What is Beefy (BIFI)

Bitcoin File is a point-to-point distributed file system based on blockchain technology and it aims to create a global decentralized file system combined with IPFS file system and bitcoin settlement network. The combined technology makes it more environmentally friend for the world, more fair and more rewarding for miners, more reliable and easier-to-use for users. It perfectly solves the problem of low stability in IPFS network due to the inability of contributors to earn sufficient returns and the uselessness of power consumption in the process of bitcoin mining.

In the Bitcoin File network, all resource shares (miners) can mine by sharing their own disk space and network bandwidth. The amount of Bitcoin File earned depends on how much disk space and network bandwidth it shares, and only the disk space and network bandwidth actually used by the users will be calculated as proof of work, thus improving the overall network performance and efficiency.

Bitcoin File is a fully self-monitored decentralized community. Resource-shares (miners) and users are the community participants. Total distribution of BIFI is about 21 billion，among this about 17 billion of all BIFI will be air dropped to the current holders of Bitcoins on a 1:1000 basis，and another 4 billion will be distributed to each resource sharer(miners) on a POW basis according to the community design rules. Network users have to pay BIFI when using Bitcoin File network. The Bitcoin File foundation will mine 210 million BIFI in advance, of which 110 million will be used for ecological construction and marketing and the other 100 million will be used for team incentives.

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. HTX does not take responsibility for any resulting direct or indirect losses.

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