The billion-dollar Blockchain goods and services industry knows – from entrepreneurs to users – that this decentralized technology holds huge potential value.
How they make it tangible, however, involves making a choice – of the many ways of ‘mining’ this value, the creation of monetary wealth has so far taken a leading role in the form of the ICO or token sale. Issuing digital tokens has netted countless businesses millions of dollars overnight in an industry which shows no signs of slowing.
Owning the Blockchain Market Is About More Than Tokens
Yet as token schemes become old news, those businesses seeking longevity already know the need to present a solid proposition and gain a reputation worthy of Blockchain principles.
There are practically no limits on buying into an ICO, but the purchasing habits of investors from many schemes have the danger to detract from the kudos of the issuer. Huge swathes of tokens snapped up by powerful bagholders create one-sided markets with little organic activity.
Thus, in order to become a market stalwart, as many users as possible must take an active role in a Blockchain tool or service, as well as its ICO (if one is offered).
Successfully achieving the latter is Civic, the identity startups whose ICO contained safety parameters to ensure wide issuance and an attractive medium of exchange in the form of CVC tokens.
How does one involve the community and make members wish to continue investing time and activity in a project? This question concerns the next generation of Blockchain startups looking to go beyond first movers.
For crowd-based networks, Steemit was the prototype of a successful platform rewarding users for valued contributions, principally in the form of articles and other text-based items.
BMCHAIN’s All-Out User Monetization
Innovation continues a blistering speed in Blockchain, however, and in 2017 a new player, BMCHAIN, is looking to adapt the revenue-sharing content model to include any human ‘benefit’ imaginable.
“Monetization for us will come from a significantly expanded range of tools – not just text creation, but completion of any kind of task, as well as offering assistance and experience,” Roman Moiseyev, cofounder of the Russian platform explains.
BMCHAIN’s proposition to create value from how a person naturally is is a bold endeavour and will require the creation of a mini economy – the all-important reputation generator, a bespoke token and add-on tools.
Its developer Biznes Molodost is in a firm position to start on the right footing, with a 200,000-strong community of entrepreneurs based in Russia and CIS member countries.
Reputation is the essential property underpinning the BMCHAIN model, which unlike Steemit and Golos will employ a mathematical formula to create the representation of a user’s benefits in the form of BMT tokens, currently up for pre-sale.
“The unique ability to assess transactions is what allows us to create a scientifically-determined reputation rate,” Moiseyev continues.
“Users will earn the relevant amount of BMT from the system based on this digital reputation. Those looking for content or services will thus be able to see at a glance who is truly reputable, and then commission them using the tokens.”
The future of BMCHAIN revolves around its functioning as a mecca for Biznes Molodost products, which will be linked together via an API.
Among those add-ons will be Token API, an ICO creation template allowing anyone to distribute and bring a token to market.
“The solution we have in mind will mean any user will be able to utilize Blockchain technology to debut a digital token – from issuance to clearing it for trading on exchanges,” says Moiseyev.
Integrating Security For An Infinite User Base
Blockchain is quickly becoming the last word in fintech fashion this year, and BMCHAIN is unlikely to find gaining new users challenging.
As the industry witnessed with Steemit, however, the risks involved with launching an all-inclusive monetized Blockchain network are steep.
“The fundamental basis of our Blockchain technology is that information remains immutable. We can perform risk assessment on user transactions and capitalize on automation while keeping time and cost input to the bare minimum,” Moiseyev expands.
“Split-second processing of thousands of transactions practically free, without worrying about forgeries or reliability – that’s the reality of Blockchain done right.”
For developers’ peace of mind, security really does need to be top notch. Plans for BMCHAIN will potentially see a fully-fledged payment system go live, challenging the likes of major players such as Ripple.
“Direct implementation is planned for half a million entrepreneurs in the project’s first year,” Moiseyev finishes. “In our pre-ICO, 1506 ETH ($466,000 at August 16 rates) came before launch from a presentation to investors, while the first day’s sale gathered another 245 ETH ($70,000 at August 21 rates).