Introduction:

While Bitcoin has experienced tremendous growth and adoption, a significant portion of its total supply remains unaccounted for. Estimates suggest that more than 20% of all Bitcoins mined have been lost or are otherwise inaccessible. A significant portion of the lost Bitcoin supply can be attributed to the enigmatic creator, Satoshi Nakamoto. It is believed that Nakamoto mined approximately 1.1 million Bitcoins during the early days of the cryptocurrency. These coins have remained dormant in a wallet or wallets associated with Nakamoto's identity, and there has been no significant movement of funds from these addresses. While these Bitcoins have not been actively traded or spent, it's important to note that they are not necessarily lost. It is possible that Nakamoto or someone with access to these addresses could still move or sell the coins.

ZBTC - A Token Commemorating Lost Bitcoins

ZBTC is a novel cryptocurrency designed to pay homage to the lost bitcoins that have disappeared from circulation. With a total supply of exactly 2,178,309 tokens, ZBTC reflects the closest Fibonacci number of the estimated amount of bitcoins that have been lost or are inaccessible.

By creating a token that mirrors this lost quantity, ZBTC aims to:

- Commemorate the history of Bitcoin: ZBTC serves as a tangible reminder of the early days of Bitcoin and the challenges faced by its pioneers.
- Provide a unique investment opportunity: For those interested in Bitcoin's history and potential, ZBTC offers a speculative asset that could appreciate in value as the scarcity of lost bitcoins becomes more apparent.

Technical info:

Name: Lost Bitcoin;
Symbol: ZBTC;
Blockchain: Avalanche C-Chain;
Contract address: 0x8a640bde38533b0A3918a65bfc68446204d29963 (https://snowtrace.io/address/0x8a640bde38533b0A3918a65bfc68446204d29963);
Mining software: ZBTC Miner (https://github.com/naruto-hakamura/zbtc-miner);
Whitepaper: To be posted soon

Tokenomics:

- Miners [& Staking]: 1,576,240 ZBTC
- Airdrops & ICO [& Staking]: 405,651 ZBTC
- Promoting, LP and Team: 196,418 ZBTC
* more detailed tokenomics to be presented in the Whitepaper

The mining:

One can obtain ZBTC tokens through a on-chain mining process that rewards participants every time a new block is created (every 2 hours or a multiple of 2 hours). The mining software will generate hexadecimal numbers (e.g., 1a78bf58) called 'KEYS' then will create a sha3 encrypted hash(keccak) by combining the KEY, your wallet public ADDRESS and a unique RANDOM number generated on the blockchain corresponding to each block. The resulting OUTPUT hash will always be a 64 chars length hexadecimal number(e.g., 0xb1cb5307d51a78bf58977c48d3c8f7c1f359edf6496dfe6a3b9e39f7844a985f).

Code:

OUTPUT = keccak(KEY, ADDRESS, RANDOM)

Now, if the current KEY is found inside the OUTPUT string (i.e., OUTPUT matches KEY) (e.g., 0xb1cb5307d51a78bf58977c48d3c8f7c1f359edf6496dfe6a3b9e39f7844a985f), the KEY is a valid one and it will be sent to the blockchain for confirmation.
Note: The longer the KEY, the higher the difficulty to find a valid KEY is, and the higher the chances to win the current block's reward.

Epochs and Rewards:

There are 13 Fibonacci epochs with each epoch having 2584 blocks. The rewards are also Fibonacci numbers: 233 ZBTC per block for blocks [1->2584], 144 ZBTC for blocks [2585->5168], etc... for a total of 1,573,656 ZBTC;
In addition to the Fibonacci epochs, there are 21 Halving epochs for a total reward of 2,584 ZBTC.
Now, for the Fibonacci epochs, multiple miners could share the same reward if they mined with the same difficulty, and a fraction of the reward is transferred to the Staking contract(detailed info to be presented in the ZBTC Whitepaper).

Download the Open Source ZBTC Miner from https://github.com/naruto-hakamura/zbtc-miner and follow the instructions to install and run the software.

Note: The installation of this software is documented step by step. However, feel free to contact me on X (@naruto_hakamura https://x.com/naruto_hakamura) if you encounter any issues during the setup process.
^This is the chance to take part in something groundbreaking from the very beginning!^

-- Naruto Hakamura

*this post will be updated constantly

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