What’s In A Name? BMCHAIN Begins Monetizing Its Users’ Reputation




The rapid maturation of the Blockchain market in 2017 is a result of a key desire to create value.

Aiming to get value by monetizing the capabilities of anyone in the international community is BMCHAIN, a Blockchain-powered multifaceted platform which turns human capabilities into cash.

Every component of the Blockchain ecosystem knows that there is value in decentralized services built on an immutable ledger – businesses, investors, customers.

How this value is harnessed depends on an participant’s ideals, but 2017 has seen the ICO or token sale beat the rest as a form of fast revenue generation.

Gaining simple capital in the form of funds through distribution of a digital token remains wildly popular – tokens can number in the billions and still achieve wide acceptance, as was witnessed with Tezos’ $232 million and Filecoin’s $252 million sales.

Becoming a market stalwart demands integrity behind the token

ICOs have become so ubiquitous that already simply selling a token is insufficient to garner a trustworthy reputation, regardless of a business’ USP.

It is true that anyone can technically participate in a sale, yet more often than not, the community holding a token is imbalanced, consisting of a small number of ‘whales’ who exert too much influence.

To really achieve success, therefore, the philosophy behind distribution – appealing to and converting as many loyal token holders as possible – is essential. Civic, Vinny Lingham’s identity startup, has come closer than most at achieving this goal through controlled distribution and purchase capping, among other tools.

What else can Blockchain projects do to ensure they flourish in a market overflowing with too-good-to-be-true promises? A central topic going forward, startups are now trying to mobilize potential users by offering them value for qualities naturally inherent in everyone.

In 2016, Steemit set the ball rolling with a social network that rewarded users in tokens – convertible to cryptocurrencies and fiat – for text contributions to its platform such as articles.

BMCHAIN’s Aim To Monetize Benefits On The Blockchain

Blockchain is steaming ahead, however, and a new project is now set to advance on this primitive form of reputation-based rewards by monetizing not just posts, but everything useful a human being has to offer.

BMCHAIN, the handiwork of Russia and CIS developer Biznes Molodost, already has two million participants at its disposal.

“It’s not only about articles or comments, it’s about doing work, helping others and giving practical advice,” the platform’s cofounder Roman Moiseyev explains.

Making millions of people believe in the value of what previously had no price tag is difficult, and BMCHAIN’s team is developing a whole ecosystem featuring a reputation system calculating a user’s worth via a formula, outreach tools for businesses and entrepreneurs as well as a new token, BMT.

BMCHAIN’s own reputation is not starting out from scratch, however, as Biznes Molodost’s active entrepreneur community is 200,000 strong, centred in Russia and neighboring countries.

The platform revolves around reputation as a commodity. Using BMT tokens, which have been on sale in a pre-ICO since August 20, users can take advantage of others’ skills as well as a variety of plug-in tools currently under development.

“We’ve been able to give users the unique ability to evaluate transactions, and we can then use the resulting data to calculate reputation,” Moiseyev continues.

“This so-called ‘digital reputation’ factors into the tokens charged by the platform once a participant completes some form of action. This is how users will be able to find reliable parties which have gone through a verifiable reputation establishment process – and all of this is done using BMT as a medium of exchange.”

In future, an API will connect a range of add-ons from Biznes Molodost, such as a token issuance and support service called Token API.

“Our solution is intended as a one-stop shop for anyone – even users with no prior knowledge of Blockchain – to benefit from a bespoke way of bringing a token to market, right up to getting it approved on exchanges,” elaborates Moiseyev.

Keeping A Grip On Security And Long-Term Integrity

With Blockchain definitively in vogue this year, BMCHAIN should hardly struggle to find the vast numbers of target audience members it plans to use its services.

Yet, as countless projects have shown – including Steemit when it was hacked soon after opening – the higher a Blockchain business aims, the bigger the potential for disaster and damaging loss of reputation.

“Immutability is by far the most important characteristic of Blockchain, and its implementation at the heart of our platform allows us to assess user transactions instantly and error-free,” Moiseyev continues.

“We can also take advantage of automatic arbitration and make considerable savings on both time and financial investments. If you get Blockchain right, it means huge number of transactions every second, almost without cost, while at the same time being completely trustworthy and verifiable.”

Robust security is understandably top of developers’ list of priorities going forward, especially given BMCHAIN’s plans to act as an international payments network in the coming years.

“The market is now right for introduction of our platform – we foresee half a million unique users within the first year,” Moiseyev concludes.

“A pre-sale pitch to investors generated 1,506 ETH (worth $466,000 on August 16), and the first day of the pre-ICO itself raised 245 ETH ($70,000 on August 21).”

 

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.

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