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cryptolit (OP)
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October 14, 2020, 06:48:02 AM
Last edit: October 16, 2020, 07:58:42 PM by cryptolit |
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Captain Bitcoin      What is Captain Bitcoin?⭐ 1. AbstractCaptain Bitcoin is a disruptive cryptoeconomic incentive game designed for driving mass adoption of blockchain and cryptocurrency. It utilises Mechanism Design to draw in new and existing users to the cryptospace, where productive user action is directed to partnered crypto products. A dual token economy (CAPT and Bitcoin) is leveraged to connect these users directly into the DeFi space and the wider crypto economy. It utilises markets as consensus mechanisms to dynamically order a daily content show reel, which feeds crypto content to a rapidly growing and highly engaged user pool. It is the entrance portal for new users to the cryptospace.⭐ 2. IntroductionCaptain Bitcoin is an adoption technology.
It is designed to provide sufficient incentives for users to cross the adoption gap on blockchain and cryptocurrency based applications, acting as the entrance portal to the cryptospace.
Captain Bitcoin’s mission is to drive mainstream adoption of Bitcoin, cryptocurrencies and blockchain-powered applications.
The adoption rate for blockchain and cryptocurrencies is slow, yet growing, with three main contributing barriers being:
● Lack of education on technology
● Lack of education on products
● Lack of education on the advantages of blockchain products
Captain Bitcoin is here to change that. 
Our video content and advertising platform strives to provide a low barrier to entry for people both in the industry and those just starting to explore it, while providing access to simple to understand educational content and being rewarded to do so.
Not only do we educate our users, but we pay them to discover and learn. By doing so, we are fundamentally changing advertising and learning models.
Traditionally, the main ways participants have obtained cryptocurrency in this industry is through mining, buying or participating in airdrops of projects coming into the market. However, this has solely been done by individuals who have had exposure to the industry and who know the sources to do so. Therefore this primarily assists the people already involved in cryptocurrency and is overwhelming for a newcomer.
Mining requires technical knowledge and a high-cost upfront, with many receiving comparatively negative returns. Buying cryptocurrency is the most effective route, however, without proper knowledge or understanding of the industry it can provide problems for users not participating at the right time or in the right investment by causing losses.
We strive to use this model to drive adoption and new users to platforms and projects, ensuring our users and their time is rewarded positively.
In addition to the users earning rewards for watching each video, we also do a daily bitcoin giveaway. In order to enter the giveaway, users must watch a minimum of one minute of video content on the platform on that day.
The platform launched on 22 May 2020, is nearing its third month of live deployment, amassing over ONE HUNDRED FORTY THOUSAND users in its Beta Phase and reaching unprecedented levels of engagement on video content provided by our partners.
It utilizes innovative token economics to drive adoption to the platform and funnel users to our crypto partners, whilst being integrated directly into the emerging DeFi space.
The Captain Bitcoin token economy leverages the power and potential of both Bitcoin and Ethereum networks, providing users with a daily allowance of the CAPT ERC20 token and a probability of winning Bitcoin, determined by their CAPT balances.⭐ 3. How it works
1. Create an account using Ethereum address
2. Watch blockchain and crypto-related video content (limited to ~10 minutes per day).
3. Each video is followed with a multiple-choice question, answer correctly to earn Captain tokens and participate in Bitcoin giveaway
4. Invite other members to the platform in order to increase the number of tokens earned and increase chances of daily winning Bitcoin
In the Bitcoin network, miners across the world carry out work to find blocks, crunching trillions of numbers a second. When they find a block, they get a reward. This is called Proof of Work and it is the key to making Bitcoin the world-changing technology that it is.
The work on the Captain Bitcoin platform is watching videos and answering questions and inviting others to join the network. Just like with Bitcoin miners, the more work you do, the more chances you have of winning!Each friend you refer to the platform equates to the user doing 5 minutes of work during that cycle or on that day.
To do this, we have devised a unique way of increasing your probability of winning by the amount of work you do on the platform. For below example, we will assume we only have five active users on our platform and carry out below tasks during one of the cyclesAs per the above table, the total minutes ‘watched’ on the day = 85
The work done defines the number of tokens a user earns on that day and the odds of them winning the Bitcoin. For example :
Username 4 has watched 23 (8 + (3x5)) minutes out of the 85 minutes watched on the day. So he will :* Earn 27.06% of the tokens on that day* Have 27.06% chances of winning Bitcoin on that day (in current model)
Users earn CAPT daily and have an option to stay in the system, earning additional yield if they are in the Gold, Silver or Bronze team and taking part in the Bitcoin draw, or they can withdraw their tokens and trade them in the markets.
⭐ 4. Decentralised Exchange Trading PairsAs a platform, we are also on a mission to use the pre-mine to create as many trading pairs with the CAPTAIN token and other ERC-20 tokens over time.
This will allow our users to buy other tokens in the ecosystem with the CAPT tokens they earn on the platform.
Our aim to create 20 trading pairs before the end of 2020, making the CAPT token core part of the DeFi infrastructure across exchanges such as Uniswap, Mooniswap and so on.⭐ 5. StakingFor Proof Of Stake tokens, staking is the act of holding your funds in a wallet to support the operations of the blockchain. By doing this, you are helping the network and gain rewards, allowing users to earn passive income from their crypto.
Since the CAPT token is a proxy for work in our system, our staking system provides the opportunity for users to gain access to an uplift in rewards based on their token balances.
In our model, users who stake their tokens are helping add deflationary pressure to the token, which counteracts inflationary mechanism of the daily mine.
Majority of the networks provide fixed APY on the tokens used for staking. With Captain Bitcoin the amount of token rewards are going to be variable, taking into account two factors > Daily emission rate (we use deflationary inflation model, more on this later)
> Number of tokens staked on any given day/cycleUsers will require a minimum of 2,100 CAPT tokens in order to stake their tokens.Each stake of 2,100 tokens will create a " ticket "
The Stakers in our system will receive 30% of the daily tokens minted as staking rewards.
Example of rewards below :
Unlike many staking mechanisms, which require locking up assets for prolonged periods of time, our staking mechanism rewards users daily and they can withdraw their staking rewards any time they like.⭐ 6. Token economicsToken Name : CAPTAIN
Token Ticker : CAPT
Initial supply : 2,100,000 (2.1 Million)
Daily Emission : Starting at 21,000 per day, reducing by 21% every 32 days
Team Distribution : 10% of daily emission
Community Distribution : 90% of daily emission
Max Token supply : ~5,300,000 Million tokens after 5 years
Token contract : https://etherscan.io/address/0x03A5D1d4c764deCf50aE12DEcbeD8A51A421FAa0The initial supply of CAPT, a standard ERC-20 token, is 2.1 Million. 1.1M of these tokens are to be used for boosting the value of the network in the future. For now, they remain under lock and private key and the remaining 1M tokens are to be distributed to our early adopters and token holders proportionally based on their balances at launch.
In addition to that, CAPTAIN token is subject to deflationary inflation, where the number of new tokens created reduces by 21% every 32 days. The starting number is 21,000 / day.
Why 32 days?
We wanted to remain loyal to the Bitcoin brand, and Bitcoin halving happens every 210,000 blocks on the Bitcoin blockchain, which happens roughly every four years.
In the same way, we will reduce our rate of inflation every ~210,000 blocks on the ethereum chain, which happens roughly every 32 days.
Of the daily created tokens, below is the distribution :
60% of the tokens are distributed to video watchers
30% of the tokens are distributed to stakers
10% of the tokens go to the team to continue development of the platform
The total supply of CAPT tokens should peak out at around 5,300,000 tokens in 5 years.
This token distribution is subject to change at a later date where we will add functionality where token holders can participate in the daily Bitcoin giveaway, simply by holding tokens and without watching videos.
Below is the visual representation of the numbers over 5 years of emission :
Because of this, Captain Bitcoin can be thought of as a cryptowork platform. At the moment, we measure the work you do as users in 2 ways, watching the daily videos and referring your friends to the platform.
* NO TEAM ALLOCATION FROM PRE-MINE *
* NO PRESALE WAS HELD *
* NO ICO WAS HELD *
* EQUITY INVESTORS GOT NO PREFERENTIAL TOKEN ALLOCATION *
* NO ICO WILL EVER OCCUR *⭐ 7. InflationCaptain Bitcoin has an inflationary token economy. This is because we need to incentivise our miners in an on going basis, to keep adoption moving.
The strongest meme in crypto is finite supply. The vast majority of the projects in crypto have followed this for entirely arbitrary reasons i.e. because Satoshi did it.
Sooner or later this may cause problems for Bitcoin and many of the other networks that have followed it. After the next halving, a winning miner will only receive 3.125 BTC. If they have spent more on energy over the period of time it takes them to win a block reward, than the market value of those bitcoins, it is not worth them mining and the network is in trouble.
Unlike Bitcoin, all of our miners receive a proportion of the block reward every day. That’s a lot of people who share the reward. As more users join the system, the less rewards each miner gets. In BETA already this had dropped from over a million CAPT per day to the low thousands. In our system, the reward halves every time the user base doubles.
We need an inflationary schedule or our miners have no incentive to watch the video reel and participate in the system.
Captain Bitcoin has a smart (not arbitrary) monetary policy and it is our users that will determine what future of it looks like. This is the future of token economics.⭐ 8. Partners                   
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