BTC2: Bitcoin Emission Schedule on Solana

Overview

BTC2 is a token on Solana that follows Bitcoin's exact emission schedule:

• Initial reward: 50 BTC2 per block
• Halving every 210,000 blocks
• Block time: 10 minutes
• Maximum supply: 21 million BTC2
• Dutch auction mechanism for block rewards against SOL
• SOL proceeds used to buy and burn BTC2

Technical Architecture

1. Token Creation and Management

• Create SPL token (BTC2) with fixed supply cap of 21 million
• Implement token mint authority controlled by the program
• Set up token metadata and decimals (8 decimals like BTC)

2. Emission Schedule Implementation

• Implement Bitcoin's exact emission schedule:
  • 50 BTC2 per block initially
  • Halving every 210,000 blocks (approximately every 4 years)
  • Track block height and calculate appropriate emission amount
  • Enforce 10-minute block creation intervals

3. Dutch Auction Mechanism

• Implement Dutch auction for each block reward:
  • Start at a high price and decrease over time
  • Accept SOL as payment for auction
  • Award BTC2 block rewards to auction winners
  • Store auction history and statistics on-chain

4. Buy and Burn Mechanism

• Collect SOL from auctions in a treasury
• Implement automated market operations to:
  • Buy BTC2 from the market using SOL proceeds
  • Burn purchased BTC2 to reduce supply
  • Track and report burn statistics

5. On-chain Program Components

• Core program logic (block timing, emission schedule)
• Auction management program
• Treasury management program
• Buy & burn execution program

Development Plan

Phase 1: Core Infrastructure

1. Set up development environment for Solana
2. Create SPL token with proper configuration
3. Implement core program for emission schedule
4. Deploy and test on Solana devnet

Phase 2: Auction Mechanism

1. Design and implement Dutch auction logic
2. Create auction interfaces and state management
3. Implement bidding and settlement logic
4. Test auction mechanism on devnet

Phase 3: Treasury and Buy & Burn

1. Implement treasury management
2. Create buy & burn execution logic
3. Set up automated market operations
4. Test full system integration

Phase 4: UI and Analytics

1. Develop web interface for auction participation
2. Create analytics dashboard for:
   • Current block height
   • Emission rate
   • Auction history
   • Treasury statistics
   • Burn history

Phase 5: Mainnet Launch

1. Security audit of all contracts
2. Final testing on testnet
3. Mainnet deployment
4. Community building and marketing

Technical Considerations

Solana-specific Challenges

• Implementing time-based triggers (10-minute blocks) on Solana
• Managing auction state across multiple transactions
• Ensuring fair access to auctions
• Optimizing for Solana's performance characteristics

Economic Considerations

• Initial price discovery mechanism
• Auction parameters tuning
• Treasury management strategy
• Buy & burn execution strategy

Next Steps

1. Set up development environment
2. Create initial token contract
3. Implement core emission schedule logic
4. Begin auction mechanism design

Resources

• Solana Documentation
• SPL Token Program
• Bitcoin Emission Schedule Reference