Introducing the NFTB Token
NFTb is built to reward creators and platform users. As such, our first goal is to structure the token economics of the network to incentivize creators of digital art and collectibles to create NFTs and sell them on NFTb.
Quick note: NFTb = the platform name. NFTB = the token.
Let’s go in dip details about the project
Overview of the NFTB Token
The token will be used to facilitate platform governance and boost engagement by creators and buyers & sellers. The current token economy is shared below.
The token metrics are structured to capture network participants who share our vision for the long term success of the project.
Tokens will be rewarded to users and creators as soon as the platform is live. However, all network participants will have vested tokens, to avoid a large amount of sell pressure and/or gamification of the token price.
This lockup is especially important for early investors and team members. Early buyers and users of the platform should be able to accumulate and hold without worrying that investors nor team members will sell large amounts of tokens all at once. As such, we propose a slow-release vesting schedule whereby the majority of the token supply is locked early on, then tokens are released daily.
UPDATE — The max supply of tokens will be 1 billion
Purpose of the NFTB token
NFTB will be used for the following:
- Incentivizing creators: rewarding creators who create and add NFTs to the platform.
- Maintaining Governance: decisions to integrate new protocols, edit pool parameters, edit risk parameters, etc
- Fee Discounts: the token can be used for discounts on the platform
Let’s take a closer look at each aspect of NFTB.
Features of the fund will include, but are not limited to:
- Complete funding of the gas cost needed to mint NFTs
- Beginner-friendly staking and usage solutions that do not require Metamask (similar to tor.us)
- Early-adopted rewards, with higher rewards bonuses going to creators who use the platform earlies
- Outreach and engagement on other media platforms and communities. At the outset, this will be predominantly on Instagram
- Onboarding and support for new creators and users
The importance of a well executed business development model and onboarding strategy cannot be overstated. The most successful and well-funded NFT platforms are those which have made the greatest inroads into mainstream markets, e.g. NBA Top Shot with the NBA and Sorare with major football/soccer leagues.
Additional features of the Creators Fund will include a manual check for rewards allocation at the start. This is to avoid wash/bots trading, the type of which befell Rarible. Later, we will have a formal code-based verification system to ensure the authenticity of all creators and their work.
Copycats and fakes are becoming a problem in the NFT space and will continue to be an issue, so it’s important that all work on NFTb is 100% genuine.
The NFTb DAO and Voting Rights of NFTB Holders
Our ultimate goal is to evolve towards a Decentralized Autonomous Organization (DAO), where all decision rights will belong to the platform users.
The token, awarded to the active users of the platform, will act as the governance instrument: it will enable collectors and creators to vote on multiple upgrades and decide how the platform should develop further. This makes the governance of the platform directly responsive to our most active users and brings closer to being a public good operated by the community members who value it most.
Issuance and Mining of NFTB
NFTb will take a holistic approach to network mining that enables changes to issuance and rewards over time, to maintain steady growth and health of the platform.
The largest allotment of NFTB tokens will be utilized to incentivize the creation and usage of the marketplace by creators and collectors, in a process called NFTb Platform Mining, following the structure set forth by Rarible.# Put simply, users will earn rewards by using NFTB – not buying and selling tokens on the platform.
The Marketplace Liquidity Mining rewards (NFTb Rewards) make up 45% of all NFTB tokens. Users and creators may earn NFTB, which will be vested over a period of time. NFTb Rewards are issued at an annual rate of 2 million tokens per annum.
Initial rewards will be manually given to NFT creators/buyers to avoid gamification of the platform and to ensure quality of listings. V2 of NFTb will include an automated verification system.
NFTB Determining Emission Rate
When determining the rate of emission and rewards structure, it’s important to weigh the needs of each stakeholder (re: NFTB holder) and how their needs may change over time.
Namely, we want to avoid a situation where token issuance is high for the purpose of acquiring users early, but at the cost of acquiring users who have limited interest in using the platform long-term. To balance the needs of the network — that is, acquiring new customers and keeping them long term — we believe that a lower emission schedule is the smart choice.
Deflationary Burn Function
NTFb will burn 25% of the Ecosystem Fund and Mining Rewards over the next 20 years. Our burn will function similar to the BNB mechanism which takes into account multiple factors including:
- Budget not spent
- Network growth in TVL and users
- The stability and health of the protocol
The goal of the burn is deflationary, creating price stability and encouraging user network growth in the form of governance token holders.
Further information about the proposed burn structure will be provided in subsequent blog posts as well as community voting.
Our current proposed model for the burn mechanism is as follows:
Network Usage Burn
Similar to how Kyber and XRB implement deflationary practices in the form of network usage burns. Fees generated on the platform (10%) will be accrued to governance tokens holders of the DAO as well as the NFTb treasury. Burns will only be initiated quarterly on the treasury side of NFTb.
Budget Network Burn
A proposed budget will be set forth for platform expenses including developers, marketing and network incentives. Funds not spent will be burned on a 6 month basis.
The initial proposed token supply for the NFTb Rewards and Ecosystem Fund will also be reviewed on a 6 month basis, and subsequent rewards not given to creators or buyers of NFTs will be burned as well. The goal of said function is to provide a strong deflationary pressure for overall supply.
This applies only to token reserves in the Mining rewards and Ecosystem Fund, which together equate to 60% of the token supply.
Both proposals will be open to vote and review by the community before each proposed burn.
NFTB Release Date
21 May 2021
Stay tuned and don’t forget to be part of the community when the token is launched.
Comment your idea!
ETH miners will become poor
ETH miners. Ethereum Merge has been delayed a couple of times now. Finally, we’re supposed to see it in August this year. At least Tim Beiko, Ethereum developer coordinator, says Eth Miner. Ethereum.
Ethereum Merge has been delayed a couple of times now. Finally, we’re supposed to see it in August this year. At least Tim Beiko, Ethereum developer coordinator, says that the probability of another delay THIS TIME is between 1%-10%. The last hope of ETH miners to stay afloat is slowly fading away.
The Merge, a big upgrade to the network that will introduce a proof-of-stake consensus mechanism instead of proof-of-work that requires mining, can reduce Ethereum’s energy consumption by about 99%.
For miners, this is devastating, since a lot of them have spent about $15 billion on graphics processing units (GPUs) alone, not to mention additional costs, such as electricity bills, etc.
If the legendary Merge happens, ETH miners will be left with no choice but to choose a new cryptocurrency for mining. Monero, Ravencoin and Ethereum Classic are the most popular choice so far
How to Import a Watch Address on Trust Wallet, Exclusive Update
Watch Address Trust Wallet, How to Import a Watch Address in Trust Wallet. This can be a great way to keep an eye on your funds in any wallet, but especially a cold wallet while still keeping the private keys off the internet.
What is a Watch Address?
A Watch Address is basically the receiving address or wallet address. Importing any supported Cryptocurrency address will allow you to view the tokens and collectibles, as well as transactions associated with the said address. When importing your address, you cannot do any transactions with the wallet.
This can be a great way to keep an eye on your funds in any wallet, but especially a cold wallet while still keeping the private keys off the internet.
Watch Address Image
What Watch Address Can Do?
- You can view that address’ transaction history
- You can view the volume and price of tokens associated with that address
- You can send tokens to that address
What Watch Address Cannot Do?
- You cannot send funds from that address to exchange (like Binance
- You cannot send funds from that address to another wallet
- You cannot sign smart contracts
- You cannot use the DApp browser
Importing a Watch Address on Trust Wallet
What is Trust Wallet?
Trust Wallet is an easy-to-use, actual multi-chain noncustodial wallet, which allows you to store and manage over 6 million crypto assets 528 including NFTs across 68+ blockchains—no more storing your assets 528 across multiple custody wallets or exchanges! You’ll have peace of mind knowing all your assets are in one safe place.
Your private keys are stored on your device and your assets 528 on-chain meaning you are in full control at all times. Trust Wallet gives you the ability to natively buy, swap, and stake 98 your favorite crypto without having to leave the app and also connect to dApps with the in-built DApp 165 browser.
Trust Wallet is used by over 50 million people worldwide!
Don’t have Trust Wallet yet? Download here: Trust Wallet App
Importing Wallet Address in Trust Wallet
We will now proceed to the process of importing a wallet address for viewing purposes. In this scenario, we will choose to Import an Ethereum wallet.
How to Access Wallet Import Screen
- Open Trust Wallet and then tap on Settings.
- In the Settings screen, you will find here Wallets.
- Tap on the “+” sign on the upper right to access the Import Screen. Tap on Ethereum. We are choosing Ethereum here, but of course, you can import any wallet within the supported chains seen on the import screen.
Type the Wallet Address on the Address tab of the Import Ethereum screen. Alternatively, you can scan the QR code(if you have one). Put a Name so that you can easily recognize the wallet. Once you are done typing, just tap on Import.
Don’t have Trust Wallet yet? Download here: Trust Wallet App
BNB Chain Network Upgrade, Trust Wallet and Binance will Support the Upcoming Upgrade on BNB Chain Epic
BNB Chain network. BNB Chain network upgrade allows for more computing power on BNB Beacon Chain for security and governance. BNB smart chain. BNB
BNB Chain network
This upgrade allows for more computing power on BNB Beacon Chain for security and governance. With this upgrade, DEX features are removed from BNB Beacon Chain, with the DEX features remaining on BNB Smart Chain.
BNB Chain network Upgrade
For Trust Wallet User
Trust Wallet will support the upcoming BNB Chain network upgrade. This will occur at the block height of 264,000,000, estimated on September 2, 2022, at approximately 6:00 UTC.
For Trust Wallet
- This will mean we are removing the exchange tab functionality for BNB Beacon Chain, which will not be present in the app for placing new orders.
Swaps of BNB will still be available.
For more info, click here
For Binance Users
Binance will support the BNB Beacon Chain (BEP2) and Beam (BEAM) network upgrades and hard forks.
- The BNB Beacon Chain (BEP2) network upgrade and hard fork will take place at the BNB Beacon Chain block height of 264,000,000, or approximately at 2022-09-02 06:00 (UTC). Deposits and withdrawals on the BNB Beacon Chain (BEP2) will be suspended starting from approximately 2022-09-02 05:00 (UTC).
- The Beam (BEAM) network upgrade and hard fork will take place at the Beam mainnet block height of 1,920,000, or approximately at 2022-09-02 09:00 (UTC) . Deposits and withdrawals for BEAM will be suspended approximately starting from 2022-09-02 08:00 (UTC).
- The trading of tokens available on BNB Beacon Chain (BEP2) and BEAM network will not be affected during the network upgrades and hard forks.
- The BNB Beacon Chain (BEP2) network upgrade and hard fork will take place at the BNB Beacon Chain block height of 264,000,000. The estimated time is for users’ reference only.
- The Beam (BEAM) network upgrade and hard fork will take place at the Beam mainnet block height of 1,920,000. The estimated time is for users’ reference only.
- Binance will handle all technical requirements involved for all users.
- The BNB Beacon Chain (BEP2) and Beam (BEAM) network upgrades and hard forks will not result in new tokens being created.
- We will reopen deposits and withdrawals for BNB Beacon Chain (BEP2) and Beam (BEAM) network once we deem the upgraded networks to be stable, and we will not notify users in a further announcement.
- Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
For more information on the network upgrades and hard forks, please refer to the following:
Read More on BNB Chain network Upgrade, click here
How to Take your Crypto Knowledge to an Advanced Level
Crypto Knowledge. you’re missing one important fact. No one was born a trader with a 95% success rate on all trades. No one has raised a successful investor with a 10,000% ROI.
Crypto Knowledge Level
You probably follow a bunch of Telegram or YouTube channels related to crypto and think to yourself, “Sh%t, this guy knows so much, I could never come close to his level of success.
But you’re missing one important fact. No one was born a trader with a 95% success rate on all trades. No one has raised a successful investor with a 10,000% ROI.
The success you see is the result of battle-tested skills, tons of experience and years of learning. FYI, huge elements of such knowledge are derived from open resources that are also available to you
This archive contains 99% of the info you need to become an ADVANCED crypto user. Devour it and train your brain
Bit.Country has announced the launch of incentivized testnet in 2022
Bit.Country & Metaverse. Right now you can join their testnet competition in creating various metaverses on the platform. Bit.Country coin. Bit.Country token price. Bit.Country metaverse.
Bit.Country & Metaverse. The network is a platform & blockchain ecosystem for user-created metaverses, games, and dApps. Community owners, influencers, KOLs, and individuals can launch their own metaverses for their members, fans, followers, families, and friends.
Project partners include Animoca Brands, Moonrock Capital and others + this is probably one of the biggest metaverses that Polkadot will ever see.
Right now you can join their testnet competition in creating various metaverses on the platform.
- 1st-10th place: from 12 to 1 Raw land block units on the Canary Network on Kusama
- 10th-100th place: a limited edition NFT that will boost users’ staking rewards by 10% for 14 days
STEPS TO PARTICIPATE
Create a Polkadot.js wallet if you haven’t yet
Deadline: July 28
Details: CLICK HERE
Know more about Bit.Countr