Announcing BitX Gold (BXTG)
Important: Do not send BITX to the BXTG contract or vice versa. Doing so will result in a loss of funds.
Basic Overview
- BitX Gold (BXTG): is a fully ERC20 and ERC223 compliant token which works as an extension to the BITX token.
- BXTG on etherscan: https://etherscan.io/address/0xe3d9c7bf38a77215d215b1eef8acb1d01a6ec99b#code
- When you buy BXTG, the BXTG contract purchases BITX and gives you that exact same number of BXTG.
- BXTG is “tethered” to BITX such that 1BXTG will always = 1BITX.
(Important: this means there is no benefit in selling BITX in order to buy BXTG but you might want to purchase BXTG with BITX dividends!)
- When BITX generates dividends, BXTG holders receive the same dividends too.
- In effect, owning BXTG is the same as owning BITX!
How Does BXTG Work?
The rules for BXTG are very similar to BITX:
- 10% fee on buy
- 10% fee on sell
- Fees are distributed to token holders as Ether.
- BXTG masternodes are enabled once an account balance has 1 BXTG or more. This will enable 5% of the buy in fee to go straight to the referrer, the same way it does for BITX.
- 0% fee on token transfer (note: BITX has a 10% fee on token transfer)
So what is the Purpose of BXTG then?
There are a few key differences between BITX and BXTG.
BXTG takes what we already have with BITX, and extends its functionality in these key ways:
1. BXTG has a 0% transfer fee which means that it can be traded on exchanges and used as currency for dApps within the BITX Network.
2. Unlike BITX, BXTG is ERC20 and ERC223 compatible, which allows for external contracts to be notified when they receive funds and also to know where the received funds came from.
3. BXTG has a ‘donate dividends” function which replaces “The Button”. This means 3rd party dApps are able to give dividends directly to BXTG holders. (BITX holders do not receive these dividends).
4. Gauntlet Mode (optional). This is a function that grants you iron hands by allowing you to voluntarily set a minimum account balance before any sells or transfers are allowed. That limit will then be lifted either: after a specified amount of time elapses, or when the BITX supply reaches a specified amount, or whenever an external contract allows it. The choice of when is completely up to you.
BitX Gold makes transfer of BXTG tokens with zero fee easier to use BXTG as a way of payment.
Here is a table summarizing the differences between BITX and BXTG:
Here is a visual chart to better help understand BXTG:
When you purchase BXTG, the BXTG Contract purchases BITX, and gives you that number in BXTG.
Finally, while BXTG itself does have 2 built-in “Gauntlet” modes, the system also supports Gauntlet’s supplied by third parties. Here’s how it works:
The external gauntlet mode would then be released when the external dApp’s “gauntletRemovable” function returns true. This enables dApps to use this mode in creative ways in the future.
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