Bitcoin Interest will fork January 22nd, 2018 at 11:59 PM GMT, or at block 505083.

Bitcoin Interest will fork January 22nd, 2018 at 11:59 PM GMT, or at block 505083. 

Bitcoin Interest ("BCI") is a frictionless global payment system focusing on three key areas Technology, Community, and Savings. Our payment system has a new integrated savings technology that allows our users to park their coins and earn interest.

How It Works

Storing your wealth in Bitcoins translates into missing out on one of the most significant benefits of traditional banking: interest payments. Users can now earn interest payments in a decentralized manner by parking their Bitcoin Interest ("BCI") coins for a set period time. Here's how it works:

Interest Pool -

 Every Bitcoin Interest ("BCI") block has two rewards; 12.5 BCI coins are generated for the miners for their participation in solving the block, and an additional 1.08 BCI coin reward is generated and sent to the interest pool to facilitate interest payments. This is achieved through what we call, "Enhanced Proof of Work" using the Equihash algorithm. The interest pool reward will start at 1.08 BCI coins and will decrease to 0.54 BCI coins as our block height increases. This setup will ensure that interest payments are always available for those that choose to participate in parking their BCI coins.  

Interest Rates -

 The best part of Bitcoin Interest ("BCI") is that there is no set interest rate. The interest rate depends on two things: How many BCI coins you park, and how many other BCI coins are parked in the active interest round. After parking your coins, our system will continuously check to ensure that they are parked for the entirety of the interest round. At the end of the round, the system will proportionally distribute the balance of the interest pool to those who parked their coins. As an example: If I was to park 100 BCI coins for the entire duration of the round, and there were a total of 1000 BCI coins parked, then I would receive 10% of the interest pool balance once the round has finished.

Two Interest Cycles - 

With Bitcoin Interest ("BCI") you can choose either a weekly or monthly interest period to park your coins and claim your share of the collective interest pool. When you decide to park your BCI coins you agree to not move your coins until the current round has ended. If you choose to move your BCI coins before the round has ended, you will not receive an interest payment which is why it is in your best interest to lock in your coins for the duration of the round. Each block that is solved generates 12.5 BCI coins to reward the miners, and with every block that is solved an additional 1 BCI coin is generated and placed into the interest pool to facilitate interest payments. The Weekly interest round uses 30% of the interest pool balance for payouts while the Monthly interest round uses the remaining 70% of the pool balance for payouts.

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