BXB token holders collectively “own” & share network profits on blockchain 4.0

Image by Nattanan23 via Pixabay.

Anyone who holds Bit Beta System (BBS) staking utility tokens (BXB) in an approved wallet will receive their fair share of SuperSwitch profits, says BBS founder & CTO Ronald Aai.

“It doesn’t matter how many BXB you hold — one BXB or a million BXB — you will get your fair share of SuperSwitch profits.” — Ronald Aai, BBS founder & CTO

“SuperSwitches serve rather than slow down our network”, according to Mr Aai, who conceived and led the development of BBS, dubbed the “fourth-generation” distributed ledger technology (DLT or “blockchain”).

“BBS SuperSwitches are not supernodes,” Mr Aai explained. “They do not maintain the blockchain. That would just slow things down. And SuperSwitch owners have no business possessing the master ledger and all that transaction data — there is no master ledger!

“Individuals and organisations maintain their own transaction data in their own parallel atomic chains (ledgers), as should be the case in any truly decentralised or distributed system.” — Ronald Aai, BBS founder & CTO

BBS SuperSwitches collect a nominal transaction fee from the sell or recipient side of every transaction.

SuperSwitches then distribute a share of those fees to transaction “witnesses” drawn from among the community of BBS-powered decentralised application (dApp) users according to the fair and fast Proof of Reputation (POR) consensus protocol.

The leftover fees are kept as profit to be distributed among BXB holders according to a fair Delegated Proof of Stake (DPOS) algorithm.

“It doesn’t matter how many BXB you hold — one BXB or a million BXB — you will get your fair share of SuperSwitch profits,” Mr Aai said.

“All you have to do is leave your BXB balance in the wallet of a BBS-powered dApp to receive returns to your wallet, in real time, in the form of BXB staking utility tokens.”

The BXB payment is automatically added to your extant holdings of BXB in your BBS-powered wallet dApp, Mr Aai added.

Ronald Aai spoke about BBS publicly for the first time at the World Blockchain Forum in New York, Nov 8, 2018

In other staking protocols it matters how many tokens you hold.

Mr Aai explained: “In other systems, big fish can own and control supernodes, while little fish get nothing unless they pool their tokens and rely on an intermediary to manage a supernode and disburse returns. It’s slow, unfair, and against the spirit of decentralisation.

“In our fourth-generation blockchain system, however, everyone can earn witnessing fees just for using a BBS-powered dApp.

“And, if they also hold BXB tokens in the dApp, they can earn a share SuperSwitch profits too!”

Token sale

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.

Visit https://bbeta.io.