Alan Li, BIUT(Bit Trust System) China Technical Director, who has a live chat(AMA) in the BigONE Chinese community on August 6, 2019.
Here are his thoughts and answers about BIUT Mining.
What is BIUT?
BIUT( Bit Trust System) is a public chain, of which originated from e-commerce and intend to solve the trust problems among Economy, Finance and etc.
BIUT is designed for solving the trust problems.
As a traditional Internet team joins the blockchain industry, BIUT still in the process of integrating to the Blockchain culture. In other words, we believe that blockchain technology can be used to develop landing applications eventually. BIUT chain will also serve as application one day.
We hope to achieve algorithmic level trust so that the problems of free trade will be resolved.
BIUT public chain is an in-depth exploration of algorithmic level trust. Let’s make a brief understanding. BIUT chain is a little similar to BTC decentralized. For example, you want to trade with a stranger or participate in an unknown project. You might have insufficient information. At that time, our public chain will provide a service, of which provide information like Google search engine. Though our public chain, you can recognize stranger account, or know the account’s trust value by transaction hash. We are working on this algorithmic trust system and will be released with applications in the future. Our goal is to achieve algorithmic level trust so that the problems of free trade will be resolved.
Q1: What is BIUT’s mining pool? Is there a block producer? Does it need a mining machine or just interest accrued on savings?