Collaborating with ChatGPT.
The Satoshi UTO Fund was forged by 50 anonymous participants, each contributing 0.02 ETH. To commemorate the successful establishment of the Satoshi UTO Fund, recognize the contributions of these 50 Satoshis, and to permanently preserve the reward model of the public fund designed by Satoshi Nakamoto in Bitcoin's Proof of Work (PoW) system (which could not continue operating for the next 16 years due to security issues), we are replicating the reward rules of Bitcoin's PoW in the name of Satoshi Nakamoto.
- The total prize pool is 21,000,000 UTO, which is equivalent to 21,000,000 jeedd (price unit).
- A reward is given for each block produced, similar to the PoW rewards of Bitcoin, and is paid out per block.
- The total reward for the first block is 50 UTO. This reward is evenly distributed among 50 anonymous participants (wallet addresses), so each wallet address receives a reward of 1 UTO for the first block.
- Following the Bitcoin halving model, the reward is halved every 210,000 blocks.
- In imitation of Bitcoin's halving every four years, there will be a total of four halvings, celebrating the 16th anniversary of Bitcoin's inception on January 3, 2025!
- The 50 anonymous participants can see real-time prize flows in their wallets (technically, Bitcoin's reward mechanism is a perfectly flawless Money Streaming that is severely underestimated across the industry).
- Any participant can withdraw their prize at any time.