Botcoin utility and “Proof of Value” ecosystem
Our basic crypto economics is based on “proof of value” principle.
All of us spend overwhelming amount of our time and skills – both quantifiably scarce resources – across various social media activities but so far there was no way to monetize this value created due to lack of either intent from the companies or availability of a robust micro-transaction method. Botcoin is meant to put a price on these contributions.
Using any alternative method (e.g. USD or BTC) is not feasible for bootstrapping network growth as that creates initial friction for consumers, leads to unnecessary transaction fees and doesn’t fulfil the core objective of money distribution among network participants.
Additionally own coins will provide currency stability and kick-start the whole Bottr economy by putting an economic value on early contributions. Not to mention the obvious benefits of better governance and sustaining early development costs.
Unlike many other altcoins, Botcoin has intrinsic value representing skills and time and can be easily quantified and used as a medium of exchange.
Through Botcoin market participants are able to perceive, and appropriately reward, the value offered by the other party. In conversational context, at a granular level standard “proof of value” protocol consists of:
1/ Requester – identifier of the party who requested a response
2/ Responder – identifier of the party who sent the ‘message’
3/ Message – actual data (of any supported type) and its unique identifier
4/ Amount – Botcoin to be sent to the responder
Here are some specific ways in which the coins will be used in the economy:
Real example of Botcoin’s use in the current system