The concept of RWA (Real World Asset) has been proposed for a long time, focusing on traditional financial products such as real estate and bonds, but ignoring the fact that the cryptocurrency industry also has its own real assets, namely mining power.
The potential market size of mining power is extremely large, with annual mining revenue of approximately $20 billion. Daily mining revenue can be seen on platforms such as http://data.hashrateindex.com, with a basic daily revenue of $33 million after halving. The biggest difference between #BEVM and other competitors in terms of business is that its core product is actually the RWA of mining power, which tokenizes the POW (Proof of Work) mining power of cryptocurrencies such as Bitcoin, Litecoin, and Dogecoin into FT/NFT tokens. The mining revenue generated by the mining power itself is directly distributed on the #BEVM chain.
Mining power tokens themselves belong to a new category of assets and can generate stable returns. In other words, buying this token is equivalent to buying mining power and mining machines. Holding or staking the token can generate mining revenue corresponding to the POW assets. If staked in other protocols, additional income can be earned.
Advantages of BEVM in mining power RWA:
– Investment from Bitmain: #BEVM is the only BTCL2 project invested by Bitmain. Bitmain’s 2020 investment in Crypto projects was Avalanche. The investment before #BEVM was BitFuFu, a listed cloud mining company.
– Technological foundation: In 2017, the BEVM team won an award at the Cosmos hackathon and realized that the Cosmos SDK did not support the Bitcoin network due to its Turing incompleteness. They then decided to challenge the Bitcoin bridge and turned to Substrate language of #DOT to develop ChainX as a Bitcoin Layer 2 network. At that time, it hosted 100,000 BTC, but later suspended due to policies and custody risks. At the end of 2021, using the Bitcoin Taproot upgrade, they started developing a decentralized custody based on the Taproot-upgraded Bitcoin cross-chain bridge. In 2023, inspired by the Míngwén community, they launched the BitBox platform and observed the activity of the community, deciding to develop #BEVM, an EVM-compatible Bitcoin Layer 2 project. Technically, BEVM’s Taproot Consensus proves the most optimal and secure Bitcoin asset cross-chain custody technology, making it suitable for distributing and managing RWA mining power assets.
Measures taken by BEVM for the mining power RWA ecosystem:
– On-chain mining power leasing platform: Tokenizing mining power as NFTs, users can purchase and stake NFTs, and the mining revenue is directly sent to the user’s EVM address upon expiration. NFT represents the computing power of a specific mining machine, and buying and staking NFTs is essentially leasing specific models for mining.
– On-chain tokenization of mining power (long-term plan): Tokenizing the computing power of specific mining machine models at a fixed exchange rate (ERC20) on the #BEVM chain. These tokens can be staked on the platform, and users can participate in staking, cross-chain transactions, and other operations using mining power tokens in other protocols.
– Recruiting other mining power projects and RWA projects: BEVM aims to become the largest mining power RWA platform and actively recruits other mining power projects and RWA projects to deploy on its platform to enrich the ecosystem and expand market share.