BGX | A NEW TURN
What has once started as a humble project to bring decentralization to the gaming industry has changed.
Grown.
Evolved.
With the concept of the new BGX finally envisioned, development fully underway, and partnerships on the horizon — we decided to let you, our loyal and beloved community, know the exciting changes that have occurred.
OUR IDEOLOGY IS EFFECTIVE BBC COOPERATION
BGX has always aimed at developing the best processing platform there is. That means overcoming the common problems plaguing the blockchains: low scalability, high transaction costs, hidden centralization. Moreover, it means that we have to be integrative, allowing easy access to our system for businesses and consumers alike.
That hasn’t changed. We are building an innovative decentralized platform consisting of 9000+ independently held nodes that conduct processing in clusters, through the Federative Byzantine Agreement based consensus (that we’ll call proof-of-loyalty). Without getting too technical, we are abandoning the useless work in forming blocks and directing the economic incentive towards the competition between businesses holding the nodes.
What has changed is our model.
The model we are building is what we’re calling BBC: Business — Business — Consumer (as opposed to B2B or B2C or P2P). We know it could be confused with a certain famous broadcasting network, but hear us out… BBC means that while keeping the end consumer in mind, the core of our benefit is from business — business synergy.
One business processes the transactions — these are large corporations with a user base that they can earn from, if they would only have some additional value added services to sell.
The second business is the provider of the content that is being sold — seeking access to users and a payment infrastructure.
BGX is the one developing an infrastructure where each business can plug in within less than a week and start earning in a cost-effective decentralized way.
This synergy is greater when the businesses are in unrelated industries — and that’s where we can bring the most value. See our Cases.
And oh. Yeah. Our market got much, MUCH bigger.
OUR MARKET IS DIGITAL GOODS
Digital goods is anything that can be exchanged digitally. Yes, that includes digital media — games, books, videos, music, films. Does it also include airline tickets? You betcha. Loyalty? Absolutely. Services and freelancing? 100%. As well as currency exchange and any valuable movement of bits and bytes to deliver information from one party to another.
In that way, we are not pursuing the most pursued, the most boring and obvious blockchain application in creating currency. We will enable payment, but also facilitate the delivery of digital goods in a much more decentralized (read: cost-effective) and inclusive (read: profitable) way.
OUR TECHNOLOGY IS ON A WHOLE NEW LEVEL
We could fake humbleness… but we are building something truly game-changing.
The decentralized industry is facing what is commonly described as the DSC problem — where decentralization, scalability (high network speed) and cost (low cost for the network) cannot be attained all at once.
Bitcoin and Ethereum are highly decentralized, but transactions are costly and take long to process.
Ripple is much faster, less expensive, but less decentralized.
Meanwhile, BGX has developed a whole new consensus model on the basis of the Federative Byzantine Agreement. We call if proof-of-loyalty. No blocks. Only nodes each owned by businesses earning a small fee from each transaction processes.
A limited number of nodes allows each one to handle enough transactions to remain profitable at low fees. The “cluster” model of the nodes means that a transaction has to be verified by a certain quorum, but not all nodes synchronise all transactions all at once (much faster speeds).
Moreover, there is a planned integration of the top-tier AI system designed to further strengthen security of the network.
The consensus algorithm is fully developed and the alpha version of the network is expected to be live by the end of 2018.
OUR TOKEN IS THE INNOVATIVE DEC
BGX is using a double-token-coin system.
The DEC is the ERC-20 token. It will be traded on exchanges and available for investors. It will be required for node operators to open a node and every DEC token held by a node will have the right to emit and process a certain number of BGT coins.
The BGT coins are the ones actually used for the platform transactions. While DEC is volatile (being traded on an open exchange market), the BGT coins will always be worth $0.10 USD each, minimizing the effect of inflation.
This way, investors get a high-growth token with limited supply, demand pressure from nodes, and tradeability on exchanges. Consumers are protected from crypto-volatility by using the BGT coin. And since nodes possess DEC, each dubious transaction gets dropped down to Ethereum miners to verify, thus adding an extra layer of security.
OUR FUNDRAISING IS TRADITIONAL
We are a blockchain project; a project using decentralized technologies — but not a project dabbling in ICOs.
We will not be conducting an ICO. We are self-financed for our next stages of development and will seek further institutional funding once it becomes appropriate.
OUR PARTNERSHIP OPPORTUNITIES ARE PLENTY
In the upcoming months, we will be working heavily on growing our partnership list and introducing some larger companies as partners.
We are primarily talking with potential node holders — a company with a large user base that can use BGX to extract more revenue from this valuable asset. We are cross-industry, or rather industry-agnostic and you can expect to hear news about our new market directions very soon (all within digital goods).
OUR COMMUNITY IS VALUABLE
As a valuable member of our community, your support means everything. Follow our journey with us. If you want to become a part of what we’re building, we will be offering a limited number of DEC tokens for sale on our website.
But even without buying tokens, follow our developments, and we promise — we will have many new exciting features to share with you soon.
