The Brasetz Project is an innovative cryptocurrency platform designed to offer free token mining while rewarding early participants through a structured value growth system. The platform operates on a decentralized cryptocurrency model to ensure fast transactions, security, and scalability, while maintaining a clear separation between coin mining and mining rewards.
a.User Access: Users access brasetz.web.app to mine tokens for free.
b.Mining Process: Coins are mined with an initial value of 1. This initial value grows progressively as more users join and invest in the system.
c.Wallet Activation: Users can mine tokens, but to claim and activate them, they need to complete the KYC process, which requires a ownership of coin for wallet activation.
a.Value Structure: The system ensures that 50% of any investment goes towards the value of the mined coin, while the rest is allocated towards mining rewards. This allows for a balanced increase in coin value and mining incentives as more participants invest.
b.Progressive Value Growth: With each new investment, the overall coin value increases proportionally.participants get benefit from the growth of their tokens as more users invest and join the system.
c.Mining Reward: Half of each user’s investment is funneled into mining efforts, ensuring continuous rewards for token holders, contributing to system stability and long-term sustainability.
By using a decentralized cryptocurrency model, the Brasetz platform ensures:
The Brasetz Project offers a unique platform where users can mine tokens for free and benefit from a balanced growth model. The division of investments between coin value and mining rewards ensures long-term stability, continuous growth, and rewards for adopters. With a decentralized model and exclusive trading on brasetz.web.app, the Brasetz Project promises a secure, scalable, and compliant system for all users.
As the world becomes increasingly digital, cryptocurrency is a next natural step in the evolution of money. Brasetz is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide.
Our Mission: Build a cryptocurrency and Transaction platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Brasetz, the world’s most widely used cryptocurrency.
Because Brasetz’s mission is to be inclusive as possible, we’re going to take this opportunity to introduce our blockchain newbies to the rabbit hole.
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy’s account and $5 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world’s financial transactions.
Bitcoin achieved this historical feat by using a distributed record. While the current financial system relies on the traditional central record of truth, the Bitcoin record is maintained by a distributed community of “validators,” who access and update this public ledger. Imagine the Bitcoin protocol as a globally shared “Google Sheet” that contains a record of transactions, validated and maintained by this distributed community.
One of the challenges of maintaining a distributed record of transactions is security — specifically, how to have an open and editable ledger while preventing fraudulent activity. To address this challenge, Bitcoin introduced a novel process called Mining (using the consensus algorithm “Proof of Work”) to determine who is “trusted” to make updates to the shared record of transactions.
In the early days of Bitcoin, when only a few people were working to validate transactions and mining the first blocks, anyone could earn 50 BTC by simply running Bitcoin mining software on their personal computer. As the currency began to gain in popularity, clever miners realized that they could earn more if they had more than one computer working to mine.
After identifying these key barriers to adoption, the Brasetz Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arises with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy / money to prove trustworthiness), it is not very user (or planet!) friendly.
Before jumping to introducing the Brasetz consensus algorithm, it helps to have a simple explanation on what a consensus algorithm does for a blockchain and the types of consensus algorithms that today’s blockchain protocols generally use, e.g. Bitcoin and SCP. This section is explicitly written in a oversimplified manner for the sake of clarity, and is not complete. For higher accuracy, see the section Adaptations to SCP below and read the stellar consensus protocol paper.
Brasetz’s consensus algorithm builds atop SCP. SCP has been formally proven [Mazieres 2015] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Brasetz intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers.
A beautiful property of the SCP algorithm is that it is more generic than a blockchain. It coordinates consensus across a distributed system of Nodes. This means that the same core algorithm is not only used every few seconds to record new transactions in new blocks , but also it can be used to periodically run more complex computations.
Today, everyone is sitting on a veritable treasure trove of untapped resources. Each of us spend hours day on our phones. While on our phones, each of our views, posts or clicks creates extraordinary profits for large corporations. At Brasetz, we believe that people have the right to capture value created from their resources.
Challenges with 1st Generation Governance models
In an article challenging the merits of on-chain governance, Vlad Zamfir, one of Ethereum’s core developers, argues that blockchain governance “is not an abstract design problem. It’s an applied social problem.”
Phase 1 – Design, Distribution, Trust Graph Bootstrap.
Before we launch the main net, the Node software will be deployed on a test net.
When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Brasetz network will be launched.
A well thought-out, sound token design is critical to the success of a cryptocurrency network.
Brasetz Network’s vision is to build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Brasetz, the world’s most widely used cryptocurrency.
Brasetz Network’s mining mechanism has been allowing Brasetzoneers to contribute to the growth, distribution and security of the network and be rewarded in Brasetz meritocratically.
Brasetz Network is unique in our technological and ecosystem design as well as the significance of our community input in development.
In October 2024, we publicly launched our site as an alpha prototype that onboarded the initial Brasetzoneers.
This phase started on october 1, 2024, marking another critical preparation to the transition to a decentralized blockchain—a live Testnet with distributed Nodes from all over the world.
In september (2025), the Mainnet of the Brasetz blockchain will go live.
“Know Your Customer/Client” (KYC) is a process that verifies identification to distinguish genuine accounts from fake ones.
While transactions between Brasetz apps and Brasetzone ers and Brasetzoneer-to Brasetzoneer transactions are allowed within Brasetz Network, the Enclosed Network will have in place the restrictions as listed below.
Here, A's Transferable Balance is the sum of the following three components:
During the Enclosed Mainnet period, any Mobile Balance that has not become Transferable Balance will remain in the Mobile mining app until the associated Brasetzoneers in the Referral Team and Security Circles pass KYC and the corresponding amount becomes transferable to Mainnet. In the case of the above example of Brasetzoneer A, the balance contribution by C, E, and G will remain as Mobile Balance for A in the mining app waiting for them to pass KYC in order for such balance to become transferable. If such associated accounts never pass KYC, the balance attributed to these non-KYC'ed accounts will be discarded at a certain date which will have allowed enough time for the whole network to KYC. The unclaimed balances due to lack of KYC will be discarded by not being transferred to the Mainnet at all, instead freeing it up for mining by other KYC'ed Brasetzoneers within the allocated Brasetz overall supply limit for Brasetzoneer mining as explained in the Brasetz Supply section.
While transactions between Brasetz apps and Brasetzoneers and Brasetzoneer-to Brasetzoneer transactions are allowed within Brasetz Network, the Enclosed Network will have in place the restrictions as listed below. These restrictions at this stage help enforce the enclosed nature of the network:
The Enclosed Network will support the economic activities and growth of the Brasetz ecosystem. Thus, Brasetzoneer-to Brasetzoneer transactions are possible through the Brasetz Wallet as KYC'ed Brasetzoneers will be able to use the Brasetz Wallet to transact in Brasetz. Brasetzoneers can also spend Brasetz in Brasetz apps on the Brasetz Browser, which can access the Mainnet through the Brasetz Apps SDK and the Brasetz Blockchain. During the Enclosed Network period, an app on the Brasetz Browser can only use the Brasetz blockchain whitelisted by the firewall to interact with the Mainnet.
The following uses of Brasetzoneer-to Brasetzoneer, Brasetzoneer-to-App, and App-to Brasetzoneer transactions will be allowed:
The following uses will be prohibited:
We will enforce the above restrictions by adding a firewall to the Mainnet and by exclusively running the Mainnet Nodes for this interim period. Community Nodes will continue to run on the Testnet in the Enclosed Network period. We will continue to implement interface and other changes to the Nodes in preparation for the Open Network period where the Community Nodes will be able to run on the Mainnet. The restrictions of the Network to keep it enclosed will be relaxed as it reaches the next period—Open Network.
The following major accomplishments were made during the Testnet phase:
In October 2024, the Mainnet of the Brasetz blockchain will go live. The migration of Brasetzoneer balances from their phone account to the Mainnet starts during this period. KYC authentication of a Brasetzoneer precedes their balance migration to the Mainnet. In order to allow for sufficient time for millions of Brasetzoneers to successfully complete their KYC verification, create utilities in the Brasetz ecosystem, and continue to iterate on our technology and ecosystem design, the Mainnet will have two periods:
This period will begin in October 2024. The Enclosed Network period means that the Mainnet is live but with a firewall that prevents any unwanted external connectivity. Brasetzoneers will be able to take time to KYC and migrate their Brasetz to the live Mainnet blockchain. Any balance migrated to the Mainnet can be used, by the choice of the Brasetzoneer, to purchase goods and services in Brasetz apps, transfer to other Brasetzoneers, or get locked up for a duration of time for a higher mining rate. KYC'ed Brasetzoneers will be able to use their Brasetz on the Mainnet freely in an enclosed environment within Brasetz Network. However, this period will not allow connectivity between the Brasetz blockchain and other blockchains.
There are multiple advantages to having an intermediate enclosed period to ramp up to the fully open Mainnet. This approach allows time for:
The Enclosed Network period allows time for millions of Brasetzoneers to KYC and migrate their Brasetz to the Mainnet. Only a small fraction of Brasetzoneers have been able to complete their KYC around the launch of the Mainnet. Over the coming months, we will continue to roll out the KYC solution to more Brasetzoneers and help them complete their KYC. If we moved directly from Testnet to Open Network, this would mean that the Brasetzoneers who were able to KYC before others would have Brasetz available for use outside of the Brasetz platform while the Brasetzoneers still waiting to complete their KYC would not yet have this privilege. The speed at which Brasetzoneers all over the world are able to complete their KYC will depend on the speed at which each local community provides the KYC validator crowd work force as well as the speed at which individual Brasetzoneers participate in the KYC.
Having the Enclosed Network period gives time for millions of Brasetzoneers to complete their KYC and transfer their Brasetz to the Mainnet. This way, all the Brasetzoneers who are willing and able to complete their KYC in a reasonable period of time get to use their Brasetz outside of the Brasetz platform at once. Given that external connectivity between the Brasetz Blockchain and other blockchains or systems is not allowed during the Enclosed Network period, this further helps Brasetzoneers focus on transitioning into Mainnet without any influences external to the Brasetz Blockchain.
This period will also help the community focus on creating utilities and bootstrapping the ecosystem without any external distractions. Consistent with the vision of the Brasetz network to enable a utility-based ecosystem, this allows apps to deploy on Mainnet and create utilities for Brasetzoneers. Brasetz apps will be able to switch from Testnet to Mainnet—to production mode for real Brasetz transactions. At this time, KYC'ed Brasetzoneers will be able to spend their Brasetz on Brasetz apps, boosting utilities creation and bootstrapping the Brasetz ecosystem before the Open Network. This gradual and deliberate ramp to Open Network will help the apps, as well as the Brasetz Network, to uncover and resolve any glitches in the market and the technology. Thus, the Enclosed Network period is in line with Brasetz's vision of a utility-based ecosystem and its iterative philosophy.
Moreover, the Enclosed Network will allow the Mainnet to run with production data and real Brasetz, which differs from Testnet. Data gathered during the Enclosed Network will help calibrate and tweak any configurations and formulae, if necessary, to ensure a stable and successful Open Network.
"Know Your Customer/Client" (KYC) is a process that verifies identification to distinguish genuine accounts from fake ones. The vision of Brasetz Network is to build an inclusive and the most widely distributed token and ecosystem for all Brasetzoneers. The mining mechanism of Brasetz Network is social network-based, and the mining rate has halved 5 times so far as the social network size grew to over 1K, 10K, 100K, 1M, and 10M engaged members. Therefore, Brasetz has a strict policy of one account per person. This requires a high degree of accuracy to establish that members in the network are genuine human beings, preventing individuals from being able to unfairly hoard Brasetz by creating fake accounts. Brasetzoneers' KYC results will depend on not only identity verification, but also their name matching with the Brasetz account and screening against government sanction list. KYC, thus, helps ensure the true humanness of the network and compliance with the Anti-Money Laundering (AML) and anti-terrorism regulations.
As communicated at the founding of the network, to ensure true humanness, fake Brasetz accounts and scripted mining are strictly prohibited. These accounts will be disabled, and will not be able to migrate to Mainnet. Over the past three years, multiple technical mechanisms have been implemented to identify bots and fake accounts. For the accounts identified as highly likely to be fake by Brasetz's algorithm, the weight is on these accounts to prove otherwise. These identified fake accounts will either be disabled or go through a much more rigorous review and appeal process. The allocation of KYC slots will be prioritized for accounts with a high likelihood of being true human holders.
Only the accounts with verified identities will be allowed to transition to Mainnet, and only the Brasetz balances attributable to identity-verified accounts will be allowed to transfer to the Mainnet balance. When a Brasetzoneer and their Referral Team and Security Circle members pass the KYC determines if and when, and to what extent, a Brasetzoneer can transfer their balances. Below is a hypothetical example to illustrate how the KYC verification of Brasetzoneers affects their balances in migration to the Mainnet.
For simplicity, we define different concepts of Brasetz balances as follows:
Suppose individual A is the owner of a Brasetz account who wants to transfer their Mobile Balance. Brasetzoneer A will only be allowed to transfer any of the Mobile Balance to the Mainnet when their identity is verified, i.e., when they pass the KYC.