Open Research • btcadp.org • 2026
Open Research
Independent academic research questions in Bitcoin-denominated financial instruments
All specifications, data, and white papers are CC BY-NC-ND • No permission required to use, cite, or publish
The BTCADP framework proposes a layered monetary architecture built on Bitcoin. The specification is published. The denomination is mathematically defined. The historical data is compiled and publicly available. What the framework needs now is independent academic stress testing: formal modeling, empirical analysis, and rigorous engagement with the existing literature. The research questions below are scoped, concrete, and publishable. Contributions are independently owned by their authors.
For researchers: Each question below includes the relevant source materials and data. Everything is CC BY-NC-ND public domain. You own your work. Publish wherever you choose. Cite the BTCADP specification and white papers as source material. No permission, coordination, or authorship sharing is required.
Monetary Economics • Economic History
Is ₿C's predictable appreciation mechanistically distinguishable from historical monetary deflation in a way that addresses the standard objections?
The ₿C denomination appreciates as a mathematical property of its construction: a cumulative arithmetic mean applied to a naturally appreciating, fixed-supply asset. The standard economics literature (Friedman, Selgin, gold-standard historical episodes) argues that deflationary units of account discourage spending and investment. This paper would engage that literature on its own terms and examine whether the mechanism driving ₿C appreciation (demand-driven, predictable, transparently calculable) is distinguishable from the mechanisms that caused harmful deflation historically (supply-driven, unexpected, contraction-induced). The comparison to fiat inflation as an equally "moving" unit of account, but opaque and discretionary, is part of the analysis.
Quantitative Finance • Stablecoin Research
What is the minimum scale (token supply, reserve depth, token age distribution) at which the ₿USD system crosses from vulnerable to self-reinforcing?
The ₿USD architecture creates commercial bid pressure on Bitcoin that is qualitatively different from speculative demand. At scale, this bid is persistent and countercyclical. Before scale is achieved, the system is young and the token population is concentrated near recent minting prices. This research would model the coverage ratio dynamics during the early phase under various volatility regimes using Monte Carlo simulation across historical and synthetic BTC price paths. The output is a defined threshold: the minimum token supply, minimum reserve depth, and minimum token age distribution at which the system becomes self-reinforcing.
Fixed Income • Financial Product Design
What is the full distribution of ₿OND maturity times under various market regimes, including prolonged bear markets?
The ₿OND is a return-targeted savings instrument with a dual-condition maturity: both the saver's ₿C return target and the treasury's BTC profitability condition must be met simultaneously. Existing backtested data shows median maturity times for five tiers. This research would produce the full distribution analysis across all historical entry points from 2017 through 2026, segmented by market regime (bull, bear, neutral). Of particular interest: the tail risk for bonds issued at cycle peaks, whether entry points exist where bonds effectively never mature within a reasonable timeframe, and the sensitivity of maturity time to the spot/₿C ratio at issuance.
Institutional Economics • Mechanism Design
What are the formal incentive dynamics of a multi-party consortium that collectively manages monetary reserves, and under what conditions does the governance model hold?
The ₿USD/₿OND system is issued by a consortium of independent, publicly traded Bitcoin treasury companies. This introduces governance challenges that have historical precedent: gold standard coordination, the Libra/Diem consortium (which failed), and central bank cooperation frameworks. This research would formally model the defection payoffs, collusion scenarios, and enforcement mechanisms. Under what conditions does a member benefit from defection? What prevents a majority from extracting value at the expense of a minority? How do stress-period lockout provisions interact with individual member incentives? The design principles (separation of layers by mutability, transparency as constraint, stress-period immutability) are described but not formally validated.
Source materials:
The Bitcoin Bridge Ch. 14 (The Consortium), Ch. 15 (Economics for Each Party), Ch. 21 (Objections)
Comparable study: Catalini & Gans on Libra/Diem consortium dynamics (MIT Cryptoeconomics Lab)
Monetary Theory • Competing Currencies
Can the coexistence of fiat and Bitcoin monetary systems be formally modeled, and what role does a derived unit of account play as a translation layer?
The BTCADP framework posits two parallel monetary systems (fiat and Bitcoin) that currently operate without a common unit of account. ₿C is proposed as the bridge denomination: derived from Bitcoin's price history, readable by both systems, controlled by neither. This research would formalize this framework, defining the properties of parallel monetary systems, the requirements a bridge denomination must satisfy, and a demonstration of whether ₿C meets those requirements. The work connects to Hayek's competing currencies framework, Selgin's free banking literature, and White's monetary competition analysis.
Source materials:
The Bitcoin Bridge Ch. 8 (Functions of Money), Ch. 10 (₿C), Ch. 22 (Two Spheres)
Key literature: Hayek, "Denationalisation of Money"; Selgin, "The Theory of Free Banking"; White, "Better Money"
Financial Econometrics • Index Construction
What are the formal statistical properties of a unit of account derived from the cumulative arithmetic mean of daily asset prices?
₿C's stability and appreciation claims are central to everything built on top of it. The specification describes the formula and its behavioral properties, but a formal treatment would provide the quantitative foundation for academic credibility. This research would analyze convergence behavior (how does day N+1 sensitivity change as N grows?), volatility compression properties, the structural appreciation ("ratchet") effect, comparison to alternative averaging methods (EMA, SMA, median, trimmed), and empirical validation against 6,200+ daily observations. The dataset is complete and publicly available.
Digital Asset Regulation • Comparative Law
How would ₿USD and ₿OND be classified under existing and proposed regulatory frameworks in key jurisdictions?
Stablecoin regulation is being written in real time. The GENIUS Act and equivalent frameworks in the EU, Singapore, Japan, and the UAE are defining what stablecoins can and cannot do. A Bitcoin-backed, dollar-pegged stablecoin issued by a consortium of publicly traded companies across multiple jurisdictions is untested in every framework. This research would analyze the regulatory classification of ₿USD and ₿OND across key jurisdictions: what licenses are required, what reserve requirements apply, how the consortium structure interacts with securities law, and whether the defensive programmability framework creates novel regulatory questions.
Everything needed to begin working on any research question above. No login. No registration. CC BY-NC-ND.
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BTCADP Historical Data
Daily Bitcoin Average Daily Price from genesis through present. 6,200+ observations.
Download CSV →
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₿C Historical Data
Daily ₿C (Bitcoin Currency) cumulative average values from genesis through present.
Download CSV →
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BTCADP Specification
Complete methodology for computing the daily reference price. Independently reproducible.
Read Specification →
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₿C White Paper
Mathematical derivation, behavioral properties, convergence analysis, known limitations.
Read Paper →
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₿USD White Paper
Reserve architecture, two-ledger system, defensive programmability, fee structure, risk analysis.
Read Paper →
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₿OND White Paper
Return-based maturity mechanics, dual-condition structure, DCA integration, treasury economics.
Read Paper →
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The Bitcoin Bridge
The complete framework. 30 chapters covering the architecture, instruments, institutions, and transition.
Read Full Paper →
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GitHub Repository
Data files, specification, and community contributions. Open for pull requests.
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Working on one of these questions? Found something the framework missed? Have a question about the data or methodology? Built an independent BTCADP implementation?
The framework is CC BY-NC-ND public domain. There is no cap table, no governance token, no insider allocation, and no institutional agenda. The research program exists to determine whether the architecture is sound. If it is, the work validates it. If it is not, the work improves it. Both outcomes advance the field.