The Birth and History of Bellscoin

Source:https://x.com/BellsChain

Bellscoin (BELLS) was founded by BillyM2K on November 28, 2013, only 8 days after the release of Dogecoin. Although Dogecoin is well known, Bellscoin, as an earlier meme coin, holds an important position in the history of cryptocurrency. The design concept of Bellscoin is similar to the “Bells” currency in “Animal Crossing”: players earn Bells by collecting fruits, catching insects, fishing, etc., while in the world of Bellscoin, miners obtain BELLS coins through mining.

Due to lack of publicity and marketing, Bellscoin did not receive much attention for a long time, until December 2023, when a group of meme coin enthusiasts and developers successfully restored its blockchain and initiated the revival of the project. Today, Bellscoin is not only a nostalgic meme coin, but also an active community project, attracting a large number of developers and artists to participate.

Features of Bellscoin

• No pre-mining: The issuance of Bellscoin did not involve pre-mining. The initial supply of the project is completely fair and transparent, giving all miners and investors the opportunity to participate. This fairness has brought strong community support to Bellscoin.
• Fully Decentralized: Bellscoin has no centralized team or company control, and all decisions and developments are driven by decentralized community members. This decentralized design allows Bellscoin to avoid the centralization issues in traditional projects.
• PoW Consensus Mechanism: The Proof of Work (PoW) mechanism using the Scrypt algorithm enables Bellscoin to maintain a high level of security. Through the PoW mechanism, Bellscoin can resist malicious attacks and ensure the stability and credibility of the blockchain.
• Community-driven: Bellscoin is a community-driven project, where all important decisions and updates are made and driven by Bellscoin community members. The participation and support of the community are the driving force behind the continuous development of Bellscoin.

Bellscoin’s unique mechanism

1. Unlike Bitcoin’s issuance mechanism

Bellscoin adopts a different deflation mechanism from Bitcoin. Instead of halving every four years like Bitcoin, Bellscoin’s supply decreases logarithmically with gradually decreasing rewards in each Epoch. This design aims to increase the scarcity of Bellscoin and ensure long-term sustainability of supply.

1. Random Reward Mechanism

One core feature of Bellscoin is the randomness of mining rewards. The reward amount for each block is random, which makes the mining process more gamified and interesting. As Epoch progresses, the block rewards will gradually decrease, increasing the scarcity of the coins and attracting more miners to participate.

1. Merge Mining

Bellscoin adopts the merged mining mechanism used by Litecoin and Dogecoin, allowing miners to simultaneously obtain Bellscoin by mining LTC and DOGE. This mechanism not only ensures the security of the Bellscoin network, but also allows more miners to participate, increasing the decentralization of the network.

Bellscoin Token Economics

The issuance mechanism of Bellscoin is different from Bitcoin, and its supply decreases logarithmically in each Epoch. This design continuously increases the scarcity of Bellscoin, especially after the 5th Epoch (after 518,400 blocks), where the block reward will be fixed at 2 Bellscoin.

According to Gate.io data, the total supply of Bellscoin is 500 million, with a current circulation of 56.91 million, accounting for 11.38% of the maximum supply, and the current market value is $29.72 million.

Source:https://bellscoin.com/

Bellscoin’s issuance structure:

• Epoch 1 (blocks 1-100): 2 Bells rewarded per block.
• Epoch 2 (blocks 101-129,600): The rewards gradually decrease, with 50% of the block rewards being 50 Bells.
• Epoch 3 (blocks 129,601-259,200): The rewards continue to decrease, with 50% of the block reward being 25 Bells.
• Epoch 4 (blocks 259,201-518,400): The reward further decreases, with 50% of the block reward being 5 Bells.
• Epoch 5 (after block 518,401): Each block reward is fixed at 2 Bells.

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How to participate in Bellscoin mining

Source:@bellscoin/how-to-mine-bellscoin-5354d47d7af9””>@bellscoin/how-to-mine-bellscoin-5354d47d7af9"">https://medium.com/@bellscoin/how-to-mine-bellscoin-5354d47d7af9

Users interested in mining Bellscoin can merge mine with Litecoin (LTC) and Dogecoin (DOGE) to earn Bellscoin rewards without additional costs. They can also choose to join a mining pool for collective mining or solo mining. Regardless of the chosen method, they can experience the vitality and fun of the Bellscoin community. For more information, please follow.@bellscoin/how-to-mine-bellscoin-5354d47d7af9”>Official Mining Guide

The future development of Bellscoin

The revival of Bellscoin is not only a return to the history of cryptocurrencies, but also actively promotes multiple innovative features. In 2024, Bellscoin introduced support for Bellinals (inscriptions on the BellsCoin blockchain) and launched the Nintondo platform, which is not only an Explorer, but also a marketplace and indexer that supports Web3 wallets and provides services such as UTXO split.

In the future, Bellscoin will continue to update its core code and plans to support more smart contract features (OP-CAT) and further strengthen decentralized ecosystem construction.

Conclusion

Bellscoin is not just a cryptocurrency, it represents a history and carries the spirit of decentralization and Meme coin culture. With the continuous development of the community, Bellscoin will continue to embrace future challenges and become a force to be reckoned with in the crypto world. If you are also passionate about Meme coins or interested in decentralized projects, Bellscoin is undoubtedly a project worth paying attention to.

Risk Warning: The current circulation of BELLS accounts for less than 12% of the total circulation, and the price of the currency fluctuates greatly. Investors are advised to carefully assess the risks and manage them properly.