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On January 1, we dropped our new BMJ Reward Token, and we intend to kickstart the upcoming wave of growth across the crypto field. Read additional listed here.
Premium users can receive BMJ tokens each thirty day period (airdropped to their crypto wallets), which they can expend on terrific crypto products that is not offered any place else in the planet. See rewards listed here.
Our mission is to welcome the future 100 million traders into crypto. Our BMJ reward token is not an investment, but an simple “on ramp” to welcome extra men and women into crypto.
In today’s article, I’ll talk about the tokenomics we’ve created into our BMJ reward token, which we hope will grow to be a new field typical for usability and transparency.
Two Words: Make and Burn
In a nutshell, when your regular Top quality membership renews, you earn tokens. When you redeem your tokens for benefits, you burn off tokens.
This is a huge stage forward for the crypto sector. Rather of sophisticated, puzzling token techniques nobody understands, it’s so easy that it’s obvious.
- When dollars goes in, we generate tokens.
- When cash goes out (in the variety of redeeming a reward), we destroy tokens.
We connect with this “earn and melt away.”
You only get paid tokens when your membership renews. This suggests there is actual money guiding our token in the variety of authentic company income.
We burn tokens when you redeem them for rewards. This keeps the source in look at alternatively of regular and continual inflation, as most crypto assignments are utilized to.
Get paid and melt away. Gain and burn. Earn and melt away. Say it 3 situations quick!
This concentrate on authentic income (earning) and actual benefits (burning) signifies the BMJ token signifies some thing radically new to crypto.
It measures a new metric we’re contacting Actual Revenue Earned.
Genuine Income Earned: A New Metric for Crypto
Couple crypto initiatives make any revenue. Even much less are financially rewarding.
For individuals of us earning actual pounds from real prospects, would not it be amazing if you could see how much we’re earning?
This is the transparency the marketplace so desperately demands, specially now.
A customer signs up for our Quality membership, they enter a credit rating card, and we get a recurring every month payment of $10. Which is true earnings from true clients.
Each and every month, when their membership renews, we mint 10 BMJ tokens and ship them instantly to the person’s wallet.
That means by looking at our on-chain wallet, you can see how considerably we’re earning every single thirty day period along with our total earnings to date.
This metric (True Revenue Earned or RRE) is not doable for most blockchain jobs since they are not earning real dollars.
RRE is also not an selection for most private firms because they really do not want you to know what’s going on. Even public corporations would alternatively hide their specific solution revenues or bury them in challenging-to-browse economic statements.
(Of study course, our subscribers stay anonymous. Like all crypto transactions, all you can see are nameless wallet addresses.)
RRE is radically clear, and that is 100% in the spirit of crypto. We consider providers with the braveness and foresight to report RRE on the blockchain will be rewarded with substantial public desire.
Who wouldn’t be interested in businesses in which you can see revenues in serious-time?
A Vision of Fair Tokenomics
Stablecoins have flourished, in part, due to the fact they are basic to have an understanding of. You put $1 in, you get 1 stablecoin out. That is fair.
Equally, we’ve kept our reward application straightforward to realize.
We only mint when true dollars is been given. We really don’t artificially make tokens to reward other behaviors like reading through content articles or sharing a tweet. This is critical to retaining the economic integrity of the process, and it is straightforward for end users to fully grasp.
In other words, value in, worth out.
This gives BMJ tokens serious financial value, setting them aside from security tokens, speculative tokens, and the like. This straightforward theory (price in, benefit out) isn’t just quick to recognize it is good.
This also usually means no premining. Tokens are only developed when financial benefit is created… No junk.
We contact this approach “Fair Tokenomics,” where each individual reward level displays fresh new funds. In reality, it generates fresh new funds for the reason that for each individual $1 in earnings earned, $2 in benefit is developed. We’ll talk much more about this in a future column.
We foresee the BMJ Reward Token, with its Honest Tokenomics and Genuine Income Gained, will kickstart two excellent actions:
1) Reward programs will start out shifting to blockchain. Reward plans (from regular flyer miles to Starbucks Rewards) are these kinds of obvious use scenarios for blockchain that we know they’ll prosper. We hope they’ll be built with Good Tokenomics and RRE in intellect.
2) Organizations will start sharing Genuine Earnings Earned (making use of Fair Tokenomics), which will give crypto the transparency we require to rebuild self confidence. By sharing RRE, crypto jobs will be even far more clear than classic companies… not by regulation, but by style.
In shorter, BMJ Reward Tokens are reward factors set no cost on the blockchain.
It’s a grand experiment, and we hope you will join us.
More columns will come this week on our journey to convey this token to lifetime. Tomorrow, we’ll talk about why we selected Ethereum (not a further blockchain or Layer 2 remedy) to launch our record-making token.
Remain tuned. It is likely to be worthwhile.
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