About Webonanza

Always researching “the next Internet.”

The Internet has surprised us time and again with permissionless technologies disrupting incumbents. We study those disruptions well before the mainstream discovers and adopts them.

The ideas published in Satoshi Nakamoto’s 2008 white paper are becoming the foundation for a whole new kind of “Internet of money.” It’s changing almost everything we know about how new ventures are formed, funded, and executed.

Our mission is to empower our clients/readers/viewers. Our research is produced independently from commercial interests, and our services are tailor-made for the client.

On grammar, syntax, and abbreviations;

We use a capital “B” when referring to the “Bitcoin network” but a lower-case “b” when referring to “a bitcoin” (the currency).

We use “the blockchain” when referring to the blockchain of Bitcoin (even though Satoshi himself spelled it “block chain”). We use “blockchains” with a lower-case “b” when talking about altcoins, Bitcoin copies, or what some people call “the technology behind Bitcoin”. The expression itself originated in Satoshi’s code. In the original Bitcoin client (later named Bitcoin Core), there is a class called “block chain.”

Bitcoin = The Bitcoin network, the invention, the phenomena

bitcoin = the tokens built into the network, the actual currency, the units

BTC = “bitcoins” (the units of account)

XBT = the currency, mostly used when displaying an exchange rate

IP = “Intellectual Property”

ID = “Identification”

Dapp or dApp = “Decentralized App”

DAO = “Decentralized Autonomous Organisation”

Denominations;

There are one million “bits” in a bitcoin, but only one thousand “millibits.” Each bit divides into 100 “satoshis” (currently the smallest denomination in the Bitcoin network). There are 100 million satoshis in one bitcoin—more on units here.

Inflation (controlled supply);

There can never be more than 21 million bitcoins, and all of them will have been mined around the year 2140. In practice, there will be less as some are lost or burned. Currently approx. 900 bitcoins are “minted” (mined using energy) every 24 hours (6.25 BTC approx. every 10 min.) That amount is halved approx. every four years (more on inflation here.)

Ps – Do you know what “money” is?

Thoughts? Please send a note, go on Twitter and let’s discuss!

Yours truly / Nanok Bie