RHOVIT — The No ICO Token Economy
Since the opening of RHOVIT’s beta began about 6 months ago, viewers on the platform have been earning Rbit tokens for unlocking content, watching ads and referring friends to the site. With the recent opening of the Rbit Shop, they now have a way to use those Rbits to receive discounts on merchandise, digital game assets and more. But this is just the beginning. Below is a full breakdown of everything Rbit!
The Basics
Total Supply: 4 Billion
Blockchain: NEM
Wallet: NEM Nano Wallet
Mining: Pre-mined
Distribution
3.5 Billion Tokens will be distributed over a MINIMUM OF 33 YEARS.
500 Million Tokens are designated for:
Rhovit Reserve (250 Million)
Team (125 Million)
Partners ( 75 Million)
Pre-Scale Community Incentives (50 Million)
*Note: All Team Tokens, including Advisor Tokens are vested over a 2 year period.
How it works:
A MAX 2 MILLION TOKENS are released each week. These tokens are split between 4 factors:
Liquidation by RHOVIT via exchanges.
85% of funds liquidated will go to supply FREE POINTS to the viewer base of RHOVIT.
15% will be kept by the platform.
If RHOVIT liquidates $20,000 worth of Rbits, then $17,000 worth of points will go to viewers, each earning their share based on activity. RHOVIT will keep a fee of $3,000.
Direct distribution to viewers
During beta viewers earn tokens by unlocking content and watching ads. When the next version of the platform is released in Q1 of 2020, Rbits will be paid out to viewers weekly based on a POOL SYSTEM. We will expand on how the pool system works in a future post.
Direct distribution to creators
Every week a set amount of tokens are designated for content creators on the platform. They are distributed based on the previous week’s activity that was driven to the site by that creator’s “Zone”.
Direct distribution to sellers
Every week a set amount of tokens are designated for sellers in the Rbit Shop. They are distributed based on the previous week’s activity that was driven to the shop by the seller.
Uses for the Rbit
The Rbit has a use case for everyone who participates on the RHOVIT platform, including RHOVIT itself.
Viewers
Rbits can currently be used to receive discounts in the Rbit Shop by viewers. Once the Rbit is on an exchange and the economy is fully functioning, viewers will be able to fully purchase products and point packs utilizing just their Rbit tokens.
Creators / Sellers
Creators and Sellers on RHOVIT can use their Rbits to promote their content on the site and further incentivize their fans to perform actions.
Advertisers
All advertising on RHOVIT is paid for through the Rbit token. All ads are incentivized for viewers who must verify they have watched in order to receive their bonus.
RHOVIT
RHOVIT uses Rbits to create a freemium model for viewers and allow everyone to participate in the greater RHOVIT ecosystem.
Supply and Demand — No ICO, IEO or STO
To be honest, we started to do an ICO twice but stopped each time. Funding for projects is obviously important, but equally important is having an economy that makes sense.
Supply
When a project does a token sale they are taking a large part of their total supply and putting it into active use. But active use of what?
Often there is no existing platform and even if there is, the user base doesn’t justify the amount of token that is now circulating. Yes, projects get a lot of money up front but what happens to the value of the token? And more importantly, what happens to the early adopters of the token who are now holding thousands of assets that don’t have a proper use case?
Demand
For a token to have a true value and act as a currency for the platform it was created for there needs to be a true need and use case for it. Not just from one segment of the community, but the whole community.
We’ve outlined above how each segment of RHOVIT utilizes the token. If creators and sellers want to promote and widen their audience; if viewers want to reap rewards; if advertisers want to reach an avid, verified audience, then demand for the Rbit token will rise. However, because distribution is based on use, supply will never out way the demand.
An economy for the masses
When people talk about adoption of a new technology or platform, they often mention a barrier to entry, a wall that will keep the average user from going forward.
Blockchain and token economies have got barriers all over them. When designing RHOVIT we wanted to make sure you needed no knowledge of blockchain whatsoever to watch content, start earning and then use those earning for rewards.
Rbit tokens are held as a “placebo” on the site, allowing the viewer/creator full use of them on the platform, while also allowing the transfer to their own wallet when they wish. One of the next big steps for RHOVIT will be to fully integrate both sides of the token in a viewers account, allowing them with ease to transfer from placebo to real while also gaining access to the greater token ecosystem of other platforms and games.
Exchanges
Probably the most asked question when you create a token economy is, when will you be on an exchange? Before even attempting to list the token we wanted to make sure:
- We had a fully operational platform
- The Rbit was being used on the platform
- We had a growing user base
Thanks to a great community and small, but dedicated team, we’ve been able to check all those boxes. For the RHOVIT economy to be fully realized and the freemium model to work, the Rbit must be trade-able. So yes, we are now exploring exchanges. Like we have done everything else though, we will make sure the exchange(s) are right for our platform and our users.
We are a primarily self funded project with a team that has put in A LOT of sweat equity. That basically means 10 to 20 Bitcoin is unacceptable to throw at an exchange just to get a listing, and that’s fine with us. Our aim is to list on exchanges that have real users, real volume and a real vision for the future of this entire community.
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