Late Bitcoiners

01Executive Summary

LBTC is a Proof-of-Work blockchain built for the people who arrived late to Bitcoin and never stopped thinking about it.

Bitcoin launched in 2009. Most of us heard about it years later, watched the price climb, and quietly accepted that we'd missed the ground floor. LBTC is a fresh start — same founding principles, a modern feature set, and a fair launch where everyone begins at block zero.

Since genesis, the network has grown to include:

02The Problem

Latecomers are priced out, patronized, and left out. Existing crypto projects solve this by launching another token that the founders already own.

What we saw

• Bitcoin is out of reach. A single BTC costs more than most people's monthly salary. Mining it at home is impossible — the network runs on industrial ASIC farms.
• New chains are captured. Fair-launch promises collapse the day a VC allocation is announced. Premines, private rounds, and insider unlocks make "community-owned" a marketing line.
• Applications live on L2s. Real usage (NFTs, memes, trading) migrated to layer-2s where users pay fees to centralized sequencers and trust wrapped assets on someone else's chain.
• Memecoins are broken. Without liquidity, small coins die. With liquidity, they get rugged. There is rarely a middle path that works for everyone.

03Core Principles

Five rules that don't bend, no matter what the price does.

04The Chain

A Proof-of-Work blockchain designed to be mined by ordinary hardware, not just industrial farms.

How a block is built

Every ~3 minutes, a miner somewhere on the network finds a SHA-256 hash that meets the current difficulty target. That block is broadcast to peers, verified by every node, and added to the chain. The miner earns 50 LBTC plus all fees paid by transactions in that block.

Difficulty adjustment

Difficulty re-targets every 5 blocks to keep block production near the 3-minute target. The adjustment window is short by design — the network reacts quickly to hashrate changes so block times stay predictable.

05Supply & Halving

21 million LBTC. Fixed supply, halving every 210,000 blocks, no exceptions.

Like Bitcoin, LBTC has a hard cap of 21 million coins. Block rewards start at 50 LBTC and halve every 210,000 blocks. The final LBTC will be mined sometime in the next century.

06Fee Economics

Every transaction on LBTC costs 0.0001 LBTC in network fees. Fees go straight to miners, alongside the block reward.

Unlike most modern chains, LBTC does not inflate to fund anything. Miners receive the full block reward plus all transaction fees. Application-layer fees flow through the treasury system described in Section 9.

07Burn & Reserve

LBTC's supply doesn't just stop growing — it shrinks. Every major app-layer action removes LBTC from circulation, permanently.

There are three paths that burn LBTC, and several that feed a permanent reserve that never gets distributed:

The permanent reserve

Fees flow into the permanent reserve — a single yield-bearing pool that pays stakers forever. Memecoin launches contribute 100 LBTC per launch (20% of the 500 LBTC fee). RWA registrations and fractionalizations route 100% to treasury. NFT mints route 20% to treasury, 80% to escrow. Every fee source eventually compounds into the reserve.

08Native NFTs

NFTs on LBTC are not smart contracts. They are first-class objects on the base chain — minted, owned, transferred, and redeemed without leaving the ledger.

Every NFT has a name, description, image URL, rarity tier, and an escrow balance that sits in a dedicated on-chain address. When you redeem an NFT, the escrow balance returns to you automatically and the NFT is marked BURNED — but stays visible forever on the explorer.

Rarity tiers

Liquid Staking (stLBTC)

Two ways to stake on LBTC: locked pools (30–365 days, higher APR) and liquid staking (no lockup, use your capital while it earns). The flexible route mints stLBTC — a yield-bearing token you can hold, trade, or use in DeFi while your LBTC keeps accruing yield underneath.

How it works

1. Deposit LBTC → receive stLBTC at the current exchange rate. At launch, 1 LBTC = 1 stLBTC.
2. stLBTC appreciates at a target 7.5% APY, funded from the same Reserve yield that pays locked pool stakers.
3. Withdraw anytime — burn stLBTC, get LBTC back at the live exchange rate. A 0.5% unstake fee applies (paid to the Reserve, dripped back to all stakers over time).

Key parameters

stLBTC vs locked pools

Live stats

Anyone can verify liquid staking activity on-chain:

• GET /api/liquid-stake/stats — total staked, stLBTC supply, current rate, holder count
• GET /api/liquid-stake/balance/<address> — a specific wallet's stLBTC balance and value
• Every deposit and withdrawal is a signed on-chain transaction — searchable in the explorer by memo Liquid stake / Unstake stLBTC

Important: the 7.5% APY is a target, not a promise. Actual yield is funded from real network activity — when the Reserve earns more, distributions rise; when activity is low, they fall. stLBTC value only moves up, but the rate of growth is variable.

09Staking & Treasury

Stakers earn from real application-layer revenue through a dynamic income-based distribution engine. Every payout is a signed on-chain transaction.

All app-layer fees flow into the Reserve — a single pool that distributes to active stakers every 100 blocks. The amount per round is dynamic: 70% of the recent average inflow, capped at 20% of the reserve balance to prevent shock moves. Longer lock commitments receive a proportionally larger share of each distribution.

Staking pools — five tiers

Stakers choose a lock duration. Longer commitments earn a proportionally larger share of every distribution.

Dynamic income-based distribution

Every 100 blocks (~15 hours at current block times), the chain runs a deterministic distribution:

• Lookback: average inflow into the Reserve over the last 14 rounds
• Target payout: 70% × avg_inflow per round
• Floor: never less than reserve / 584 per round (1-year minimum horizon)
• Ceiling: never more than reserve / 100 per round
• Sustainability cap: never more than 20% of the reserve balance in a single round
• Reserve floor: the reserve balance never drops below 10,000 LBTC
• Split: each active staker receives (round_amount × stake × weight) / total_weight

Current reserve balance

10Governance

Any wallet can propose. Any wallet can vote. Vote weight equals LBTC balance at the time of voting — plus any LBTC delegated to you. A proposal only passes if at least 4% of supply votes.

Governance on LBTC is intentionally simple. There are no delegated councils, no multi-sig override, no founder veto. Proposals are created directly on-chain, voting lasts 14 days, and the results are public.

11The Bridge

Lock LBTC on the base chain. Mint wLBTC on Arbitrum. Trade on real DeFi. Or burn wLBTC and get native LBTC back. Paused on the relaunched chain (1 Nov 2026) until there is a published plan for wLBTC minted on the first chain.

How the bridge works

• Bridge IN: Send native LBTC to the vault address. The relayer detects the deposit and calls bridgeIn() on Arbitrum. wLBTC appears in your wallet in the same block.
• Bridge OUT: Call bridgeOut(amount, yourLbtcAddress) on the bridge contract. Your wLBTC is burned and the relayer sends LBTC from the vault to your native address.
• Fees: 0.10% per bridge transaction, split between treasury, reserve, and gas.
• Timing: ~3 minutes for the LBTC side, ~2 seconds for the Arbitrum side. Full round trip under 5 minutes.

Contract addresses (Arbitrum One · mainnet)

12Memecoin Platform

Launch a memecoin in 60 seconds. Instant liquidity, creator royalties, NFT minting on top of any coin. Built on a bonding curve.

Launch economics

Launching a memecoin costs 500 LBTC, split as:

Creator economics

Coin creators earn 0.10% of every trade, forever. Launch once, earn on every buy and sell for the lifetime of the coin. There is no cliff, no vesting, no clawback.

NFT minting on memecoins

Every memecoin can have its own NFT collection. Minting costs 1,000 tokens of the coin itself — permanently burned. This gives each memecoin a second, scarcer asset class on top of the fungible token, and reduces the coin's supply with every mint.

13RWA Fractionalization

Real-world assets — watches, art, collectibles — split into tradeable fractions on LBTC. Every fraction lives on-chain. Every trade is permanent.

Registration and fractionalization turn a physical asset into a native on-chain instrument. An owner registers the asset, pays a submission fee, and receives a certification that lets them mint fractions (up to a declared maximum). Fractions trade peer-to-peer on LBTC's on-chain order book — no intermediary, no off-chain matching, no trusted custodian beyond the physical asset itself.

Fee structure

Live examples

The first RWAs fractionalized on LBTC include collectible Rolex watches (Rolex Daytona 116518LN, Rolex Cosmograph Daytona) with declared valuations up to 100,000 LBTC per watch, split into millions of tradeable fractions. Anyone with an LBTC wallet can buy in, hold, or resell — no intermediary, no minimum.

14Referral System

Invite friends. Earn LBTC on every action they take — forever. Fully on-chain, no caps, no manual approvals.

LBTC's referral program is on-chain from end to end. When a new wallet registers through your link, the relationship is written to the chain permanently — it can never be reassigned, hidden, or clawed back. From that moment on, every fee your referred user generates credits a percentage to your wallet automatically.

How much you earn per action

Referral credits come from the fee generated by the referred user — not from their principal. Every action credits the referrer on every occurrence, forever.

When you get paid

Referral credits accumulate in your pending balance in real time as your referees act. The chain automatically settles all pending balances every 20 blocks (~45 minutes at current block times):

How the relationship is recorded

• Link-based attribution. Referral links use ?ref=<your_address>. When a new wallet connects with the parameter present, the relationship is written to the chain.
• Permanent and immutable. Once a referee is registered to a referrer, the association can never be changed by anyone — not by the referee, not by the referrer, not by the operators.
• One referrer per wallet. A referee can only be referred by one address. No splitting, no re-registration.
• Fully auditable. Every credit and every payout has a transaction hash visible on the explorer. The complete referral history is public.

15Encrypted Wallet

The LBTC wallet runs entirely in your browser. Private keys are encrypted client-side, and the encryption never leaves your device.

Security properties

• PBKDF2-HMAC-SHA256 with 600,000 iterations — industry-standard key derivation.
• AES-256-GCM authenticated encryption — protects both confidentiality and integrity.
• Per-wallet salt and nonce — no two wallets share encryption material.
• Key never leaves the browser — only the encrypted blob is stored locally.
• Manual lock button — instantly clears the private key from memory; the encrypted blob stays for later unlock.

16Arcade & Shard Staking

The LBTC Arcade is the chain's on-chain game hub — three playable titles (since October 2026), an in-game currency called Shards, and a transparent staking system that pays real LBTC from the Reserve Fund.

Three games

Every game is fully playable in the browser at latebitcoiners.com/arcade:

• ⛏️ LBTC Miner — a cartoon platformer across 10 escalating levels. Collect LBTC, stomp or dodge four enemy types (slime, bat, skeleton, ghost), and reach the portal. Each level has a distinct theme — Dawn Mine, Sunrise, Twilight, Blue Hour, Red Dusk, Jungle, Gold Rush, Night, Crimson, Void.
• ⚔️ LBTC Arena — a 3D action RPG: armor, monsters, runes and crafting. Playable at latebitcoiners.com/arcade/rpg3d.
• 👑 Prince — an on-chain adventure game with progression, achievements, and Shard rewards. Playable at latebitcoiners.com/arcade/prince.

Shards — the in-game currency

Playing any game awards Shards proportional to your score. Shards have three uses:

• Buy cosmetics — characters, skins, power-ups, and consumables from the Arcade Shop.
• Stake for LBTC yield — lock shards to earn real LBTC from the Reserve Fund.
• Unlock achievements — 10 achievements that track progression across all games.

Items can be bought with either Shards (in-game) or LBTC (real value). Every LBTC purchase is a real on-chain transaction — the LBTC leaves your wallet and enters the treasury, verifiable at latebitcoiners.com/explorer.

Arcade staking — powered by the Reserve Fund

Staking is a real financial primitive inside the Arcade. The mechanics are deliberately simple and fully auditable:

• Conversion: 10,000 Shards = 1 LBTC notional value.
• Yield source: 10% of the Reserve Fund pays all stakers every year. When the reserve grows, the payout pool grows. When more players stake, it dilutes fairly.
• APR: Live-calculated as (Reserve × 10%) / Total Staked Notional, capped at 15% during beta to protect the reserve. The cap is visible in the UI and is designed to disappear as adoption grows.
• Accrual: Rewards accrue every second. The Arcade UI shows the claimable amount tick upward in real time.
• Claims: When you click Claim, real LBTC moves from the Reserve Fund address to your wallet address — as a signed, timestamped on-chain transaction. No database, no promises, no waiting.
• Unstake: Withdraw your Shards any time. Pending rewards are auto-claimed to your wallet at the moment of unstake.

Every action is on-chain

Every stake, unstake, and claim creates a signed transaction that appears on the LBTC explorer:

• Stakes register with a memo like ARCADE_STAKE|1000|shards.
• Claims register with ARCADE_CLAIM|0.12345678LBTC — the exact amount, from Reserve to your address.
• Anyone can audit the complete history at any time. Reserve balance is live at latebitcoiners.com/dashboard.

Why the reserve pays for it

10% of every fee that flows through the chain goes to the permanent Reserve. The Reserve's purpose is to fund long-term value — one use is Arcade yield. As the network grows, the reserve grows, and staker rewards grow with it. It's a closed loop funded entirely by real usage: NFT mints, transfers, marketplace commissions, bridge fees, memecoin creation, and swap fees.

Not gambling, not speculation

The Arcade contains no wagering, no bets, and no pay-to-win mechanics that promise outsized returns. Shards are earned by playing. LBTC purchases buy cosmetics — items with visual value, tradable on the LBTC marketplace. Staking yields come from a pre-funded reserve, not from new deposits. Everything is transparent and verifiable on-chain.

17The AI Agent

Every page on latebitcoiners.com has an AI Agent in the corner. It is grounded in this whitepaper, aware of the live chain, and can read your connected wallet in real time.

Ask anything

Chat with an agent that knows your wallet — LBTC balance, active stakes, pending yield, memecoin holdings, creator royalties, and arcade shards. Answers come from live chain state, not guesses.

Quotes the whitepaper

Ask how LBTC works and the agent retrieves the relevant section of this document and quotes it. The retrieval is grounded in the same text you are reading now — the agent does not invent tokenomics.

Daily chain reports

The agent can generate a plain-English report on what actually happened on-chain — new blocks, memecoin launches, NFT activity, bridge flows, and reserve movement — from live chain state.

AI coin builder

Describe a memecoin in one sentence. The agent proposes a name, ticker, description, image concept, and initial bonding-curve parameters — ready for you to deploy.

Memecoin discovery

Surface new launches by measurable signal — liquidity growth, holder count, trade velocity — rather than hype. The agent ranks coins by activity, not by social noise.

Creator copilot

If you have launched a memecoin, the agent helps you read your numbers: how the curve is moving, what royalties have earned, and which trades drove the most volume.

NFT appraiser

Ask the agent to estimate a fair value for an NFT using comparable on-chain sales, rarity tier, mint cost, escrow balance, and recent trades.

How it is built

• Model: a large language model hosted via Groq, running server-side only.
• Grounding: every response is retrieved against this whitepaper plus live chain state.
• Wallet context: public addresses only. The agent reads balances, stakes, and holdings from the chain. It never touches private keys and cannot sign transactions on your behalf.
• Free during beta: no token gate, no subscription.

The AI Agent is not a separate product — it is a lens over everything else in this whitepaper. If you can see it on-chain, you can ask about it.

18LBTC Bridge — LBTC ↔ wLBTC

A two-way, non-custodial bridge between the LBTC mainnet and Arbitrum One. Users deposit native LBTC into a vault on the LBTC chain with an ARB:0x… memo; a relayer observes the deposit and mints an equivalent amount of wLBTC (a standard ERC-20) on Arbitrum. The reverse direction burns wLBTC on Arbitrum and releases native LBTC from the vault.

Design

• Non-custodial. The user's own wallet signs the deposit transaction. The server never holds user keys and never signs on behalf of anyone.
• Atomic intent. Every deposit carries an ARB:0x… memo that names the Arbitrum recipient. The relayer refuses to mint without a valid memo.
• Transparent. Every deposit, mint, burn, and release is verifiable on-chain via the LBTC explorer and Arbiscan.
• Over-collateralized. The vault always holds at least as much native LBTC as the total wLBTC in circulation — the surplus accrues from fees.

Fee structure

Live contracts (Arbitrum One · chainId 42161)

• wLBTC token: 0x19B2DffE3a2Fb9ABE291d50BB2018854CE9eE153
• Bridge contract: 0xb9ff368480E6668668A2FA9b3B1886c4FC7D73FC
• LBTC vault: 1215RNfGGMzXeNhn9SQvhtmrunwVAz1aUn

19OTC Escrow — Trustless P2P Trading

A non-custodial escrow contract that lets any two parties swap wLBTC for USDC on Arbitrum without an intermediary, an order book, or a trusted third party.

How it works

1. Seller creates an offer. Locks wLBTC into the escrow contract and sets the USDC price and an expiry.
2. Buyer accepts. Locks USDC into the same contract. The swap executes atomically: seller receives USDC, buyer receives wLBTC, in one transaction.
3. If nobody buys before the deadline, the seller calls refund() and reclaims 100% of their wLBTC.
4. Either party can walk away any time before the trade completes — no funds are ever stuck.

Fee

0.5% on completion, split by both sides, directed to the LBTC community treasury.

Live contract (Arbitrum One)

• LBTCOTCEscrow: 0x99EE37D5E3d5ad481D852759778d09dc44B97c5c

20Fair Mining Pool — 0% Fee, Share-Weighted

A community-run mining pool at pool.latebitcoiners.com. Unlike every other pool in the ecosystem, it charges 0% fee and distributes every block's reward to miners proportional to their contributed hashrate, with no minimum and no lockups.

Mechanics

• Share submission. Miners submit lightweight "shares" (hashes with a low difficulty target) to the pool every few seconds. Shares are recorded with their proof-of-work weight.
• Fair split. When any miner solves a full block, the pool splits the 50 LBTC reward across every miner that contributed shares in the recent window, weighted by total work submitted.
• Direct payouts. Every credit is immediately withdrawable. No lockups, no scheduled payouts, no "pending" balances that never clear.
• Plan B — honest accounting. Only shares that pass cryptographic validation (leading-zero proof) are counted. Phantom or stale submissions are rejected at the edge.

Live endpoints

• Pool UI: https://pool.latebitcoiners.com/pool
• Stratum endpoint: pool.latebitcoiners.com:8081
• Pool stats API: https://pool.latebitcoiners.com/api/pool/stats

21Miner v61 — Pool + Solo in One App

The official desktop miner for LBTC. Runs on Windows, macOS, and Linux. A single dropdown switches between Solo and Pool mining modes.

What's in v61

• Solo mode. Point at the mainnet node. Every block you solve pays the full 50 LBTC straight to your wallet.
• Pool mode. Points at pool.latebitcoiners.com. Submits shares every few seconds. Rewards are split by hashrate across every active pool miner.
• Bridge tab. One-click access to the LBTC ↔ wLBTC bridge.
• Staking, NFTs, memecoins, RWA, governance, AI agent — all accessible from the same app.

Download

Get the latest version (v61) for Windows, macOS and Linux from the download page.

22Live Contracts Reference

Every production contract and endpoint for LBTC, in one place. Verify every address independently on the relevant block explorer.

Arbitrum One (chainId 42161)

LBTC mainnet

Public endpoints

• Chain node: https://latebitcoiners.com
• Explorer: https://latebitcoiners.com/explorer
• Pool: https://pool.latebitcoiners.com/pool
• Bridge: https://latebitcoiners.com/bridge
• OTC: https://latebitcoiners.com/otc
• Miner source: https://github.com/latebitcoiners/lbtc-miner

★LBTC Farm — the 3D MMORPG

LBTC Farm is an open-world 3D RPG that plays in the browser at play.latebitcoiners.com, built into the LBTC chain. Players farm, fish, hunt, mine, ranch and craft across a 2.3 km world, the Frontier and the Wildlands, with Entropia-style skills, loot swings, Globals and a Hall of Fame.

Screenshots from the game.

On the chain

• Limited, numbered NFTs: rare finds (relics, Ascended gear, pets, NFT backpacks) are minted free to the player's LBTC wallet as numbered items with a fixed supply, and trade for LBTC on the Satoshi Exchange.
• One shard balance with the website and the Arcade; Shards can be staked for LBTC from the Reserve Fund.
• Server-authoritative economy: the game server settles every Player Market sale (5% fee), checks every NFT claim against the game's own data and caps shard earnings per hour played.

The Volcano (2.18)

A PVP map ringed by lava and reached only by teleport. The game server is the referee: it keeps every player's Life, checks every hit and decides every death. Dying out there drops the bag in a Blood Bag for 5 minutes; loot is only safe once extracted through the Teleport Base. World bosses, eruptions, guild territories, a Black Market, insurance, bounties and a Gladiator Arena complete it.

2.19

• Jumping, team pings, Photo Mode with Share to X, a Codex with permanent bonuses, a Grand Auction Board and 7-day price history in the Player Market.
• Bow and staff range set by rarity (10 m to 20 m), lava highways on the Volcano, and the arcade rewards above.

23Roadmap

What's shipped, what's next, and what's after that.

24Frequently Asked Questions

25Founder Development Grant

Why this exists

LBTC has been developed by a single founder since August 2026. All work — the node, the miner, the bridge, the memecoin platform, the arcade, the front-end, the wallet, and ongoing maintenance — has been done without external funding, venture capital, or a premine.

Since mainnet launch on 1 October 2026, the network has been operated at 100% uptime for six consecutive days. Infrastructure costs include VPS hosting, relayers, monitoring, RPC access, and continuous development time. The founder works a second full-time job to cover personal expenses while building LBTC.

To fund continued development and infrastructure, a Founder Development Grant is allocated according to the terms below.

Terms

Transparency

• On-chain. Every payment appears in a block, under the address above. The running total is visible at any time via the LBTC explorer.
• Dated. Every block includes a memo field identifying the grant cycle.
• Auditable. The community can independently verify the accumulated total at any time: latebitcoiners.com/explorer/address/1AvFeYZhJtxL71yjuG7vvBiJKYcuEDS6XP
• Fixed at 1%. Changed at the 1 November 2026 relaunch from “10,000 LBTC or 12 months” to 1% of every block reward with no end. It can never be more than 1%: miners keep the other 99% and every fee.
• Halves with the reward. 0.5 LBTC a block in the first era, 0.25 after the first halving, and so on, like every miner’s reward.

What this is NOT

• Not a premine. No coins were allocated before mainnet launch.
• Not an ICO. No coins were ever sold to investors, funds, or the public.
• Not perpetual. The grant expires in 12 months or at the cap — whichever comes first.
• Not hidden. The address is public, every payment is on-chain, and totals are verifiable by anyone.
• Not a governance vote. The founder is disclosing this before it appears on-chain, so the community can respond with objections, proposals, or forks if they disagree.

Context — how this compares to other chains

After the grant ends

Continued development will be funded entirely by real application-layer revenue:

• Memecoin creation fees — currently 4,000 LBTC per launch to treasury
• NFT mint and transfer fees — 18% of mint cost to treasury
• Marketplace commissions — 1.8% of every NFT sale
• Memecoin swap fees — 0.10% of every buy/sell trade

If these revenue streams grow as expected, the founder grant will not need to be renewed. If they do not, the community may propose a new grant via governance.

This section was published on 6 October 2026, before the first grant payment appears on-chain. The community is invited to verify every subsequent payment at the address above. Any deviation from these terms constitutes grounds for a community fork.

Genesis Block

Relaunched 2026-11-01 00:00:00 UTC · Unix 1793491200