Whitepaper
20 May 2022
What is VYBE?
An estimated 4.48 billion people use social media. Each of these users have, on average, 8.4 social media accounts, and spend three hours a day using them.[i] This means that over half of the world’s population use over 37 billion social media accounts to post endless pictures, tweets and videos that get endless likes, upvotes, and hearts every day. Instagram alone, for example, generates 4.2 billion likes per day.[ii]
Most users, however, can’t do anything with these likes. They can’t transfer or sell them. A few of the more determined content creators have discovered how to monetize them indirectly by selling ads or redirecting followers to paid sites, but this is a difficult and inefficient process that doesn’t capture most of the value that these creators create. Most of this value, instead, is lost to, or taken by, the social media sites. One social media site, for example, made over $20 billion dollars in ad revenue in 2019.[iii] How much of that revenue did they generate from their own content? Not much. How much did they pay you for this content? Probably nothing. Actually, they did pay you — in heart emojis.
People value your content. That’s why they keep returning to social media sites for an average of three hours a day, following you and liking your posts. That’s why Twitter is worth $44 billion dollars. But what if, instead of giving your content away for emojis and virtual back slaps, you earned money for the engagement you earned on social media? What if you could capture your content’s value, transfer it off-site, and convert it into other assets?
That’s what Vybe does.
Vybe connects your social media sites to an Algorand cryptocurrency wallet and deposits cryptocurrency in your wallet for the likes, or, more accurately, engagement you get on social media. Engagement includes likes, comments, shares, retweets, followers and subscribers, which are collectively called likes here. It takes these different ways of applauding content on different platforms and standardizes them in a reserve currency called VYBE. Put simply, VYBE tokenizes likes. It makes it possible to quantify and capture the value of social influence, transfer it off-site and sell it for other assets.
Why is VYBE Valuable?
Because:
1) It captures the value of likes on different platforms in a standardized token and transfers this value off-site and into a wallet you control. It makes it easy to capture, transfer and convert this value to different assets. As long as social media content has value, VYBE has value. The mass and frequency of user engagement on content creator sites is an indication of this value.
2) It provides another way for creators to earn money, both by mining VYBE directly and by using their VYBE count as a metric to demonstrate reach and influence. VYBE quantifies social influence. The more VYBE you have, the more people who have consumed, liked and engaged your content, so the more valuable your brand is.
3) It makes it as easy as possible for non-cryptocurrency users to mine cryptocurrency. To mine bitcoin, miners have to buy expensive equipment that consumes significant electricity to calculate arbitrary math problems that are discarded once solved. To mine VYBE, miners simply post quality content on their social media sites like normal.
4) It can be used on other platforms to transfer value. VYBE is on the Algorand blockchain. Given this, it works exactly like Algo — transactions are fast and cheap. You can transfer micro-transactions, or hundreds of millions of dollars, anywhere in the world in seconds for pennies. VYBE is a tool that lets you capture and transfer value.
It has a finite supply. Like Algo, there are 10 billion VYBE. There will never be any more.
How was VYBE Minted?
On 21 January 2022, Vybe LLC minted VYBE as a non-fungible ASA “Coin Core” on the Algorand blockchain. This core consists of 10 billon equal parts. Each part is a VYBE, and each VYBE is a digital unit divisible to five decimal places. VYBE’s ASA ID is 558978094. Vybe created them in Algorand block 18781151 from wallet:
YDCDHR2TAIOHZZ2VX4WHHJFFTAINPCO3HXCMQPTDAAZHIQR5YTWNQCKPKQ
Vybe recorded a certificate of authenticity for this coin core with the IPFS. It’s on this URL and has the below IPFS Content Identifier (CID). Vybe embedded this URL and an MP5 hash of this CID in the coin core on the blockchain. The coin core is thus also an NFT with 10 billion VYBE units. Each unit links back to the core and contains this certificate of authenticity. This certificate can be seen on an Algorand blockchain in the URL, and it’s IPFS CID can be seen in the metadata hash. This certificate and hash can be used to authenticate every VYBE.
CID: QmPeM7hfHzDHWX87znzFexAVLt248SGe7BLipU36YHBf2y
How is VYBE Distributed?
Vybe LLC is distributing the 10 billion VYBE as:
Vybe is distributing 65% to the market via mining and 5% to the market via building. The building fund includes VYBE staked on decentralized exchanges (DEXs) as liquidity for trading, VYBE used to fund expansion projects, and VYBE awarded to users and Early Adopters in promotion programs. Vybe LLC is allocating 22% of the VYBE minted to employee equity, and 8% for operating expenses.
How Can I Get VYBE?
You can buy it or mine it. You can buy it on the Pact or Algofi DEXs, or mine it by:
1) Downloading an Algorand wallet
2) Creating an account on vybecrypto.com
3) Using the app to connect your wallet to your creator sites
4) Posting on your sites like usual
5) Clicking the mining buttons next to the sites you want to mine on your profile page once a day
This is our mining mechanism, and how we distribute VYBE to the world. This lets anyone with social media accounts mine cryptocurrency, and helps creators monetize their content.
How Does the Algorithm Distribute VYBE?
Vybe LLC is distributing the 6.5 billion VYBE allocated to mining once a day for circa 20 years. This equates to up to 890,411 VYBE per day, depending on how many miners mine and how many likes are tokenized:
We use an algorithm to do this. This algorithm is the engine that tokenizes likes into crypto based on content quality. It quantifies and calculates content quality so that the more likes you earn the more VYBE you get.
The algorithm, specifically, makes API calls to users’ sites and excavates the total number of likes, posts, comments, retweets, followers, subscribers, hashtags and other content quality metrics users get each day. The algorithm then takes this total for each user, divides this by the total number of likes, posts, comments, retweets, followers, subscribers, hashtags and other content quality metrics all users got that day, and multiplies this proportion by 890,411 to calculate how many VYBE each user earns. The app then automatically deposits this amount in each users’ Algorand wallets, and repeats this tokenization process, or toke cycle, 24 hours later. Users are thus miners, who mine by posting like usual on their sites, and who compete against other users to get a percentage of the 890,411 VYBE available every day. The algorithm, in its core form, is:
vd = (ucq/tcq) * 890,411
Where:
vd = VYBE distributed. The amount of VYBE distributed every day.
ucq = User Content Quality. The total number of likes, posts, comments, retweets, subscribers, hashtags and other engagement a user gets on their social media sites that day.
tcq = Total Content Quality. The total number of all likes, posts, comments, retweets, subscribers, hashtags and other engagement that all users get on all sites that day.
Vybe makes several modifications to this equation to better measure content quality:
a) Weights. Vybe may weigh variables differently. Earning a like on one site, for example, may be worth more than earning a like on another, and getting a new subscriber may be worth x times more than getting a like and y times more than making a post. Vybe has coded these variables into the equation and may adjust them periodically based on data analysis and market conditions.
b) Caps. No one user can earn more than 1% of any mining pool. Since the app distributes up to 890,411 VYBE per day, no single user can mine more than 8,904.11 likes per day. New users can also only mine up to 1,000 VYBE per day for the first 10 days. These caps prevent a super-user with a disproportionate number of likes, like a celebrity, from mining the vast majority of VYBE. They also give us time to vet new users, and act as a security mechanism to de-incentivize attacks (see our paper on fraud prevention and quality control here).
c) Promos. Vybe gives mining bonuses to users for promotion programs, like referrals, posts tagged #vybecrypto, and Vybe’s Paddle Pals program. We’ll detail these programs and bonuses on our website as they evolve.
To mine every day, users should click the mining button on their profile pages once a day. Users do not have to click more than once a day. This reconnects the API’s to user’s sites and excavates their likes so the algorithm can tokenize them into VYBE. This is required due to how the different creator sites’ APIs work. Some remain connected. Others expire after a set period. Clicking the mine button resets the connection so the algorithm can connect to the user’s socmed site and excavate their engagement off it. If users forget to do this, they can do it the next day and mine. The algorithm excavates and tokenizes all a user’s likes from a site from the last time they clicked the mining button. The toke cycle repeats every 24 hours at 1600 hours UTC, and the app disperses mined VYBE to wallets within 24 hours.
The algorithm only excavates authentic engagement from original content. It does not excavate retweets or likes bought. Meaning, retweets and bought likes don’t count.
Vybe’s goal is to distribute VYBE to creators who create the most valuable content. Given this, Vybe will alter the distribution algorithm as market conditions and content creator sites change in order to most accurately quantify, measure and capture, to the greatest degree possible, content quality. Vybe may, for example, drop or add different social media and content creator sites depending on their popularity and connectivity, and adjust how variables are weighted in the algorithm to improve accuracy.
The Future
The Vybe app is our mining mechanism. It is how we capture value for creators and distribute VYBE to market to build a community of quality content creators over time. Once established, we plan to release other use cases, such as Bntyhntr, which incentivizes movement and pays bounties for people to go to physical and digital locations.
Our mission is to turn office space into open space by using blockchain tech and the power of micro-transactions (mtx) to build apps that create value. The more use-cases VYBE has, the more valuable it becomes. We’re excited to be innovating and building a community of authentic content creators together.
Thanks for your interest.
[i] https://backlinko.com/social-media-users
[ii] https://dustinstout.com/social-media-statistics/
[iii] https://www.investopedia.com/articles/personal-finance/030915/how-instagram-makes-money.asp
