Beetlecoin

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Beetlecoin

Beetlecoinlogo.png

Beetlecoin (code: BEET) is an open source decentralized project which provides instant and low transaction fees all across the globe via its network. Everyone is invited to take part in the project by either mining the coin or staking it.

The coin aims to implement a blockchain which is optimized specifically for the use case such as those connected with an environment whereby bringing in positive change to the society we live in.

Beetlecoin aims at raising funds to support current environmental issue that we are battling with. All these funds will be on an open ledger and the community will have full access to all the transactions.

Specification

Much like any other Cryptocurrency, Beetlecoin is based off on a public ledger system called blockchain. Beetlecoin is POW/POS/Masternode coin with Scrypt as its hashing algorithm. It has a max supply of 500,000,000 with a block time of 2 minutes and maturity of 12hrs. It also has a premine of 3.2%. It uses Darksend concept to send payments which makes you anonymous ie, in other words, it prevents people from trying to track your coins.

Rewards Info

Rewards for this coin is distributed as follows-

POW

  • [2-500] = 500 BEET
  • [500-10000] = 300 BEET
  • [10000-50,000] = 200 BEET
  • [50,000-300,000] = 100 BEET
  • [300,000-600,000] = 50 BEET
  • [600,000-1,000,000] = 30 BEET
  • [1,000,000-3,000,000] = 25 BEET
  • [3,000,000-6,000,000] = 15 BEET
  • [6,000,000-10,000,000] = 10 BEET
  • [10,000,000-INFINITE] = 5 BEET


POS (Starting with block 1000)

  • [1,000-25,000] = 1,500 BEET
  • [25000-50,000] = 1,250 BEET
  • [50000-100,000] = 1,000 BEET
  • [100,000-500,000] = 750 BEET
  • [500,000-1,000,000] = 500 BEET
  • [1,000,000-1,500,000] = 250 BEET
  • [1,500,000-3,000,000] = 125 BEET
  • [3,000,000-Infinite] = 50 BEET


Masternodes

  • Collateral: 50,000 BEET
  • Reward: 75% masternode owner, 25% staker


Masternodes receive constant rewards (75% of the block reward). These are given to high performing nodes having a good and stable high-speed internet connection. It also receives all transactions fees in the block hence encouraging uninterrupted connectivity in ensuring proper performance network. One should certainly make sure their nodes are running 24x7 without any interruption.

Wallets

Your Own Personal Bank

Beetlecoin wallet is used to store, send and receive Beetlecoin. All addresses are generated with a private key which can be used to reveal wallet contents and a public key which must be used by the payer to send Beetlecoin to the payee's wallet. The public key is a unique identifier of 26–34 alphanumeric characters and is commonly known as one's address. Beetlecoin wallets are available for Windows, Linux and Mac operating system.

Masternodes and Staking can be done within the wallet, with the option where the collateral gets locked for Masternodes. This means that you can stake as well as run Masternode off of the same wallet. By the way, you can also have multiple nodes running off of the same wallet.

One of the unique functions of the wallet is the instant send feature. This allows for a faster withdrawal of Beets. The transaction fees are bare min ie 0.01 Beets per withdrawal.

Beetle coin staking rewards depend on how many Beets in the wallet address, maturity, and connectivity. Staking is 25% of the block reward.

Block Explorer

If you would like to take a look at blocks, addresses, and transactions stored in the blockchain., you can click here [1] to get details off of Beetcoin block explorer.

RoadMap

Beetlecoin team has laid down few set goals and is constantly working towards its achievement.

Q1 2018

  • White Paper Release
  • Website Update (Beet Balance Checker Feature)
  • SouthXchange Listing
  • Marketing And Promotional Drive
  • Instructional Guides On Beetle Masternodes
  • Release Of Comprehensive FAQ's
  • CoinMarketCap Listing


Q2 2018

  • Faucet
  • Videos And Community Wiki
  • Marketing And Promotional Drive
  • Web Wallet
  • Beetle Environmental Project I
  • Additional Exchange Listing


Q3 2018

  • E-commerce Marketplace
  • Additional Exchange Listing
  • Beetle Environmental Project II


Q4 2018

  • Integration With Payment Gateway
  • Merchants Onboarding
  • Beetle Environmental Project III
  • Android And iOS App

Masternode Setup

Hot/Cold Wallet

For hot/cold Masternode wallet setup, one can refer to the document listed here.

Windows Wallet

For Windows Masternode wallet setup, one can refer to the document listed here.

Exchanges

Currently, Beetlecoin is traded at the following Crypto exchanges-

Beetle Coin Environment Project

With the rapid growth in Cryptocurrency over the last few years, it has started posing threat to our society as the mining farms are being deployed quite frequently. The energy consumption and heat that's generated is for sure posing threat to our environment and natural resources.

Beetlecoin aims at -

  • Establishing a partnership with the various reputable non-profit organization or an environmental institution.
  • Raising funds for environmental projects.
  • Raising awareness about environmental issues.


As a community, Beetlecoin will-

  • Evaluate which of the environmental areas need contribution.
  • Reach out to the chosen reputable organization to convey their interest to support an environmental cause.
  • Be raising funds either thru various competitions or via direct approach appealing to the community.

The team is currently raising fund to support the victims of Guatemala's Fuego volcanic eruption. As of writing this article the team has already raised 522778.4525 BEET of 600,000 BEET.

Web Wallet

Beetle coin development team has been working round the clock to launch Beetle Web Wallet. Beetle is one of the only masternodes to provide their community with a web-based wallet option. Web wallets run on the cloud and are accessible from any computing device in any location, making them more convenient to access. Web wallet is free to use, simple, user-friendly and secure.

It does not store any of your private keys, backups or passwords on any of the servers keeping the web wallet secure and your web wallets safety in your own hands. The web wallet is also further encrypted by a password chosen by you and only decrypted by using this password, just don’t forget to keep those details safe and your back up phrases written on paper and locked away

With your Beetle Web Wallet, you no longer need to go to the trouble of installing a desktop wallet, keep your files secure with multiple backups and install anti-virus software to stay protected. All you need to do is access the Beetle web wallet, generate a new web wallet address, make a note of your password phrase and you're good to go.

With user-friendly UI, it is extremely easy to navigate around the web wallet using the left menu panel and viewing the information on the right. You can add all your masternode addresses into your web wallet, simple add your label and address.

Send and receive payments by selecting the addresses you previously added, pay to your desired address and track your transaction history. Beetle web wallet is still in beta, hence provide your valuable feedback for making this a success.

Click here[2] to access Web Wallet.

FAQ's

Here's a comprehensive list of questions/answers for all BEET holders.

How to setup a Masternode?

  • For Windows setup, please click here [3] and for Linux please click here [4].


How to rectify "Could not allocate vin" error message?

  • Unlock wallet and then try starting your Masternode.
  • Make sure the payment is exact 50000 BEET.
  • Create a new address for 50000 BEET payment.


How long does it take to receive my first Masternode Payment?

  • Roughly about 2 days.


I haven't received my rewards for 3 days in a row now, however, earlier I did.

  • Check if Masternode is online and functional.
  • According to the algorithm, 3 days is still a valid wait period for the rewards. Please refer to [5] for additional details.


Can I setup multiple Masternodes with single IP address?

  • Yes, you can. Just use different configuration files.


How can I confirm if Masternode is working properly?

  • Login to your VPS and issue a command "beetled masternode status". If you get status 9, it means your node is working fine. Another place to check would be to add your MN IP address to monitoring at masternodes.online.


Can multiple masternodes be set up on a single VPS?

  • Yes, just use a different port for each.


My Masternode stopped working, what should I do?

  • Check its status via a monitoring site such as masternodes.online.
  • If using VPS, enter the command watch “beetled masternode status”. If it shows 2 this means it's not connected to the wallet and just needs you to restart it via the wallet. This could happen for a few reasons such as the VPS upgrading their servers or a lost of connection.
  • Check the port and make sure it is listening to port 45823. You can do this by putting this command in netstat -an | grep 45823.
  • Check the config file of the mn setup done through the wallet.


My Masternode IP isn't listed under Masternode list."""

  • Check its status via a monitoring site such as masternodes.online.
  • If using VPS, enter the command watch “beetled masternode status”. If it shows 2 this means it's not connected to the wallet and just needs you to restart it via the wallet. This could happen for a few reasons such as the VPS upgrading their servers or a lost of connection.
  • Check the port and make sure it is listening to port 45823. You can do this by putting this command in netstat -an | grep 45823.
  • Check the config file of the mn setup done through the wallet.


How can I monitor my Masternode

  • Via wallet console, enter the command “masternode status”.
  • Via Beetle masternode list in the wallet.
  • Via VPS, enter the command watch “beetled masternode status”. 9 means its connected and working.
  • Via a monitoring site such as masternodes.online.


Can I make 2 different 50k BEET addresses linked to 1 masternode and it counts as 2 masternodes?

  • No


One of my rewards are conflicted. Have I lost my reward?

  • No, you have not lost the reward. The block will be redone in the next few hours and you will receive it then.


When setting up the masternode on VPS, I’m getting a compiling error with memory low.

  • This is due to the RAM being low. Create a swap file to increase the RAM. Use the following commands.

dd if=/dev/zero of=/swapfile bs=1024 count=2M chmod 600 /swapfile mkswap /swapfile swapon /swapfile


When compiling wallet on VPS, I’m getting the error. ./beetled no such file or directory.

  • Use this command to make the file.

make -f makefile.unix cp -a beetled /usr/local/bin


How do I check the status of the masternode on the VPS?

  • Use this command to watch “beetled masternode status”.


What does 2, 8, 9 mean when checking the status of the masternode on a VPS?

  • 2 = ready and waiting to connect to wallet.
  • 8 = initializing.
  • 9 = working fine.


What kind of algorithm does the masternode reward system use?

  • MN gets the reward in the round-robin way with randomness. Masternodes are randomly selected for the reward in each block from a list once they reach the top 10% of the total count of MNs, and moved to the back of the list. As more MNs are created, the duration between rewards increases. Due to the selection algorithm, there is always an aspect of randomness, but in the long term, all MN owners should receive similar rewards. The statistical frequency is determined by the total number of MN. Current MN reward is 750 BEET before 100,000 blocks and frequency is 1 day 6 hours with 751 nodes. You may get 2 rewards in 2 hours because you were the last node in the previous round and the first one in the next round. In contrast, you may wait for 1 day without any reward because you are the last in the next round. Moreover, you may wait many days without any reward because you are always not chosen very unluckily even if you’re in the top 10%. No worries, you will be chosen finally and get average rewards in the long term.


How does the reward system for Masternodes work and what is the algorithm?

  • Masternodes gets the reward in the round-robin way with randomness. MNs are randomly selected for the reward in each block from a list once they reach the top 10% of the total count of MNs, and moved to the back of the list. As more MNs are created, the duration between rewards increases. Due to the selection algorithm, there is always an aspect of randomness, but in the long term, all MN owners should receive similar rewards.


How can I run multiple MNs on 1 VPS?

  • You need to prepare different configuration files.


How does staking work?

  • Staking works by adding coins to the wallet that isn’t part of a Masternode. The wallet must remain open and unlocked for staking, coins must mature for 12 hours before they are weighed against the network weight. The network weight affects how often you receive staking rewards.


What is the network weight and how does it affect me?

  • The network weight is the combined weight of all the BEET being staked at that moment. The higher the network weight the more BEET you will need to get a staking reward that day.


What is the minimum amount of BEETs I need to get a staking reward a day?

  • This changes depending on what the network weight is. For example, with a network rate of 9 million, you would need between 15k to 25k BEET.


Why is there an address I don't recognize getting staking rewards in my wallet?

  • This is a change address that was auto-created by your wallet while receiving a payment. Head to the inputs in the send tab and you can select it to then send the balance from the change address to the address you want it in.


How long does it take for BEET to be sent and received?

  • It’s normally instant but in heavy load times for the network could take a few mins.


How do I send coins?

  • Via the wallet, go to the received tab and copy the address you want to send to. Then from the send tab, select from input which address you want to send from and after paste the address you want to send to into the pay to box and enter the amount of BEET and hit send.


I cannot send my coins, what's the issue?

  • Double check that you have enough BEET to cover the network fee and readjust the amount of BEET your sending. If this is not the case, you may have the address your sending from locked. In which case, go to inputs from the send tab and then list mode. Here you can see which addresses have locked coins which you can then unlock or lock. Keep in mind that coins used in a Masternode should be locked so they are not sent out by mistake which would cause the Masternode to stop working.


What is coin control and do I need it turned on?

  • Coin control is a must when running a MN as you should lock the original 50,000 BEETs you used to start the MN. As when you go to send out your reward, this may send out some BEET from the MN and the MN would stop working. Coin control is also used to send BEET from from 1 address inside your wallet to another.


One of my transactions are conflicted. Have I lost my BEET?

  • Enter debug console and request wallet status with “checkwallet”. You should get back an error message with the missing Coins, see the “amount in question.
  • Then enter “resendtx” and enter the complete TX-ID. Your Coins should be back in the wallet balance. Enter “checkwallet” again and you should see this.


How can I restore from a backup?

  • Put the backup wallet.dat to the config folder which locates at %AppData%\Beetle.


I just downloaded my wallet and it won't sync with the blockchain.

  • Try manually adding nodes via debug console. Here are some nodes-

addnode=199.247.11.5:45823

addnode=107.181.153.69:45823

addnode=157.97.102.91:45823

addnode=45.77.44.153:45823

addnode=119.119.151.124:45823

addnode=178.239.54.226:45823

addnode=178.62.111.14:45823

addnode=222.15.8.184:45823

addnode=45.32.237.34:45823

addnode=74.210.206.17:45823

addnode=83.85.140.235:45823

addnode=109.60.214.146:45823


What are the BEET environmental projects?

  • This is a community driven project where the power of BEET will be tested in solving some of the world pressing issues most especially related to the environment. The idea is to use the power of the BEET community alongside the BEET technology in contributing to solving the issues. This also includes working with the Non-profit organization in order to make this happen. more info will be given as information becomes available and a project is about to start.


Why has the Masternode and Staking rewards changed suddenly?

  • This change happens when we reach a certain block number. It happened at block 25,000 and 50,000 and the next 1 will happen at 100,000. This is to slow down supply and to help increase value.


At what block is the next reward reduction and what will the MN and staking reward be then?

  • The next reward reduction will be at block 100,000 and the one after will be at block 500,000. When we hit block 100,000 the MN reward will be 562 BEET while the staking reward will be 188 BEET.

References