Bitgesell

Project Overview

Bitgesell (BGL) is a cryptocurrency that launched in 2020 as a fork of Bitcoin, with modifications designed to enhance its store of value properties. The main technical differences from Bitcoin include a 90% block reward burn mechanism, smaller block sizes of 400KB, and SegWit-only transactions.

Purpose and Utility

The stated purpose of Bitgesell is to serve as a superior store of value compared to Bitcoin by implementing a more aggressive deflationary mechanism. The project aims to achieve this through its 90% block reward burning feature, which makes BGL more scarce over time.

Current Usage and Adoption

Bitgesell currently has limited adoption and is primarily traded on smaller cryptocurrency exchanges. The network is maintained by a small but active community of miners and developers. On-chain analysis shows most activity is related to mining and trading operations.

Development Activity

The project maintains an open-source codebase with regular updates and improvements. The development team continues to work on technical enhancements and maintaining the network infrastructure.

Token Distribution

Bitgesell had no pre-mine, ICO, or founder allocation. All tokens are created through mining, with 90% of block rewards being burned. This distribution model ensures fair access and prevents concentration of tokens among founders.

Revenue Model

The project operates purely as a proof-of-work cryptocurrency without any lending, staking, or interest-bearing mechanisms. Revenue for network participants comes solely from mining operations and potential price appreciation.