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## The τ Protocol

The τ protocol describes how PoW cryptocurrencies can be reliably synthesized for
further use or composition by DeFi instruments. We refer to PoW cryptocurrencies
synthesized by the τ protocol as τAssets. To ensure τAssets have inherent value, the
τ protocol requires consumption of hashrate during synthesis. In other words, the τ
protocol does not synthesize PoW cryptocurrencies directly. It synthesizes the
mining process, which secures the value of PoW assets in general. And to restore the
price pegs when the relative price is lower than 1.0, the τ protocol uses a
combination of deflationary rebasing and open-market purchases to improve
effectiveness.

## Synthetic Mining

The τ protocol utilizes hashrate tokens to synthesize the mining process. Hashrate
tokens are cryptocurrencies collateralized by standardized and tokenized PoW
hashrate. Staking hashrate tokens would entitle the staking holder to a share of the
mining rewards earned by the underlying PoW hashrate.
To synthesize a τAssets, the τ protocol requires the staking of hashrate tokens
collateralized by the relevant PoW hashrate and the forgoing of PoW rewards in
return for the synthetic versions. For example, synthesis of τBitcoin would require
synthetic mining with hashrate tokens collateralized by standardized Bitcoin
hashrate. The combination of staking with the relevant PoW hashrate and the
surrendering of PoW rewards represent hashrate consumption, imparting inherent
value into the resultant synthetics.
The forgone mining rewards will be reserved for open market repurchases of
τAssets, if necessary, as discussed below.

## Inflationary Mining

When the relative price of a τAsset is greater than 1.0 (determined daily as the
average relative price of the previous day), the τ protocol would adjust the synthetic
difficulty such that additional units of the τAsset become minable through synthetic
mining. The greater the price deviation is, the stronger the adjustment would be.
Inflationary synthetic mining will continue until the increase in total supply restores
the relative price of the τAsset to 1.0.
A special case is the launch period of a τAsset. Because the initial supply of a τAsset
is zero, there is no relative price available to determine synthetic difficulty with. To
solve this issue and as a convention, the inflationary mining mechanism will be
paused during the first weeks of a τAsset’s launch. During this initial period, a fixed
amount of τAsset consisting of initial circulation should be minable regardless of the
relative price. The initial circulation amount for a τAsset should be proportionate to
the percentage of blockchain-wide PoW hashrate represented by the relevant
hashrate tokens to avoid acute deflationary pressure.

## τBitcoin

τBitcoin brings Bitcoin to DeFi and its price will be 1:1 pegged to that of Bitcoin. Backed by institutional miners representing 12% of Bitcoin’s global hashrate, τBitcoin will be a synthetic Bitcoin uniquely suitable for DeFi use cases.

Total initial liquidity of τBitcoin is proposed to be set at 2,100.
Here are launch parameters of τBitcoin initial liquidity event proposed; all time intervals are approximated by block accounts:
* Earned by staking BTCSTs: 1,050 (50.00%); distributed over 8 weeks; rewards halve weekly (determined by block counts).
* Earned by staking BTCBs: 21 (1.00%); distributed over 8 weeks; rewards halve weekly.
* Earned by staking τBitcoins: 84 (4%); distributed over 8 weeks; rewards halve weekly.

Airdrop parameters of τBitcoin proposed; all time intervals are approximated by block accounts:
* One-time airdrop to PancakeSwap Syrup Pool: 10.5 (0.5%); distributed following Syrup Pool rules; users may visit PancakeSwap’s syrup pool to claim syrup pool airdrops.
* Airdropped to PancakeSwap BTCST-BNB Liquidity Providers: 10.5 (0.5%); distributed over 8 weeks; rewards halve weekly; to be eligible for a week’s BTCST-BNB LP airdrop, a user must be a BTCST-BNB LP on PancakeSwap for the preceding week and maintained at least USD 1000 in BTCST-BNB liquidity; the amount of tBitcoin airdrops that a user is eligible to receive is proportional to the user’s average balance of BTCST-BNB LP Tokens for the preceding week.
* Airdropped to BTCST holders: 84 (4%); distributed over 8 weeks; rewards halve weekly; to be eligible for a week’s BTCST Holder airdrop, a user must hold BTCST in a personal wallet (exchange accounts and other similar custodian accounts are ineligible for the airdrops) for the preceding week and maintained at least USD 1000 of average BTCST balance; the amount of BTCST Holder airdrops that a user is eligible to receive is proportional to the user’s average balance of BTCSTs for the preceding week.
* BTCST’s new version of dApp will feature an Airdrop page to allow users to connect their wallets to view and claim BTCST-BNB and BTCST Holder airdrops.

τAsset treasury will reserve 840 (40%) of τBitcoin’s initial liquidity for community grants and other ecosystem building purposes.