Bitverse

Photo by Alexander Popov on Unsplash

With the advent of technologies like Ethereum and IPFS, things gonna change and things gonna change fast

In an open internet you wouldn't want an artist to just sit there while the world devours their art for free.

We gotta have a system that can acknowledge, appreciate and reward creators on the open web.

Every content that exists on the web provides some kind of value to one person or another. And we can get a sense of how much value it generates by looking at the number of people that consumes it.

This information can be discerned using metrics like Likes, Comments, Views, Shares, Subscribers etc.

What does a ‘LIKE’ represent anyway?

  • It may represent that someone out there supports that creator and admires their work.
  • It may signal that the content and the creator are appreciated, as they add some kind of value to the consumer’s life.
  • It contains some kind of value which makes the content worthy of existence.

So, what is Bitverse?

In Open-web, content creators would be creating value without capturing it.

Bitverse creates a system to correct the asymmetry between value created and value captured.

Quite simply put it’s a trustless program (a DAO) on the internet that records all the likes/dislikes an NFT or a Content gets and rewards the creator autonomously.

How does it do it?

  • It rewards creators by minting ERC20 tokens directly to their wallet for every certain number of netlike (total likes - total dislikes) they can accrue on their content.
  • Those tokens can be used to get a sense of how much value you are generating through your content, NFTs etc.
  • Those tokens would represent the likeability and credibility of the content as well as the creator in the vast expanse of the distributed network.
  • Creators can choose to trade these tokens on DEX, Crypto-Exchanges or hodl if they like.

The content can literally be any piece of data on the internet, as long as it has a CID.

Bitverse is content agnostic.

Be it a blog, a video, an image, an eBook, a website, a piece of music, a tweet etc., bitverse got you covered.

An overview of how bitverse can/would work.

Potential Upsides:

  • Creators won’t have to depend on big platforms and their big daddy algorithms.
  • Decentralized Organizations can use this metric in useful ways.
  • It would be helpful in decentralized web ranking, search and stuff.
  • Would provide gateway to other developers to build their apps/services on.

Motivation:

In open web where accessing a content would just be a matter of knowing its CID (content’s address), there’s definitely a need for protocols/apps/systems that could recognize/reward/compensate creators, and I think Bitverse could be found helpful here 🤞.

Some Links:

Read the Incentive structure of bitverse here.

Check out the smart-contract: bitverse-smart-contract

Website: bitverse.xyz (deployed on Mumbai Matic Network)

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