The TEXITcoin Whitepaper

Abstract

A purely peer-to-peer version of electronic cash should let value move between ordinary people without permission from banks, megacorporations, or foreign mining cartels. Bitcoin proved the model and then drifted from it: slow blocks, high fees, industrial mining, and an exchange-mediated economy in which less than one percent of coins ever pay for goods or services. TEXITcoin (TXC) is a Layer 1 Scrypt Proof-of-Work blockchain forked from Litecoin and tuned for everyday trade: 3-minute blocks, a 254 TXC starting reward, a hard cap of 353,396,296 coins, zero pre-mine, and a halving roughly every 695,662 blocks that stretches issuance across about 138 years. Mining is permissioned to Texas to keep the network decentralized among individuals rather than captured by overseas conglomerates, and TXC merge-mines with Litecoin and Dogecoin so participants earn without subsidising an electric bill.

1. Introduction

Bitcoin was launched in 2008 as peer-to-peer electronic cash. Sixteen years later it is a globally recognised store of value, but it is no longer cash. Confirmations are slow, fees are unpredictable, profitable mining requires industrial-scale ASIC farms in a handful of jurisdictions, and the bulk of trading volume now flows through centralised exchanges and custodians. The blockchain remains decentralised; the economy around it has not. Less than one percent of cryptocurrency volume is ever spent on goods or services.

TEXITcoin is an attempt to recover the original peer-to-peer promise with the benefit of more than a decade of hindsight. TXC is not a meme, a governance token, or a wrapper around someone else's chain. It is a Layer 1 blockchain with its own miners, its own block reward, its own cap, and a specific community it is built to serve: Texans, and anyone who wants to trade with Texans on honest terms.

2. Team

TEXITcoin is built by a team with nearly two decades of experience in alternative currencies, manufacturing, blockchain engineering, and community building. The project rejects pseudonymity: the people behind TXC are public, named, and accountable.

2.1 Bobby Gray — Founder

Bobby Gray founded the American Open Currency Standard in 2008 and has spent the years since manufacturing gold, silver, and copper coins for hundreds of causes, from the Lakota Crazy Horse rounds to Ron Paul coins distributed through Provident Metals, JM Bullion, and APMEX. In 2012 he testified before the U.S. House Financial Services Subcommittee on Domestic Monetary Policy on "Parallel Currencies: The Roadmap to Monetary Freedom," and in the same year produced the original physical Bitcoin coin. In 2017 he launched the Bitcoin Cold Storage Coin line. TEXITcoin is the natural continuation of that work: honest money, now at digital speed.

2.2 Core Contributors

• Bohdan Shlikhutka. Application Architect — lead on wallet, explorer, and pool infrastructure.
• Vitalii Ovodenko. Network Security — node operations, hardening, and incident response.
• Eddie Allen. Currency Director — merchant adoption and complementary-currency operations.
• Kira Gray. Events — conferences, the weekly Honest Money Hour, and community programming.
• Wit Olszewski. Creative — brand, content, and storytelling.

Full roster at /team.

3. Tokenomics

TEXITcoin is structurally similar to Litecoin: a Scrypt Proof-of-Work chain with predictable, mechanical issuance and no governance lever for inflation. Every TXC in existence enters circulation through mining. There is no pre-mine, no team allocation, no foundation treasury, no VC round, and no vesting cliff that unlocks supply onto holders.

3.4 Why Merge Mining

Proof-of-Work secures a chain in proportion to the value miners can extract from it. By merge-mining with Litecoin and Dogecoin, TXC participants apply the same Scrypt work to several chains at once, capture rewards on each, and offset electricity costs without compromising the security of any participating chain. The effect: Texans can profitably run miners at home rather than ceding the network to industrial farms abroad.

4. Ethos

Money is the language of civilisation. When it is honest, free people trade as equals; when it is debased, the people closest to the printer eat first and everyone else eats less. The team behind TXC has fought this fight since 2008, first with metal and now with cryptography. The conviction has not changed; only the tools have.

4.1 Against the Cantillionaires

For a century, the people who print the money and the friends who receive it first have rigged the game. Honest money breaks that game. TXC has no issuer who can inflate the supply, no admin key that can pause transfers, and no foundation account that vests new coins onto the market.

4.2 Crypto Lost Its Way

Bitcoin proved that decentralised, people-driven money is possible. Then crypto became an online casino: leverage, memecoins, governance theatre, and a small number of exchanges custodying the bulk of supply. The industry needs leadership willing to choose usability over speculation, community over corporations, and honest promises over endless printing. TXC is built around that choice.

4.3 Built by Texans, for Everyone

TEXITcoin is a Texas-focused currency: mined in Texas, secured by Texans, and traded first among Texans for goods and services. Six flags have flown over Texas. It is the only U.S. state that was once its own great nation, joining the union by treaty in 1845, and it retains control of its own power grid. As the United States changes, Texas is preparing for whatever comes next. The mission is local; the trade is global.

4.4 Community, Fun, and Profit

TEXITcoin exists for three reasons. Community: it starts with the individual, then radiates out to family and neighbours. Fun: if we cannot enjoy the fight for freedom, we are doing it wrong. Profit: the more honest money each member holds, the more freedom they have to shape their own future.

"Real money should be for the people, by the people. An honest currency is the cornerstone of a civil society."

5. Roadmap

TEXITcoin shipped first and announced second. The roadmap below documents what has already been delivered and what is under active development.

5.1 Delivered

• Genesis (Jan 26, 2024). First TXC block mined after 12+ years of research.
• Network permissioning (Block 31,343). TXC successfully deployed Texas-permissioned mining.
• Cold Storage Coin. Sleek copper TXC cold-storage wallet by Blockchain Mint, debuted at Consensus 2024 in Austin.
• 100 active miners (Jun 8, 2024). TXC welcomes its 100th mining member.
• Public exchange listing (Jun 11, 2024). TXC/USDT live on dex-trade.com.
• 100,000+ MH/s. Network hash rate crosses one tenth of one percent of the long-term target.
• CoinMarketCap listing. Live price, supply, and market-cap data.
• wTXC on Ethereum. 1:1 backed ERC-20 wrapper for DeFi participants.

5.2 In Progress

• Mobile wallet (iOS & Android). Blue Wallet fork with send, receive, and cold-storage recovery.
• TEXITcoin Pizza Day. First commercial TXC transaction at Heirloom Pizza, Plano, TX.
• Merge mining live. Simultaneous Scrypt mining of TXC alongside LTC and DOGE.
• Custom in-home ASICs (~300 MH/s). Household hardware to surpass BTC in independent miners.
• Merchant network. Door-to-door adoption of TXC for goods and services across Texas.
• State-level integration. TXC for Texas-first campaigns and lawful in-kind contributions.

5.3 Long Horizon

• 100 million MH/s decentralised mine. 35 sites, 35 megawatts, a million members.
• Global export. TXC minted in Texas, traded into Japan, Korea, and Chinese markets.
• Independence infrastructure. A complementary currency ready for whatever sovereign arrangement Texans choose.

6. Conclusion

We have proposed a Layer 1 Proof-of-Work currency that returns to the original peer-to-peer promise of Bitcoin without inheriting its present failure modes. Fixed supply, mechanical issuance, no insider allocation, merge-mined security, individual-scale hardware, and a community organised around honest trade rather than speculation. The chain is live, the mine is growing, and the work continues block by block.

References

1. Nakamoto, S. "Bitcoin: A Peer-to-Peer Electronic Cash System." 2008.
2. Lee, C. "Litecoin: A Peer-to-Peer Crypto-Currency Based on Scrypt." 2011.
3. Percival, C. "Stronger key derivation via sequential memory-hard functions." 2009.
4. Gray, B. Testimony before the U.S. House Financial Services Subcommittee on Domestic Monetary Policy: "Parallel Currencies: The Roadmap to Monetary Freedom." 2012.
5. American Open Currency Standard. www.opencurrency.com
6. TEXITcoin Project. www.texitcoin.org — whitepaper, explorer, wallets, and merchant directory.