BitBar (BTB)

BitBar (BTB) is a cryptocurrency designed to be extremely rare, offering a larger store of value per unit than conventional cryptocurrencies like Bitcoin. It was created to store wealth, with the additional security provided by the Proof of Stake (PoS) mechanism. This allows users without access to specific mining hardware to secure the network and generate rewards by staking their coins. BitBar utilizes the Scrypt hashing algorithm and has a 10-minute block time.

BitBar was built from the Novacoin codebase and still uses the Scrypt hash algorithm. It incorporates continuous exponential difficulty adjustment and reward adjustment from Peercoin, making it ASIC-resistant. The addition of PoS provides a 5% annual return on staked coins, benefiting investors and block generation’s energy efficiency. BitBar addressed a de-synchronization issue identified by the developer of Peercoin, Sunny King.

The staking process in BitBar requires transactions to be eligible for PoS after 30 days, with rewards depending on the coinage of the transactions up to 90 days. If staking occurs after 30 days, the transaction splits into two smaller equal outputs. At 90 days, it reaches full maturity and stakes without splitting. The stake reward does not increase beyond this full maturity level, which currently requires around 4-5 BTB. The reward per block in BitBar is continuously adjusted according to the difficulty of the last received block, providing a unique feature for the currency.