What is Blockbits?
Blockbits is a tool, or an Open Source Platform as we like to call it, backed by code, which allows project creators to find investors in a safe decentralized environment.
What Blockbits is not?
Blockbits is not a Venture Capital Fund nor an Investment Fund.
What is the difference between Blockbits and other ICO startup platforms?
- milestone driven development
- decentralized open source application
- secure funding vaults
- fair market token sale
- investor validated project development
- in contract revenue stream
- cash-back programs
- minimal to zero fees
What do you mean by decentralized and open source?
Blockbits is fully decentralized and open source which means there is no piece of code between you and your investment that you can not view and validate.
What is you profit model?
Profits are captured directly by the smart contracts from the projects launched through the platform and made available to investors using the token buyback functionality.
Will there be more token minting?
No, the BBX will only mint tokens during funding and once funding end is reached, minting will not be possible anymore.
Why have you released Blockbits code as open source?
We view the code behind the Blockbits platform as the main enforcer of trust between Project owners and Investors. With this in mind, the public availability of the code to public scrutiny is a mandatory condition.
Who has control of the platform?
Owners have zero control over which projects get to launch, investors are the ones that create proposals to delist/moderate them.
How do I acquire BBX tokens?
By joining the crowd funding or once funding is finalized you can buy them on public exchanges.
How are the funds secured?
Investors have their own separate smart contract that stores and locks ETH and tokens until an action is available. This contract mitigates issues that can arise from hacking attempts, by enforcing 2 hardcoded output addresses, namely, the platform and investors' wallets.
How does the BuyBack functionality work?
It allows token holders to sell their tokens to the revenue stream contract which in turn burns them. As a result the value of the remaining supply appreciates.
How is the total supply calculated?
Each contribution, mints tokens based on the amount of ETH that is sent into the contract you choose to fund.
At the end of the funding period, based on total supply sold, another 40% is minted for the project team ( split against team / advisors / early investors / marketing partners ).
At the same time a pool of 3% is minted and allocated to the Bounty Manager contract, that will then send tokens out to participants.
Are team tokens locked for a period of time?
The project 40% pool will stay locked for a period of at least 2 years while development milestones get implemented and validated by investors.
Can you list the contribution pools and periods and how they differ?
There are 3 inputs and 2 periods:
Contract Name Address (Ethereum - MainNet)
Both InputDirect and InputMilestone - are funding inputs that create a personal smart contract ( funding vault ) that stores received ETH and tokens you bought until the 1st of May 2018.
- releases your locked ETH if funding has not met soft cap.
- releases your tokens if funding is successful
- releases your locked ETH if funding has not met soft cap.
- releases your tokens if funding is successful in a percentage ( see the end of the post for percentage list ) that is assigned to each milestone, once said milestone is complete.
- if for any reason a milestone fails and investors vote that it's failed, you can take the remainder of your investment back.
InputMarketing ( period 4th of feb - 10th of March )
- Gives you 20,000 tokens for 1 ETH
- Is a funding input that sells tokens directly to your wallet.
- ETH collected is used exclusively by our marketing team, for google ads / youtube video promotions and ico listing promotion.
PRE-ICO - InputDirect and InputMilestone, will give you 9800 Tokens per 1 ETH (40% bonus).
ICO - InputDirect and InputMilestone, will give you 7000 Tokens per 1 ETH.
Why do you have a Marketing limited Public Sale ?
We are a small self funded startup, and we need your help.
If you believe in the project and want to help us with marketing it, you get a bonus for doing so, but remember you are taking some of the risk with us.
If you want to risk nothing, use direct or milestone funding, and you'll be able to take your funds back if we don't manage to get enough traction in order to get funded.
What do you mean by Trustless ?
Everything described here and more is already implemented and running the DAPP deployed to the main ethereum network.
You can find the full list on https://github.com/blockbitsio/smart-contracts
As well as attached to each contract on etherscan.io
How many milestones are there ?
The BlockBits.io project has 7 milestones, which are detailed in the roadmap. Visit https://docs.blockbits.io/bbt_roadmap/
to find more.
What are the percentages of funds associated with each Milestone ?
1 - Minimalistic Platform - 20%
2 - 3rd Party Launch Functionality - 20%
3 - Code Upgrade Tools and Token Buyback - 10%
4 - Basic Risk indicators and Collaboration tools - 15%
5 - Advanced functionality - 15%
6 - Token Holder Upgrades - 10%
7 - Full Decentralization - 10%
What are the time estimates for each Milestone ?
1 - Minimalistic Platform - 90 days
2 - 3rd Party Launch Functionality - 180 days
3 - Code Upgrade Tools and Token Buyback - 90 days
4 - Basic Risk indicators and Collaboration tools - 90 days
5 - Advanced functionality - 90 days
6 - Token Holder Upgrades - 90 days
7 - Full Decentralization - 90 days
What happens if the team cannot deliver a Milestone ?
The DAPP allows the team to create a proposal to postpone a milestone for 7 to 90 days, once per milestone.
The investors will need to vote this proposal, and if accepted the DAPP will postpone the delivery meeting.
If the postponing is denied, the flow continues, and at the delivery meeting the team needs to show progress.
What are the contract addresses that compose the DAPP ?