Updated BoatPilot tokenization
BoatPilot is happy to inform you that we’ve finalized the model of NAVI token integration within our ecosystem. Marine charts need to be updated most frequently and are the basis of our project. According to the new structure, BoatPilot will update all current charts utilizing the geo-data that is sent by those users who have the BoatGod module installed on their vessels, and reward such users with NAVI tokens.
All of the updated geo-data is stored in a special intermediary storage called the Geo-Pool. We use NAVI tokens to reward all people who send us their geo-data — the more data users send us, the more tokens they will receive. To understand clearly, you can think about it as NAVI token mining — you sail around the world collecting geo-data, and get rewarded with NAVI.
This is a win-win situation — the project constantly receives updated navigation data, yachtsmen-miners get out tokens, while all other users get access to most up to date navigation information. The size of the NAVI rewards will be determined dynamically and published on our sites: www.boatpilot.me and www.boatpilot.io.
Our team has allocated a special NAVI fund to start the geo-data mining program (Project Ecosystem — 1.5% of the entire emission). This will be enough to start with, but the reserve will be spent quite fast. After the fund has depleted, we will start the second stage of the program — buying out NAVI tokens from exchanges.
The project architecture is set up in such a way that we will not be able to use the geo-data received from users until we send them the tokens they deserve. Since data is the key and most valuable part of the project, we are highly interested in being able to use the geo-data collected by our users. This is why we will continue to buy out the tokens — only this way can we reward BoatPilot community for its data. When users register, they include their Ethereum wallet address where the mined tokens will be send 1–2 days after the user clicks “Redeem NAVI”
You can see the visual graph of this set up below.
As you see, the more actively the tokens are used within the project, the greater is the potential for NAVI rate growth.
BoatPilot has a very simple growth model:
The more data our users send us, the faster we buy out NAVI from exchanges, ensuring token rate growth. This means that a) we will sign more contracts with charter companies, which will install BoatGod on their vessels and b) coverage of new regions will raise the mined geo-data, as a result raising the number of tokens we buy out, and increasing NAVI price.
Additionally, we will burn between a quarter and a third of bought out tokens in order to lower the circulating volume of NAVI tokens, raising the demand and NAVI market price. Summary. The combination of the abovementioned approaches stimulates the constant price growth of the NAVI token due to the following mutually reinforcing effects:
•The more NAVI tokens bought out from the exchanges, the higher the price.
•The constant decline in the number of tokens available, the lower the circulating supply, and the higher the price.
Stay with us for more updates!
