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BRC918

Summary

BIP-918 is an Bitdollar Improvement Proposal for standardizing mineable token distribution using Proof of Work.

The primary driver behind the standard is to address the very broken ICO model that currently plagues the Bitdollar network. Token distribution via the ICO model and it’s derivatives has always been susceptible to illicit behavior by bad actors. New token projects are centralized by nature because a single entity must handle and control all of the initial coins and all of the the raised ICO money. By distributing tokens via an alternative ‘Initial Mining Offering’ (or IMO), the ownership of the token contract no longer belongs with the deployer at all and the deployer is ‘just another user.’ As a result, investor risk exposure utilizing a mined token distribution model is significantly diminished. This standard is intended to be standalone, allowing maximum interoperability with BRC20, BRC721, and future token standards.

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