White Paper « BitcoMine

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DISCLAIMER 

Please read the entirety of this “disclaimer” section carefully. Nothing herein constitutes legal, financial, business or tax advice and you should consult your own legal, financial, tax or other professional advisor(s) before engaging in any activity in connection herewith. Neither BitcoMine (the company), any of the project team members (the BME team) who have worked on the BitcoMine project (as defined herein) in any way whatsoever, nor any service provider shall be liable for any kind of direct or indirect damage or loss whatsoever which you may suffer in connection with accessing this whitepaper, the website at https://www.bitcominetoken.com/ (the website), the twitter at https://twitter.com/BitcoMineToken (BME twitter) and the telegram at https://t.me/BitcoMineToken (BME telegram) or any other websites or materials published by the company. 

1.Project purpose 

All contributions will be applied towards the advancement, promoting the research, design and development of a technical tool, to assess the risks of smart contracts in selected blockchains. And advocacy to build the missing bridge of trust between the crypto developers and investors. 

The Company is acting solely as an arms’ length third party in relation to the $BME sale, and not in the capacity as a financial adviser or fiduciary of any person with regard to the sale of $BME. 

2.Nature of the Whitepaper 

The Whitepaper and the Website are intended for general informational purposes only and do not constitute a prospectus, an offer document, an offer of securities, a solicitation for investment, or any offer to sell any product, item or asset (whether digital or otherwise). 

The information herein may not be exhaustive and does not imply any element of a contractual relationship. 

There is no assurance as to the accuracy or completeness of such information and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information. Where the Whitepaper or the Website includes information that has been obtained from third party sources, the Company, distributor(s) and/or the BME team have not independently verified the accuracy or completion of such information. Furthermore, you acknowledge that circumstances may change and that the Whitepaper or the Website may become outdated as a result; and neither the Company, distributor(s) nor the team is under any obligation to update or correct this document in connection therewith. 

3.Token Documentation 

Nothing in the Whitepaper or the Website constitutes any offer by the Company, distributor(s) or the BME team to sell any $BME (as defined herein) nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. Nothing contained in the Whitepaper, or the Website is or may be relied upon as a promise, representation or undertaking as to the future performance of the BME project. The agreement between the distributor(s) and/or any third party and you, in relation to any sale, purchase, or other distribution or transfer of $BME, is to be governed only by the separate terms and conditions of such agreement. 

The information set out in the Whitepaper and the Website is for community discussion only and is not legally binding. No person is bound to enter into any contract or binding legal commitment in relation to the acquisition of $BME, and no virtual currency or other form of payment is to be accepted on the basis of the Whitepaper or the Website. The agreement for sale and purchase of $BME and/or continued holding of $BME shall be governed by a separate set of Terms and Conditions or Token Purchase Agreement (as the case may be) setting out the terms of such purchase and/or continued holding of $BME (the Terms and Conditions), which shall be separately provided to you or made available on the Website. The Terms and Conditions Documentation must be read together with the Whitepaper. In the event of any inconsistencies between the Terms and Conditions and the Whitepaper or the Website, the Terms and Conditions shall prevail. 

4.Deemed Representations and Warranties 

By accessing the Whitepaper or the Website (or any part thereof), you shall be deemed to represent and warrant to the Company, distributor(s) and the BME team as follows: 

  • In any decision to purchase any $BME, you shall not rely on any statement set out in the Whitepaper or the Website. 
  • You will and shall at your own expense ensure compliance with all laws, regulatory requirements and restrictions applicable to you (as the case may be). 
  • You acknowledge, understand and agree that $BME may have no value, there is no guarantee or representation of value or liquidity for $BME, and $BME is not an investment product including for any speculative investment. 
  • None of the Company, distributor(s) and/or the BME team members shall be responsible for or liable for the value of $BME, the transferability and/or liquidity of $BME and/or the availability of any market for $BME through third parties or otherwise. 
  • You acknowledge, understand and agree that you are not eligible to purchase any $BME if you are a citizen, national, resident (tax or otherwise), domiciliary and/or green card holder of a geographic area or country (i) where it is likely that the sale of $BME would be construed as the sale of a security (howsoever named), financial service or investment product and/or (ii) where participation in token sales is prohibited by applicable law, decree, regulation, treaty, or administrative act (including without limitation the United States of America, Canada, New Zealand, People’s Republic of China (but not including the special administrative regions of Hong Kong and Macau, and the territory of Taiwan), Thailand, and the Socialist Republic of Vietnam); and to this effect you agree to provide all such identity verification document when requested in order for the relevant checks to be carried out. 

The Company, distributor(s) and the BME team do not and do not purport to make, and hereby disclaims, all representations, warranties or undertaking to any entity or person (including without limitation warranties as to the accuracy, completeness, timeliness or reliability of the contents of the Whitepaper or the Website, or any other materials published by the Company, distributor(s) or the project). To the maximum extent permitted by law, the Company, distributor(s) and the project, shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including, without limitation, any liability arising from default or negligence on the part of any of them, or any loss of revenue, income or profits, and loss of use or data) arising from the use of the Whitepaper or the Website, or any other materials published, or its contents (including without limitation any errors or omissions) or otherwise arising in connection with the same. Prospective purchasers of $BME should carefully consider and evaluate all risks and uncertainties (including financial and legal risks and uncertainties) associated with the $BME sale, the Company, distributor(s) the project and the BME team. 

5. Informational purposes only 

The information set out herein is only conceptual and describes the future development goals for the BME project to be developed. In particular, the project roadmap in the Whitepaper is being shared in order to outline some of the plans of the BME team and is provided solely  for INFORMATIONAL PURPOSES and does not constitute any binding commitment. Please do not rely on this information in making purchasing decisions because ultimately, the development, release, and timing of any products, features or functionality remains at the sole discretion of the Company. Moreover, the Whitepaper or the Website may be amended or replaced from time to time. There are no obligations to update the Whitepaper or the Website, or to provide recipients with access to any information beyond what is provided herein. 

6. Regulatory approval 

No regulatory authority has examined or approved, whether formally or informally, of any of the information set out in the Whitepaper or the Website. No such action or assurance has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of the Whitepaper or the Website does not imply that the applicable laws, regulatory requirements or rules have been complied with. 

Thus, the BME smart contract system has been, on a reasonable effort basis, audited and approved by technical experts (solidity finance, Soken.io). The technical experts have confirmed that the smart contract system has, with regard to both accuracy and security, been programmed according to the current state of the art (No external threats were identified). However, the token purchaser understands and accepts that smart contract technology is still in an early development stage and its application of experimental nature, which carries significant operational, technological, financial, regulatory and reputational risks. Accordingly, the token purchaser understands and accepts that the audit does not amount to any form of warranty, including direct or indirect warranties that the smart contract system is fit for a particular purpose or does not contain any weaknesses, vulnerabilities or bugs which could cause, inter alia, the complete loss of tokens. 

7.Cautionary Note on forward-looking statements 

All statements contained herein, statements made in press releases or in any place accessible by the public and oral statements that may be made by the Company, distributor(s) and/or the BME team, may constitute forward-looking statements (including statements regarding intent, belief or current expectations with respect to market conditions, business strategy and plans, financial condition, specific provisions and risk management practices). You are cautioned not to place undue reliance on these forward-looking statements given that these statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results to be materially different from that described by such forward-looking statements, and no independent third party has reviewed the reasonableness of any such statements or assumptions. These forward-looking statements are applicable only as of the date indicated in the Whitepaper, and the Company  as well as the BME team expressly disclaim any responsibility (whether express or implied) to release any revisions to these forward-looking statements to reflect events after such date. 

8. References to companies and platforms 

The use of any company and/or platform names or trademarks herein (save for those which relate to the Company, distributor(s) and project) does not imply any affiliation with, or endorsement by, any third party. References in the Whitepaper or the Website to specific companies and platforms are for illustrative purposes only. 

9. English language 

The Whitepaper and the Website may be translated into a language other than English for reference purposes only and in the event of conflict or ambiguity between the English language version and translated versions of the Whitepaper or the Website, the English language versions shall prevail. You acknowledge that you have read and understood the English language version of the Whitepaper and the Website. 

10.No Distribution 

No part of the Whitepaper or the Website is to be copied, reproduced, distributed or disseminated in any way without the prior written consent of the Company. By attending any presentation on this Whitepaper or by accepting any hard or soft copy of the Whitepaper, you agree to be bound by the foregoing limitations. 

11. Risks 

You acknowledge and agree that there are numerous risks associated with purchasing $BME, holding $BME, and using $BME for participation in the daily trading and speculation. In the worst scenario, this could lead to the loss of all or part of the $BME which had been purchased. IF YOU DECIDE TO PURCHASE $BME, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS: 

  1. Uncertain Regulations and Enforcement Actions: The regulatory status of $BME and distributed ledger technology is unclear or unsettled in many jurisdictions. The regulation of virtual currencies has become a primary target of regulation in all major countries in the world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations or create new regulations with respect to such technology and its applications, $BME. Regulatory actions could negatively impact $BME and/or the company in various ways. The Company, and/or the distributor (exchanges) may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. After consulting with a wide range of legal advisors and continuous analysis of the development and legal structure of virtual currencies, a cautious approach will be applied towards the sale of $BME. Therefore, for the token sale, the sale strategy may be constantly adjusted in order to avoid relevant legal risks as much as possible. 
  1. Inadequate disclosure of information: As at the date hereof, the BME project is still under development and its design concepts, consensus mechanisms, algorithms, codes, and other technical details and parameters may be constantly and frequently updated and changed. Although this white paper contains the most current information relating to the BME project, it is not absolutely complete and may still be adjusted and updated by the BME team from time to time. The BME team has no ability and obligation to keep holders of $BME informed of every detail (including development progress and expected milestones) regarding the project to develop the BME, hence insufficient information disclosure is inevitable and reasonable. 
  1. Competitors: Various types of decentralized applications and networks are emerging at a rapid rate, and the industry is increasingly competitive. It is possible that alternative projects could be established that utilize the same or similar code and concept underlying BME project and attempt to re-create similar facilities. The BME project may be required to compete with these alternative projects, which could negatively impact the BME project and/or $BME. 
  1. Loss of Talent: The development of the project greatly depends on the continued cooperation of the existing technical and lead management team and if needed external expert consultants, who are highly knowledgeable and experienced in their respective sectors. The loss of any member may adversely affect the BME project or its future development. Moreover, stability and cohesion within the team is critical to the overall development of the BME project. There is the possibility that conflict within the team and/or departure of core personnel may occur, resulting in negative influence on the project in the future. 
  1. Failure to develop: There is the risk that the development of the BME project will not be executed or implemented as planned, for a variety of reasons, including without limitation the event of a decline in the prices of any digital asset, virtual currency or BME project, unforeseen technical difficulties, and shortage of development funds for activities. 
  1. Security weaknesses: Hackers or other malicious groups or organizations may attempt to interfere with the BME project in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third party or a member of the Company may intentionally or unintentionally introduce weaknesses into the core infrastructure of the BME project, which could negatively affect $BME and/or the BME project. Further, the future of cryptography and security innovations are highly unpredictable and advances in cryptography, or technical advances (including without limitation development of quantum computing), could present unknown risks to BME and/or the BME project by rendering ineffective the cryptographic consensus mechanism that underpins that blockchain protocol. 
  1. Other risks: In addition, the potential risks briefly mentioned above are not exhaustive and there are other risks (as more particularly set out in the Terms and Conditions) associated with your purchase, holding and use of $BME, including those that the Company or the Distributor(s) cannot anticipate. Such risks may further materialize as unanticipated variations or combinations of the aforementioned risks. You should conduct full due diligence on the Company, the Distributor and the  BME team, as well as understand the overall framework, mission and vision for the BME project prior to purchasing $BME. 

 

Introduction 

Crypto market regulation-free, rapid expansion, anonymity, among other things encourages both beginners, dreamers, and experienced investors to participate in the cryptocurrency market in an attempt to be millionaires in no time. While many of those who participate in the crypto market forgot that this freedom and ambiguity in this space has many fraudsters or scammers doing their best to make the maximum profit based on the investor’s unawareness, the crypto enthusiasm, crypto FOMO, and lack of experience in some technical measures. 

According to CipherTrace, scammers earned between January and April 2021 USD 430 million. While the Federal Trade Commission(FTC) reported that around 7,000 consumers in the US have reported around USD 80 million as a net loss in different crypto. FTC also reported that scam reports have risen over 12% Comparing this time period with the same last year. This means that consumers’ total loss this year has increased almost 1,000%, compared to last year.  

The Australian Competition and Consumer Commission (ACCC) has reported that investors have lost over USD 26.5 million in 1,985 Bitcoin payment transactions. 

DeFi scams and rug pull dilemma 

DeFi or Decentralized Finance which stands for financial applications that are built on top of a blockchain system with no central immediadries, and utilizes its applications in various financial services like insurance, lending, and more… 

On one hand, DeFi offers a higher yield on most crypto assets compared to other traditional means of the so-called “passive income”. On the other hand, this high yield offering makes DeFi extremely vulnerable to unexpected diminishing and projects’ funds vanishing that were collected.  

According to Coindesk, the DeFi space has grown above USD 100 Billion in 2021. This huge growth in such a new market and the numerous amount of capital inflows makes DeFi the prime place for hackers and scammers to operate their activities. 

CipherTrace reports that rug pulls and exit scams on the DeFi market represented 99% of all crypto frauds in 2020 alone. Many of the recent investigations such as Cylynx investigation, linked the use of the DeFi market and its applications i.e., smart contracts as a tool for hiding laundered funds. 

DeFi scammers raked in almost $83.4 million in the first quarter of 2021. Almost 55% of all major cryptocurrency scams were DeFi hacks. That means out of a total theft amount of $432 million, $240 million can solely be attributed to DeFi. In May 2021 Defi markets witnessed a substantial outflow of funds, nearly USD 377 million flowing out of the market. 

 

About BitcoMine 

BitcoMine is a social, technical, and financial token with a profitable mechanism that rewards the community for holding the token. 

We at BitcoMine are looking to build a bridge of trust between the crypto projects, developers and investors. 

Our team comes from different business backgrounds with proven extended experience in different fields such as starting from Business administration, engineering, finance, and well-experienced crypto traders/investors since 2013. 

 

Our vision 

BitcoMine tends to create a safe and trustworthy crypto environment where investors and crypto developers can interact in a secure and safe environment, taking into consideration the transparent credibility, and technical measures and standards. 

We also tend to build community awareness and knowledge of the cryptocurrency market, and change the traditional concepts of rewarding methods.  

 

Our Mission 

BME is thriving to develop a technical tool (BitcoTool), which assesses the risks of smart contracts on decentralized platforms with a simplified and organized interface that is easy to use for beginners and experts alike. BitcoTool will work on ETH, BSC, and Polygon blockchains. 

BME introduces a new method of rewarding the community by implementing a stable investment program to encourage them to hold the token longest as possible. Through our smart and unique program called BitcoCycle, we aim to provide a new rewarding model that fulfills the investor’s satisfaction.  

 

BitcoTool  

BitcoTool is a technical tool that works on several networks (ETH, BSC, and Polygon). Our multi-functional technical tool simultaneously scans smart contracts and gives you a summary report of the code that enables the owner of the token to defraud. 

Every investor in the world is willing to know what they are buying. Therefore, BitcoTool was created for them. This tool analyzes smart contracts in-depth, identifies their codes, and summarizes them in a simple way. The tool gives both the trader and the owner of the token a reporting system that allows investors to see if there is a vulnerability in the token due to its implementation and also measures the liquidity pool and the wallets that have been closed. 

This is not all, the tool will work a cross-chain to find any threats that might increase the risk, such as. 

  1.  Contract functions: 

Minting and burning capabilities 

Disable trading. 

Self destruction. 

Unknown modifiers.

Fake renounce functions .

  1. Hard-coded contracts: 

Burning from users’ wallets. 

High taxes on buy and sell transactions. 

No selling transaction ( honeypot). 

Suspicious constructor arguments 

Tax acquisition rate by token owners. 

  1. Liquidity details

Liquidity owners and their percentages. 

LP tokens burning status. 

LP token movements. 

  1. General details: 

Percentage of locked wallets. 

Total holders excluding airdrops. 

Contract verification via smart network chain. 

Top ten holders and their percentage from total supply.  

Main wallet Previous transactions. 

Those indicators can prevent the investor from getting involved in some unlikely investments. 

 

BitcoCycle 

To reward BME holders, the BME team has developed the BitcoCycle, which is a rewarding model that replaces the traditional stacking models, where you don’t have to lock a specific amount if not all of your tokens for a long period to earn relatively small rewards or the so-called the Annual Percentage Yield (APY) which is the real rate of return earned on an investment. The existing models have two main major issues: the first issue is: the investor is obliged to lock his tokens on the platform or give them to the platform for some time which in many cases varies between 7 days to 180 days. The second issue is: even if the investor accepts the lock conditions and the time terms, his returns are relatively small or not the amount that he expected. BitcoCycle comes to improve the rewarding models or some will call it stacking models, by giving the investor full control over his assets or tokens (BME holders will get rewarded and they will keep their initial investment in their wallets). At the same time, it offers them the desired rate of return they expect which is up 15% of what they have in their wallets if they hold a specific amount of BME tokens.  

Finally, it gives the holders the ability to check their returns on a daily basis (BME rewarded tokens and their value in USDT), until the required time is due. 

BitcoCycle has been built carefully in an innovative manner to enhance the investor’s experience, its unique calculation algorithm combines the initial token amount, time of entering the Cycle and updated balalne of the holder wallet (if the holder decided to increase or buy more tokens during the Cycle). 

BitcoCycle terms and requirements :

  • Holders must have 30,000,000 or more tokens in their wallets. 
  • Rewards are 50% of what holders own in their wallets. 
  • When the BME team announces the starting date of the Cycle, holders are required to register their wallets via BitcoDash and connect their wallets.  
  • Holders will wait three days until they will enter the Cycle (verification period). 
  • Holders are not allowed to sell any token from their wallets and/ or transfer them between other wallets because the contract will update all the actions and calculate the rewards on a daily basis.  
  • The Cycle period is 12 weeks (after three days of verification), and after that, the rewards will be released to the holders. 
  • In order to enjoy the rewards, holders must go to BitcoDash and manually claim their rewards ( if they applied all the above rules). 

 

Token Distribution 

BME total supply is 1 Trillion tokens (1,000,000,000,000)*, and it will be allocated as follows: 

Wallet   Ratio  Tokens  
Presale**9.00% 90,000,000,000 
Pancake swap***7.20% 72,000,000,000 
Marketing  6.80% 68,000,000,000 
Development  7.00% 70,000,000,000 
Founders  1.00% 10,000,000,000 
Treasury  31.00% 310,000,000,000 
Support 3.00% 30,000,000,000 
Team 5.00% 50,000,000,000 
BitcoCyclel  30.00% 300,000,000,000 
  1. Certain wallets can be excluded from fees and rewards: this function will be used when we start listing on exchanges. 
  1. All the BME token wallets will be excluded from rewarding Cycle. 
 

 
img chart
 

A. Burning mechanism 

  1. Definition 

The phrase “token burning” sounds more dramatic than it is. Token burning doesn’t require any actual dissolving of digital assets. Those of you familiar with blockchain will probably know that it is impossible to disintegrate assets because the underlying protocol is fixed. The blockchain protocol’s history and data are all locked in blocks, so it can’t be altered in any way. 

Token burning is a strategy followed by cryptocurrency projects to influence the price of a token, or coin, in the market. This is done by permanently removing some tokens from circulation. 

For instance, Binance has a target of burning 100 million BNB tokens, while there are similar practices for both USDT Tokens (issued by Tether) and XRP coins (issued by Ripple). 

Assets that are burned are recorded on the blockchain transparent ledger system to make sure all nodes can see it and confirm that the coins are indeed “burned”.

2. Facts about burning tokens

Apart from being able to remove tokens from circulation, some questions will arise like:  

  1. What are the advantages of burning tokens?  
  1. Can holders benefit from burning tokens? 

Token burning can help to stabilize the token value and restrain the potential price inflation. The stability that can give investors is a greater incentive to hold that token and keep prices more favorable. Furthermore, token burns also give a sense of confidence and reliability, which can be the main reason for burning at the beginning stages of a cryptocurrency project. 

3. BME burning method. 

The BME project will adopt the manual burning method to maintain the circulation, supply, the price and maximize the holder’s profits by holding the BME token over time. It should be noted that the BME team will define the need to burn the exact percentage of tokens when it’s required. (manual burning will be from the main wallet). 

BME burning will be stopped when the total supply will reach 10,000,000,000 tokens. After that, the BME team will no longer have access to adjust the manual burning, and the ownership of the token will go to the blockchain by 100%.  

B. Wallets status 

BME tokens will be distributed into 7 wallets and two contracts (pancake swap and pre-sale). This section shows the mentioned wallets status as follows: 

1.Unlocked wallets  

Represents 24% of the total supply (pre-sale, pancake swap, founders wallet, marketing wallet, and rewarding pool wallet) as follows: 

 

Wallet/contract  Ratio  Tokens distribution description 
Presale**9.00% 90,000,000,000 Pre-Sale 
Pancake swap***7.20% 72,000,000,000 Contract  
Founders  1.00% 10,000,000,000 It will be released at the moment of launching on pancake swap 
Marketing  6.8% 68,000,000,000 It’s opened, while withdrawals will be based on the marketing activities   
2. Locked wallets 

Represents 76% of the $BME total supply. It should be noted that locking wallets will start at the moment of launching on pancake swap. Allocation and lock duration is explained as follows: 

Wallet  Ratio  Tokens distribution Description 
Treasury wallet 31.00% 310,000,000,000 It will be locked for ONE year. 
Support wallet 3.00% 30,000,000,000 

1% Support for health institutions, 

1% Aid for nations under any catastrophe or disaster. 

1% Educational support.  

It will be locked upon request (unlocking will be when it will be needed). 

Team wallet 5.00% 50,000,000,000 Locked for ONE year, after that it will be released by 1% each quarter until reached 1% in total and then it will be open for a return. 
Development wallet  7.00% 70,000,000,000 Locked for 30 days after that  2% will be released, the rest will be locked for 120 days. 
BitcoCycle 30% 300,000,000,000 Dedicated wallet for the community as rewards  (BitcoCycle rewarding program) 

 


(*) Initial total supply was 1T token, now its 900,000,000,000 token after auto and manual burn.

(**) Unsold tokens from presale 42,845,873,260 BME were burned right after the presale ended.

(***) 42,661,599,999 BME were burned to maintain the balance between the presale and LP on pancakeSwap.

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