BTCMOBICK White Paper
*The following was made public by Taemin Oh, the issuer of BTCMobick, on Oct. 4, 2023. Please note that the plans shown here are not promises to attract investments and may change as the project progresses.
BTCMobick Project White Paper
Introduction:
BTCMobick (hereinafter referred to as Mobick) commenced its journey on January 3, 2019, by executing a hard fork, copying the 10-year ledger of Bitcoin. Mobick's genesis block corresponds to Bitcoin's #556,760 block. As of October 3, 2023, Bitcoin has reached block #810,500, while Mobick is at block #739,500, approximately 1 year and 4 months behind due to intermittent system shutdowns.
Claiming Mobick:
Bitcoin holders possessing snapshots before block #556,759 can claim Mobick until January 3, 2029. Mobick endeavors to rouse dormant Bitcoin whales by manipulating ledgers until January 3, 2029. Post this date, Mobick becomes immovable with unclaimed Bitcoin private keys. The code will be made public, transitioning to public mining thereafter.
Mobick Emission:
From the hard fork until September 2023, Mobick has issued approximately 20 million coins. Similar to Bitcoin, 6.25 coins are generated every 10 minutes, with an estimated 1.6 million coins to be mined over the next 10 years. The issuer, Taemin Oh, owns around 14.7 million coins, excluding lost coins.
Community Distribution:
Between September 2022 and July 2023, around 4 million coins were distributed for free. Distribution targeted individuals who invested personal expenses (travel, time, etc.), with approximately 4,500 participants attending events.
Post-Distribution Events:
The issuer's direct distribution has concluded. Future distribution events will be organized by universities or public companies. Those interested can participate in one of these events.
Social Experiment:
Mobick began as a social experiment to replicate Bitcoin's crossing of the $1 mark.
The experiment is based on the following hypotheses:
How to obtain a currency is more crucial than its utilization.
What people earn with certain sunk costs retains value and doesn't disappear.
Distributing large amounts to a select few consolidates the ecosystem and accelerates its price rise more than distributing small amounts to countless many.
As of September 2023, Mobick is actively traded in chat groups and Telegram channels, validating the hypothesis that ecosystem growth contributes to increased value.
Ecosystem Contributions:
The issuer plans to donate around 7 million coins to entities that will strive to help the ecosystem grow.
Donation to a Major Media Company:
A total of 1.2 million coins will be donated to a major media company. The media company will distribute Mobick coins during their business activities or distribute them to advertisers. This contributes to the societal trustworthiness of the Mobick ecosystem.
Donation to a Global IT Company:
A total of 5 million coins will be donated to a global IT company. They will allocate Mobick coins to its blockchain division, utilizing them for employee incentives and system development. The IT company can deploy Mobick Mainnet for their future projects such as identity verification or micro-payment systems. As Mobick Mainnet shares the same source code as Bitcoin, the layers built by the company are compatible with both.
Granting Up to 100 Mining Nodes to an Energy Company:
An energy company will be granted the right to mine up to 100 nodes (1/3 of the total). They will mine BTCMobick using eco-friendly renewable energy sources such as solar or wind, ensuring the profitability of energy production. This mining system can be directly applied to Bitcoin mining, providing evidence that Bitcoin mining contributes to the renewable energy industry, which will rejuvenate public opinion and government support.
Granting to a University:
A university will receive a maximum of 10,000 coins and mining rights to approximately 20,000 Mobick coins.
Providing around 1 million Korean won (around 740 USD) worth of coins per student for immediate liquidity, this aims to observe the growth of the ecosystem. If a meaningful coin ecosystem is established around this university in the future, mining rights will be continuously provided and ensured. They can use the coins obtained through mining to support various research initiatives.
Ultimately, Mobick will be distributed as follows:
▶ 6.25 million to ecosystem-contributing companies and universities
▶ 4 million to the general public contributing through activities like hiking or travel
▶ 2.5 million to long-term holders from the early days of Bitcoin (before 2012)
▶ 1.6 million for mining over the next 10 years
After this distribution, the issuer's holdings will be burned completely. The total circulating supply is estimated to be around 14.35 million. When considering the 100-year mining of 1 million coins, the total will be approximately 15.5 million. Since Bitcoin has about 5 million lost coins, the total circulating supply of BTCMobick will be similar to that of Bitcoin.
Distinctive Features from Other Altcoins:
Free Distribution:
Mobick's legal status is distinct as it is distributed for free, avoiding any legal issues associated with selling coins.
Unlisted on Exchanges:
Mobick avoids potential tax issues by not being listed on exchanges. Cooperation with exchanges for listing is possible after project completion (Jan. 2029). Earlier listing is also possible if coin transfer to major companies is completed sooner.
Elimination of Issuer's Personal Holdings:
All coins held by the issuer will be used as public funds for the project and any remaining coins after its completion will be burned, preventing potential disruption to the ecosystem.
Building the Metaverse Ecosystem with BTCMobick:
Value Increase through Ecosystem Growth:
Mobick's value increases as participating companies contribute to ecosystem growth, potentially becoming an important asset for these companies.
Utilizing Mobick for Development:
Applications developed on Mobick's blockchain can transition seamlessly into the Bitcoin ecosystem. As for participating companies, they can develop various technologies that are compatible with Bitcoin, thereby increasing the value of their holdings.
In conclusion, BTCMobick presents a unique approach to cryptocurrency distribution and ecosystem development. It proves that the Bitcoin phenomenon is scientific enough to be re-enacted. It also proves that a crypto project can create value and practical usage through partnerships with existing corporate entities.
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