BBS’ twin-crypto ecosystem featuring the BXB staking token & the BBS01 stable coin
The fourth-generation distributed ledger technology (DLT or “blockchain”) Bit Beta System (BBS) has tokenomics aligned to real-world incentives: a token to stake and hold and a stable coin to spend and save.
There are five types of crypto-asset used in and around BBS, including the BBS token (BXB) and the internal-loop BBS Stable Coin Standard (BBS01).
BBS01 is one of four standards new projects and applications can use to issue their tokens. The others are BBS Bitcoin & Altcoin Standard (BBS02); BBS BXB Standard (BBSx1); and BBS Non-fungible Token Standard (BBSn1).
Private sales of BXB will run from November 8 through to the end of 2018. If deemed necessary, presale and public sale phases will continue through to the end of March 2019. The only source of trusted information about the BXB token sale is https://bbeta.io/.
BBS token (BXB) — Designed for network growth
The BBS token (BXB) is a staking utility token designed to build the network and to appreciate in value due to its finite supply.
Appreciation in the value of BXB should follow BBS’ success due to its indispensability within and around the platform.
The BXB token is used for:
- Staking for a share of SuperSwitch profits
- Paying BXB holders their share of SuperSwitch profits
- Staking by third-party token issuers on the BBS platform (BBSx-standard token issuance)
- Trading on partner exchanges
BXB as a staking token
SuperSwitches collect fees from the sell-side of any transaction and disburse rewards to transaction witnesses. They keep the leftover as profit.
To share in BBS SuperSwitch profits, anyone can maintain a balance of BXB tokens in an approved BXB wallet. Proceeds are shared fairly according to a delegated proof of stake (DPOS) algorithm and paid out in BXB.
BBS also gives third-party projects the option of instilling confidence in the investors and purchasers of their newly-issued utility tokens and security tokens by:
- Staking some or all of funds raised in BXB tokens according to the BBSx standard for token issuance
- Giving investors/purchasers conditional ownership in those BXB tokens
BBS Stable Coin Standard (BBS01) — For transactions
Any fast and high-volume blockchain economy must be supported by a stable transaction coin. As one of four token-issuance standards, each of which has its advantages, the BBS Stable Coin Standard (BBS01) is perfect for everyday consumer- and business-oriented transactions. By using a BBS01-standard transaction coin as its dedicated medium of exchange, any BBS-enabled project or application can offer a stable and reliable means of payment.
BBS01 as a stable coin
Organisations can roll out BBS-powered dApps and payment solutions confident that if their products and marketing is effective BBS01’s stability will promote sustained activity.
A major problem with traditional cryptocurrencies is that their valuations relative to fiat currencies are far too volatile for everyday transactions. For example, the average consumer will be uncomfortable paying for goods today in a currency that could have much greater purchasing power tomorrow. Likewise, the average business will be discomfited by the potential for a currency collected to be very quickly worth less than the cost of products sold.
Any BBS-powered dApp user will hold BBS Stable Coin Standard (BBS01) tokens in their multi-crypto wallet in order to transact within BBS-powered networks. Because BBS01 is stable, there is no reason for users to rush to transfer balances out of BBS01 into fiat currency or any other crypto.
Further explanation about this and other issues can be found in the BBS white paper, which can be downloaded from https://bbeta.io.
Private sales of the BXB staking token will run from November 8 through to the end of 2018. If deemed necessary, presale and public sale phases will continue through to the end of March 2019. The only source of trusted information about the BXB token sale is https://bbeta.io/.
About Bit Beta System (BBS )
Bit Beta System (BBS), the fourth-generation distributed ledger technology (DLT or “blockchain”) developed by Singapore-based Bit Beta Pte Ltd, promises to bring people closer together at work and play and life on a fast, stable, scalable, mobile, and adaptable platform. BBS corrects the shortcomings of first- and second-generation blockchains to offer a true DLT alternative to the slow and expensive traditional payments systems.
BBS benefits everyone. Designed for mobile devices, BBS lets people and organisations transact globally in real time, using an asset-backed stable coin as the medium of exchange, without incurring high intermediary and forex costs. BBS lets organisations bundle the benefits of its payments platform into feature-rich decentralised applications (dApps) for customers and stakeholders. Organisations retain full ownership and control over the transaction data for business, accounting, and regulatory reasons.
People who use BBS-powered dApps automatically earn real value as “witnesses” (“miners”) to others’ transactions without requiring any special knowledge or equipment. And all BXB token holders, large and small, enjoy their fair share of network profits.