BMAX: pricing “sats now vs sats later” via a mining sharechain (no L1 changes, no custodians, no oracles)

The innovative concept of BMAX introduces a unique approach to utilizing the bitcoin mining infrastructure for a lottery system. This model leverages the decentralized nature typically associated with blockchain technologies, ensuring that the operation is maintained by a distributed network similar to a p2pool. This aspect guarantees that the lottery remains impartial and accessible, functioning parallel to traditional bitcoin mining activities without requiring specific enumeration of participants beforehand.

BMAX stands out by offering a perpetual, or continuously recurring, lottery mechanism where the prize pool is allocated every time a new block is found on the mainchain by the participants. This structure not only promotes active engagement but also ensures that the lottery is sustained over time, providing ongoing opportunities for participants. The fairness of this system is highlighted by its design, which aligns the expected outcomes with those of solo mining endeavors in the bitcoin network. This means that participants can anticipate rewards comparable to what they would expect from individual mining efforts, maintaining an equitable environment.

Furthermore, BMAX introduces the concept of transferable tickets, adding a layer of flexibility and potential strategy to participation. This feature allows participants to exchange their positions within the lottery, potentially opening up new dynamics in how individuals engage with the system. By combining these elements—decentralization, fairness, perpetuality, openness, and transferability—BMAX proposes a compelling alternative to existing lottery schemes on bitcoin, aiming to attract a broader audience interested in both the technological underpinnings and the participatory model it offers.