The BBS Network is a public network of interconnected message boards (nostalgically called BBS, for Bulletin Board System), where all critical data is kept on-chain and every post is an NFT. The BBS token can be used to purchase ad space across the entire network as well as be staked to govern the network. Mining BBS tokens is done by generating verifiable engagement on user-created BBSes. In a sense, BBS Network can be likened to a "decentralized Reddit", spread across multiple domains to prevent censorship, while maintaining a network effect and openness for anyone to build upon.
End-users are rewarded based on their contribution, weighted with their traditional social media clout, in order to incentivise the migration of influencers. Ad revenues are distributed automatically to the post publishers, content curators and board moderators, rewarding contributing members financially and encouraging healthy community alignment. A pre-launch version of BBS is currently being piloted at bbs.market with more than 10,000 weekly visitors to multiple pilot BBSes.
In order to bootstrap the BBS network, 50% of BBS tokens will be distributed each day over multiple years to BBSes, based on the user engagement they generate relative to the rest of the network. Engagement is defined in this context as "Real Users generating Real Content generating Real Impressions".
Members of the BBS system are encouraged, through their daily bonuses, to link their social accounts from YouTube, Facebook, Reddit, and other popular social networks. Daily bonus amounts are based on the member accounts' Social Capital (representing the members' followers, friends, karma, etc.) in order to attract high-profile members as well as to prevent fraud.
The engagement generated by a specific BBS is simply the total number of post views by registered users on that BBS. Only registered members are counted to incentivise BBSes that have real and engaged communities..
Daily Distribution Logic
The daily BBS token allocation for each specific BBS is calculated as follows:
Daily Token Distribution * (Engagement on the BBS / Total Engagement on the BBS network)
The BBS token distribution to BBSes is executed in the form of ad purchases by the BBS DAO. The DAO may also resale some of the purchased inventory to 3rd parties.
A BBS Blacklist is used to deter attempts to fraudulently gain BBS tokens from the engagement mining by faking user activity. To start mining tokens, a BBS has to maintain the number of daily impressions by registered users above a (X) threshold for (Y) days.
The X and Y values are set via the BBS governance voting process to make sure that eligible BBSes can be realistically reviewed by the community prior to receiving BBS tokens.
Through the governance system, BBSes can be added or removed from the blacklist. Blacklisted BBSes are ignored in the daily token allocation process.
This mechanic incentivizes existing BBS owners to review, detect and report any fraudulent activity sooner rather than later in order to prevent the fraudsters from taking any share from their daily token distribution.
The BBS Network utilizes an ERC-20 token - BBS (written here with a strike through the S). The BBS token is used as the native currency of the BBS network, flowing between BBSes, Operators and Developers. BBS tokens enable the holder to participate in network governance via voting.
● Advertisers use BBS tokens to buy ad space on different BBSes.
● Royalties from revenues are paid to developers, operators and BBS owners in BBS tokens.
● BBS token holders can vote on governance proposals concerning:
○ Beneficiaries of newly issued BBS as well as BBS burning policies
○ Network upgrades and project funding
○ BBS interoperability standards and integrations - enabling all BBSs to function as a single network
● BBS holders can choose to lock their tokens for up to multiple years in order to:
○ Boost their DAO voting power (given their commitment to hold BBS tokens for the long term)
○ Earn fees from trades on the BBS-BNT liquidity pool (with no impermanent loss)
○ Earn staking rewards, also boosted by longer lockup periods
The BBS tokens are distributed as follows:
● 50% - Engagement Mining (Explained Below)
● 13% - Liquidity Mining & Staking Rewards
● 17% - Initial Capital Providers
● 10% - Long Term Development and Operations Budget (Reserve)
● 10% - Founding Team
In order to bootstrap the BBS network, 50% of the BBS tokens will be distributed over multiple years to BBSs as ad revenues, based on the user-engagement they generate relative to the rest of the network on each day.
Members of the BBS system are encouraged to publicly link their BBS account to their existing social accounts from YouTube, Facebook, Twitter, Reddit, and other popular platforms. Daily bonus amounts are based on the member accounts’ Social Capital (representing the members’ followers, friends, karma, etc. in the different networks) in order to attract high-profile members as well as to prevent fraud.
The engagement is measured using post impressions by registered members. The primary reason is to prevent fraud, as registered members are authenticated and their social capital can be monitored to detect anomalies.
The DAO may set a different CPM for any specific BBS category, language or other parameters.
The CPM is the BBS token amount paid for 1,000 registered members' post impression. The CPM rates would increase or decrease in order to hit the BBS token daily engagement-mining distribution targets.
Engagement Mining Fraud Prevention
A BBS Blacklist is used by the DAO (BBS Network Governance) to deter any attempts to fraudulently gain BBS tokens from the initial distribution by faking user activity. BBS tokens can be earned through engagement mining as soon as the BBS Network is launched. For a BBS to participate in mining engagement
- The BBS has to hit a minimum number of posts per day, for a set period (e.g. a week). This ensures that only active BBSes would require a review.
- An additional period (e.g. another week) has passed since the BBS has reached the previous threshold - so that the community would be given a chance to review the new BBS before it becomes an official engagement-mining beneficiary.
The specific periods and thresholds are set via the DAO voting process to make sure that eligible BBSs can be realistically reviewed by the community prior to collecting their mined BBS tokens.
Through the governance system, BBSs can be added to or removed from the blacklist. Blacklisted BBSs are simply ignored in the daily token allocation process. This mechanic incentivizes existing BBS owners to review, detect and report any fraudulent activity sooner rather than later, for each day it continues is a day they are directly harmed,
despite the fraudster ultimately being stripped of their earnings. Lastly, the BBS DAO uses the BBS tokens to purchase ad space from the BBSes, at a price-per-impression set by the DAO. The data collected through those campaigns (CTR,
conversion rate, etc) would enable transparent monitoring of the actual volume and nature of participating BBS's user traffic.
The BBS Network DAO will be launched by BBS Switzerland AG - A fully owned subsidiary of deWeb LTD.
● deWeb will sign a license agreement with BBS Switzerland for the product’s source code which may be assigned to 3rd parties through a BBS network DAO governance decision.
● Initially - BBS network data (users, posts, etc.) will be stored on the EOS blockchain, given its low cost and high speed.
A bridge for the BBS token will be deployed between Ethereum and EOS.
The bridge will enable locking BBS tokens on Ethereum, using them on EOS, and redeeming them back on Ethereum.
An oracle feed for the BBS:USD price will be deployed on EOS in order to enable conversions between BBS and any CT at market values.
● A novel liquidity-mining program, which features impermanent-loss insurance, is being considered together with Bancor.
- Blockchain and cryptocurrencyTopics related to blockchain and cryptocurrency.
- Social media
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- Eyal HertzogI've been focusing on building and launching end-user ecosystems online since 1998 in the domains of social networks, content sharing, user-generated currencies and blockchain.
- Israel LevinResearcher and CTO of BBS Network.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.