Documentation

1. Executive summary

SIMY is an experimental crypto protocol built around simulated markets using the historical mining, minting, issuance, and price data of leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

SIMY reconstructs simulated issuance records into protocol-managed lots, which are offered at fixed reserve prices derived from historical market data.

There is no tradable token — ownership and activity are tracked through the blockchain ledger, which keeps score.

At its core is Auction-Based Market Making, an experimental approach to market-making and price mechanics.

SIMY lots are simulated digital assets, not actual Bitcoin, Ethereum, or Binance Coin. All smart contracts are designed to be renounced and immutable, with no ongoing administrative control.

The system uses three contracts. SI-Btc is the contract you use today.

There is a name registry. Each wallet can register one name, and that name cannot be moved to another wallet.

There is a price list. Each auction week has one reserve price. The prices are written before the first auction, and then the list is locked.

There is an auction. The auction holds the blocks. When you buy a new block, 97 percent of the ETH is credited back to you as the SIMY reward, and 3 percent is sent to the developer wallet. When someone buys a block you already hold, you receive the full price.

You use the page to register a name, pay for blocks, see what you still hold, and claim what you are owed.

2. What a block is

A block is a simulated record of 25 BTC from Bitcoin's historical issuance. It is not bitcoin. It does not leave the protocol, and it is not sent to your wallet as a token.

The number on a block is the Bitcoin block that minted the first part of those 25 BTC. Early Bitcoin blocks minted 50 BTC, so one of those Bitcoin blocks becomes two SIMY blocks. Later in the schedule, one SIMY block stretches across more than one Bitcoin block. The number you see is only the starting block.

When you pay for a block, the protocol records you as the holder. That record is called escrow. The block stays in escrow until someone buys it from you in a later auction.

3. Pseudonym

Pseudonym is pronounced SOO-duh-nim.

The word comes from Satoshi Nakamoto, who published Bitcoin under a pseudonym. In this protocol every participant takes a name, so every user becomes a Satoshi. The name is how you enter the protocol. Its main purpose is to allocate blocks to users in an organised way, so each name receives a fair share.

One name gives access to every simulation market on that chain. That includes SI-BTC, SI-ETH, and the markets that are added later. Access is per chain. A name on one chain does not open the same markets on another chain.

Each wallet can have one name. The name stays on that wallet. You cannot move it, rename it, or recover it. If you lose the wallet, you lose the name.

On Base the registration fee is 0.01 ETH. On the Base Sepolia test the fee is 0.00001 ETH. The fee is not returned. It is sent to the operations wallet that was set when the name contract was deployed.

Names ignore capital letters, so Alice and alice are the same name. The stored name keeps the letters you typed. The characters 1 and l are different, and 0 and O are different.

A name is included in a round only if it was registered before that round starts. A name registered while the round is open is not on that round's allocated list. That wallet can still buy when the open market is open, and the name is included in the next round. The time between rounds is not part of the auction. A name registered then is included in the next round, and no notice is shown.

4. Use case

A use case is optional. It is a label for what you mean to use the funds for. It does not change your offer, your price, or what you are paid.

The icon sits above the timer, in line with your name and the ledger. Open it and choose a use. You can mark a name with two icons. Those icons sit next to the name. When you hover over an icon, its name is shown. Click a chosen icon again to remove it.

The mark belongs to the name, not to the wallet alone. A new name on the same wallet starts with no use case selected. The mark is kept in this browser. It is not written into the smart contract.

5. The weekend auction

The auction runs every weekend, from Saturday 00:00 UTC to Monday 00:00 UTC. It continues through the last week in the price list.

The first 40 hours are the allocated auction, from Saturday 00:00 UTC to Sunday 16:00 UTC. Every block is for sale in this window. That includes the new blocks created for the week and every older block that still has a holder.

New blocks are offered by name, and two names are not offered the same new block. A name is in that round only if it was registered before the round started. The names stand in one line, in the order they registered. The line continues from where the previous auction stopped.

If there are at least as many new blocks as names, every name is offered the same number. When the number does not divide evenly, the names at the front of the line are offered one extra block. The line then moves past those names, so the extra block goes to someone else next time.

If there are more names than new blocks, the names at the front of the line are offered one new block each, until the new blocks run out. The line then moves past them. A name that was not offered one this week is offered one in a later week, before a name that just had a turn. A name that does not buy still moves back in the line. The block it did not buy is unsold, and the open market can sell it. A new name joins the back of the line. It does not jump ahead of names that are already waiting.

This is how a new block still reaches every name when there are many more names than new blocks. With 100,000 names and 300 new blocks, each name is offered a new block about once every 334 auctions. While there are more new blocks than names, every name is offered some in every auction.

Older blocks are not offered to one name. During the allocated auction any name in the round can buy them, up to 50 in one payment, and then pay again. The contract does not pick out the blocks you already hold. If the next block is one you hold, it is skipped.

The page shows your new-block offer as one line. You choose 1, 2, 5, 10, 25, or 50 blocks. You can also choose all of them when there are 50 or fewer. One payment can include at most 50 blocks.

The timer shows only the time left in the phase that is open. During the allocated auction it counts down to the open market. During the open market it counts down to the end of the open market. Between rounds the label is Next auction, and the timer counts down to the start of the next auction.

The public test uses the same rules on a shorter clock. A round lasts four hours. The allocated auction lasts 2 hours, the open market lasts 1 hour, and then there is a one-hour wait.

6. The open market

The last 8 hours of the weekend are the open market, from Sunday 16:00 UTC to Monday 00:00 UTC.

The allocated lists stop. Every named wallet buys from one shared pool of unsold blocks. That pool includes new blocks and resales. They are offered in block order. Resales are not sold ahead of new blocks.

The protocol chooses the next unsold block, so two wallets are not sent to pay for the same one at the same moment. A block you already hold is skipped, and the next unsold block is offered instead.

You may ask for 50 blocks in one payment. When that payment is finished, you can ask for another 50. You can continue until the unsold blocks are gone or your funds run out. There is no hourly limit. If fewer blocks remain than you asked for, you receive what is left and the extra payment comes back. If one payment stops before it has taken every block you asked for, you pay again. The next payment continues from there.

The first weekend has no resale until a block has been bought. A resale can exist only after a block was bought in an earlier weekend, or earlier in the same weekend.

The page shows one line for the whole pool, for example "Unsold blocks · through block 2,690". The buttons still choose how many blocks you pay for.

7. The price

Each week has one price. That price is a Saturday dollar price of Bitcoin, converted into ETH and written down before the first auction. The contract does not look the price up while the auction is running.

The prices are the Saturday prints from 17 October 2009 through 31 October 2026, in calendar order. Auction week 1 is Saturday 17 October 2009. Each later week is the next Saturday. The list is written in full before the first auction, and then it is locked. It does not grow. The test and mainnet use the same list.

A week of issuance is 1,008 Bitcoin blocks, which is seven days on Bitcoin's 10-minute clock. Every block offered in that auction week uses the same reserve. There is no separate price for each block.

After the last week in the list has been auctioned, the next round does not open. Rounds that have already run stay as they are.

A block costs 25 times the price of 1 BTC for that week. A payment that is less or more than the exact price is rejected. Once the first purchase of the week is made, the price stays fixed for that week.

On this test, the blocks, the name, and the gas are all paid in Base ETH.

8. Escrow and the ledger

A block you pay for is held in escrow under your name. It is not sent to your wallet. In a later week someone else can buy it. If they do, you are paid the full price of that sale. You claim that payment yourself. It is not shared with anyone else.

The ledger opens from the abacus at the top right of the auction page. It is the same mark as the one beside the SIMY name. It opens over the page. The newest line is shown first, and twenty lines are shown at a time. You can filter the list by what you bought, what you sold, what you claimed, and what is still in escrow.

Bought shows the ETH you paid in. Sold shows the ETH you have taken from resales. Claim shows the ETH you have taken from the SIMY reward and from resale proceeds. Escrow shows the current reserve value of the blocks you still hold.

9. Claims

Claims sit on the right of the auction page. You take them when you want. A claim that is not yet open stays on its own card, so you can see it while you wait.

A resale claim is the full price of a block you were holding after someone else bought it. You can claim it at any time.

The SIMY reward is 97 percent of the ETH paid for new blocks in that auction. It is shared by every name that bought blocks in that auction. The share follows the number of blocks that name bought. A new block and an older block count the same, because a buyer is not shown which is which. You can claim the reward as soon as that auction ends. On the test, that is the end of the three-hour selling window.

If you do not claim it, the amount stays yours. The next auction starts its own reward. You can claim the one that is already open, and the later one stays held until its auction has ended.

You receive a SIMY reward only if you bought at least one block in that auction. A name that buys nothing receives none of it. If no new block is bought, there is no reward to share, because a resale pays the previous holder in full.

10. The money line

Two lines sit above the claims. Each line shows the ETH amount and the dollar amount beside the name. The dollars use the current Coinbase ETH-USD price. They are there for you to read. They are not the auction price.

Deposited is the ETH you have paid into the protocol.

Now worth is the blocks still in escrow, priced at the current reserve, plus the claims you have not taken, including a SIMY reward that is not open yet, plus the ETH you have already taken out.

The auction price is the reserve written for that week. It does not move when the Coinbase price moves. Escrow is priced at the reserve of the current week.

11. Where the ETH goes

Only the ETH paid for new blocks is split. ETH paid for a resale goes to the previous holder in full.

Ninety-seven percent of the new-block ETH is the SIMY reward for that auction. Every wallet that bought blocks in that auction shares it. The share is the number of blocks that wallet bought, divided by all blocks bought in that auction. A resale counts toward that number. You claim the reward when that auction has ended.

Three percent of the new-block ETH is sent to the developer wallet at the time of the purchase. If that wallet does not accept the payment, the amount stays on the contract until it can be sent to the same wallet. The auction continues.

The developer wallet, the name registry, and every price are fixed when the contracts are deployed. A resale is not split.

12. Disclaimer

The name registry, the price list, and the auction are renounced. No administrator can change a name, a price, a fee, or a payment address after deployment. The price list is locked. The auction cannot be paused or replaced.

These contracts have been through multiple code audits, and the code has been hardened after those reviews. The audits are in the audit section of this documentation. An audit reduces risk. It does not remove it.

Every smart contract carries risk. A fault in the code, in the chain, or in a wallet can lose funds. There is no insurance and no refund. Do not spend more than you can afford to lose.

It is good practice to withdraw your funds on Mondays, after the auction has closed. It is advisable to use a new wallet for this protocol, rather than a wallet that also holds other funds.

A SIMY block is a simulated record. It is not BTC, ETH, or BNB. Nothing in this documentation is a promise that you will make money.