovative NFT models, it provides users with different options. Before participating, it is recommended to study the project details in depth and weigh the risks and benefits.
Fractal Bitcoin has attracted much attention for its cooperation with the UniSat team. UniSat is backed by a well-known exchange, and its success in the BRC20 market and the outstanding performance of the $PIZZA token have added a lot of glory to Fractal Bitcoin. This strong partnership has undoubtedly brought huge attention and potential market advantages to the project.
Fractal Bitcoin has attracted much attention for its cooperation with the UniSat team. UniSat is backed by a well-known exchange, and its success in the BRC20 market and the outstanding performance of the $PIZZA token have added a lot of glory to Fractal Bitcoin. This strong partnership has undoubtedly brought huge attention and potential market advantages to the project.
However, team reputation aside, the Fractal Bitcoin project itself still has some issues worthy of concern. First of all, the project document fails to clearly explain the unique advantages of Fractal Bitcoin compared to other Bitcoin public chains. Secondly, there are still questions about whether the Bitcoin ecosystem really needs a public chain with enhanced functions. In the past, L2 solutions like Merlin and B² Network failed to gain significant traction among users, which is worth pondering.
Currently, the popularity of FB tokens is high. If you rush into the market, you may face the risk of high gas fees and low returns, which may reduce the efficiency of capital utilization. Investors should carefully evaluate the timing of entry and weigh short-term popularity against long-term value. When making investment decisions, you need to fully consider the potential of the project, the market environment, and your personal risk tolerance.
P.S. This article does not constitute any investment advice
