The following is the White Paper for BTCMobick, translated from Korean. I will be doing a future deep dive on this white paper and will progressively unravel it via my YouTube channel.
BTCMobick White Paper Video Breakdown
If you would like to watch the breakdown of the White Paper and my commentary on it, you can view it below. Otherwise scrll down to read the full White Paper.
◇ BTCMobick Project White Paper
1. The Genesis of BTCMobick
· Released on January 3, 2019, the 10-year anniversary of Bitcoin’s ledger.
· BTCMobick’s genesis block started with a copy (hard fork) of Bitcoin’s #556760 block.
· As of October 3, 2023, Bitcoin is at block #810,500 while BTCMobick’s is at block #739,500. There is approximately 1 year and 4 months difference as the system was shut down intermittently.
2. Existing Bitcoin Holders “Waking up the Sleeping Bitcoin Whales”
· BTCMobick is a project designed to “wake up the sleeping Bitcoin whales” and will honour the previous ledger until January 3, 2029.
· Bitcoin holders who held Bitcoin prior so the fork snapshot (block #556759) are eligible to claim the equivalent in BTCMobick until January 3, 2029.
· BTCMobick that is not claimed prior to January 3, 2029 will no longer be able to move, after which the unclaimed tokens are released to the public and can be converted to public mining.
3. BTCMobick Coin Supply
· 20,000,000 BTCMobick coins (approximately, if calculated after the hard fork) have been issued by September 2023, with approximately 1,600,000 to be mined within the next 10 years, at a current rate of 6.25 coins every 10 minutes (adjusting with halvening)
· 14,700,000 coins, excluding lost coins, were issued to the founder, Oh Tae Min. The coins stored in 15 publicly available addresses that can be viewed by anyone. The founder does not intend to sell any coins privately and will utilize this supply for publics good.
4. Public Airdrop
· 4,000,000 BTCMobick were distributed for free to around 4,500 people from approximately September 2022 until July 2023 who spent their time, energy and money (travel, expenses, etc.)
· 10 to 20 coins were also originally distributed at various shops and cafes.
· The airdrop began with a hike in Gwanak Mountain, South Korea on March 18, 2023. Jeju Island, South Korea was the next destination to receive the airdrop, again after hiking and climbing. Finally, Los Angeles, USA and Sydney, Australia and finished in Montville, Queensland, Australia.
5. Conclusion of the Airdrop
· The airdrop delivered by Oh Tae Min has concluded; however future distribution events can be held at the discretion of companies or universities who received a portion of the public goods token supply. These airdrops will be very small compared to the original airdrops by Oh Tae Min.
· As interest is growing, it is recommended that safety precautions be taken by those choosing to distribute the coins.
6. The BTCMobick Social Experiment
· Bitcoin is the first phenomenon to surpass the meaningful exchange price of $1, with no guarantee of anything.
· BTCMobick began as a social experiment to reproduce this phenomenon.
· Hypothesis of the experiment:
① How money is obtained is more important than how it is used.
② What people gain by investing time, mental, physical, and material cost gives it a value that can be retained above what they had originally invested.
③ It is better for the growth of the ecosystem to distribute a large amount of coins to a few people, rather than a small amount to many people.
· This helps solidify the focal point (Schelling point), so the price rises quickly.
7. Evidence of the BTCMobick Social Experiment’s Success
· As of the end of September 2023, BTCMobick has three group chat rooms with more than 3,000 participants throughout KakaoTalk and Telegram
· As of September 2023 the coin is being actively traded for 150,000 to 200,000 KRW validating the hypothesis that the growth of the ecosystem correlates to the growth of its value.
8. Public Goods Supply for Ecosystem Growth
· Of the coins held by the issuer in the public wallets, approximately 7,000,000 will be donated to companies and universities, helping to grow the ecosystem.
· Tokens will be transferred (free of charge) to companies that will help grow the ecosystem and its value.
· As of September 2023, a proposal was made to a company and a university and negotiations have begun.
1) 1,200,000 coins are donated to one major media company: The media company can distribute the coins through its business activities and advertising, thereby growing the ecosystem and giving it social proofing.
2) 5,000,000 will be donated to one global IT company: The global IT company will use the blockchain ecosystem to incentivize employees and advance the business department. Companies can place identity authentication or micropayment systems on the BTCMobick mainnet, which utilizes the same network as Bitcoin, thereby making it compatible with the Bitcoin source code and all other Bitcoin forked source code blockchains.
3) 100 mining nodes (1/3 of the total mining rights) are granted to energy companies: Energy companies, by mining BTCMobick with eco-friendly renewable energy (such as solar power or wind power), can increase the profitability utilizing left over energy during non-peak times. The mining system can also be used to mine Bitcoin. The intention is to prove that it is beneficial to the renewable energy industry, thereby boosting public opinion and government support.
4) 10,000 coins to universities and approximately 20,000 coins in mining rights will be donated to important universities:
Promote the growth of the ecosystem that is centred around universities by providing approximately 1,000,000 KRW ($1166.90 AUD) worth of coins to students. Which can be converted into cash. If a meaningful coin ecosystem is established within the university, further mining rights will be provided. Universities can utilize the coins as a source of funding for research initiatives.
9. Total Public Goods Supply Coin Distribution
▶ 6,200,000 to be donated to companies and universities contributing to the ecosystem
▶ 4,000,000 disbursed to the general public during the Airdrop phase
▶ 2,500,000 to be claimed through the “BTCMobick” app by long term Bitcoin holders prior to 2012 (to be burned in 10 years if unclaimed)
▶ 1,600,000 to be mined and distributed over the next 10 years
· After this distribution, the issuers holdings will be burned completely. The future circulating supply will be approximately 14,300,000. When considering the 1,000,000 coins to be mined over the next 100 years it totals approximately 15,500,000 (which is similar to Bitcoin’s 21,000,000 minus the approximately 5,000,000 lost coins)
◇ Differences From Other Altcoins
1. Free Distribution
· All tokens issued by the issuer will be completely free of charge, thereby avoiding any legal issues related to selling the coins.
· Not only is it distributed freely to the public, but also to companies and institutions.
· The completion of the distribution to the companies and universities is estimated by January 2029 (can be prior if all coins are distributed), with any remaining coins held by the issuer to be burned.
2. No Current Exchange Listing
· Current distribution by issuer occurs by transferring coins to a company free of charge, who then issues it to the general public.
· On a Decentralized Exchange (DEX), while trading not be prevented, there is a high probability of a taxable event.
· On a Centralized Exchange (CEX), issues may arise with securities.
· Upon the completion of the distribution, there are plans for listing on exchanges.
3. Transfer of Public Goods Coin Supply
· All coins held by the issuer are Public Goods Coins that will be used for the expansion and development of the ecosystem.
· If Public Goods Coins (the addresses of which are publicly available) are moved without notice or flow into exchanges, the issuer of the coins will eliminate the coins immediately to prevent harm to the ecosystem in a major sell off event.
· Public Goods Coins moved by the issuer, as they are a public figure, will likely face legal attacks with numerous civil and criminal issues being breached.
· All coins will be incinerated if any of these events occur prior to the completion of the project in January 2029.
◇ Metaverse Ecosystem Created by BTCMobick
1. Companies will contribute to the growth of the ecosystem
· The more companies that receive BTCMobick for free, the more the value of BTCMobick increases, as they contribute to the growth of the ecosystem.
· BTCMobick will potentially be counted as an asset on the financial statements, ultimately increasing the company’s asset value.
· Although it is currently very difficult, if BTCMobick begins to be traded on a DEX or CEX, it will be captured as an asset.
· As Bitcoin is gradually becoming classified as an important corporate asset, BTCMobick can also be classified as an important asset for participating companies.
2. Utilizing the BTCMobick Network for Development
· BTCMobick is a protocol that is compatible with Bitcoin’s network, so participating companies can develop various technologies using external resources to improve their asset value.
· After success, applications created on the BTCMobick network can also be transferred to the Bitcoin network.
· Companies can utilize BTCMobick to create a blockchain ecosystem that can be used and promoted in real life.
Conclusion
In conclusion, while nothing has been guaranteed by BTCMobick, the issuer promises never to sell a coin for personal gain.
BTCMobick is seeking to prove that the phenomenon of Bitcoin is scientifically reproducible. It also seeks to prove that cryptocurrencies can create value and practical usage through partnerships with corporations and universities.
If you'd like to support my work, you can donate to my BTCMobick wallet: 3E4CHTmvD6f3AWkonp1HN29xseQsdHb5RJ
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