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What is the Best Way to do Bitcointalk Campaigns?

Karolina

07 Jul 2023
What is the Best Way to do Bitcointalk Campaigns?

Bitcointalk.org maintains a crucial role within the blockchain, cryptocurrency, and decentralized technology community as one of the earliest platforms for discussions, announcements, and promotions. Established by the enigmatic creator of Bitcoin, Satoshi Nakamoto, Bitcointalk has evolved into an indispensable center for blockchain devotees, developers, and crypto investors. The forum facilitates conversations surrounding Bitcoin, cryptocurrencies, and the broader blockchain ecosystem.

Bitcointalk is instrumental in the progression of crypto projects, functioning as a platform for revealing their founding, significant updates, and events. It offers access to a targeted niche audience, generates traffic, and serves as an ideal space for ICO promotions. To effectively capitalize on Bitcointalk for a successful endeavor, comprehending how the platform operates and its available opportunities is necessary. In this article, we will investigate the features, guidelines, and tactics for executing a Bitcointalk campaign efficiently. We'll start by familiarizing ourselves with the platform.

Table of Contents

Understanding Bitcointalk and Its Functionality

Launched in 2009 by Satoshi Nakamoto, Bitcointalk.org is a renowned cryptocurrency forum that exists as an invaluable resource regarding blockchain, cryptocurrencies, and Bitcoin. Although Satoshi Nakamoto is no longer actively developing, they still manage the domain names bitcointalk.org and bitcoin.org while theymos administers the forum.

Bitcointalk.org forum

Bitcointalk's structure is founded upon a software package named Simple Machine Forum (SMF), an open-source solution. Its design and functionality have stayed largely consistent since its creation. The forum comprises various sections such as Bitcoin-specific forums, Economy, Other topics, Alternate Cryptocurrencies, and Local discussion boards with sub-forums and threads encompassing an array of cryptocurrency-related subjects.

A significant portion of Bitcointalk is devoted to Initial Coin Offerings (ICOs), where most emerging cryptocurrencies announce their projects and orchestrate bounty campaigns. Possessing a Bitcointalk account has become a standard prerequisite for any project intending to launch an ICO.

The influence of Bitcointalk surpasses being solely a forum, as it holds cultural importance within the crypto sphere, having coined terms like "HODL" (holding a token) and celebrating Bitcoin Pizza Day on May 22, commemorating a user's 10,000 BTC pizza purchase in 2010.

To effectively harness Bitcointalk for promotional goals, comprehending its features and functions is essential. The platform employs a ranking and merit system that incentivizes high-quality posts and minimizes spam. Members can achieve higher ranks by accumulating merits through valuable input. Higher-ranking members attain additional privileges such as participating in signature and translation campaigns.

With over 2 million community members, Bitcointalk's vast user base renders it an invaluable source of traffic and engagement. It attracts diverse users including cryptocurrency enthusiasts, skilled developers, business proprietors, and support staff who maintain the forum's cleanliness and offer technical assistance.

The Features That Made Bitcointalk a Propeller for Crypto Projects Campaigns

The Features That Made Bitcointalk a Propeller for Crypto Projects Campaigns

Over the years, Bitcointalk.org has been instrumental in advancing and boosting altcoins and cryptocurrency projects. Its unique qualities make it the perfect platform for unveiling, discussing, and bringing attention to new digital currencies. We will now examine the key aspects that contribute to Bitcointalk's success as an accelerator for altcoin and cryptocurrency initiatives:

1. Well-established Community. A sizable, active community of blockchain aficionados, developers, investors, and experts call Bitcointalk home. This engaged group is passionate about the world of cryptocurrency, making it a prime audience for introducing and exploring new digital assets and projects. 

2. Announcement Threads. Crypto projects can develop specialized announcement threads on Bitcointalk to showcase their work, offer updates, and connect with the community. These threads centralize discussion and allow project teams direct communication with potential investors and advocates. 

3. Signature Campaigns. Utilizing signature campaigns on Bitcointalk, project teams can engage forum members to endorse their projects by incorporating project-related data and links in their forum signatures. 

4. Bounty Campaigns. Crypto initiatives often employ bounty campaigns on Bitcointalk to allocate tokens or rewards to community participants for specific tasks like social media promotion, content generation, bug identification, or translation services. 

5. ICOs and Token Sales. The forum has become a premier platform for Initial Coin Offerings (ICOs) and token sales events. Projects can present their ICOs on Bitcointalk, sharing essential information such as whitepapers or token sales details. 

6. Trust System. A trust system on Bitcointalk allows forum users to review and evaluate the reliability of their peers. This feature fosters confidence within the community, making it easier for users to identify dependable projects and contributors. 

Who Writes and (Most Importantly) Reads on Bitcointalk

Bitcointalk hosts a myriad of individuals with varied interests, who actively engage in discussions, exchange information, and connect over different subjects related to cryptocurrencies and blockchain technology. Let's delve into the two primary groups found on Bitcointalk: writers and readers.

Writers

Who Writes on Bitcointalk

1. Crypto Project Teams. Bitcointalk accommodates active participation from cryptocurrency project teams. They use dedicated announcement threads to present their projects, share updates, respond to inquiries, and interact with the community. Teams typically consist of developers, founders, and marketing representatives focused on raising awareness, nurturing a community, and acquiring investors.

2. Crypto Enthusiasts and Experts. A devoted community of crypto enthusiasts and experts calls Bitcointalk home as they eagerly contribute to discussions about various subjects. They exchange knowledge, perspectives, and ideas regarding cryptocurrencies, blockchain technology, trading, mining, among other related areas. These individuals possess a thorough comprehension of the crypto domain and provide worthwhile information assisting others in making well-informed decisions.

3. Investors and Traders. Investors and traders seeking new investment prospects frequent Bitcointalk to gain insight into market tendencies and perform due diligence on potential endeavors. They actively examine project announcement threads, whitepapers, and discussions to assess credibility, possibilities, and risks tied to different altcoins and cryptocurrency projects.

4. Bounty Hunters. Bounty hunters frequently use Bitcointalk as a platform to partake in bounty campaigns. These individuals actively peruse and engage with bounty threads while carrying out specific undertakings such as social media promotions or content generation in exchange for rewards or tokens. Their activities bolster the visibility and marketing efforts of various crypto projects.

Readers

Who Reads on Bitcointalk

1. Crypto Enthusiasts and Investors. A diverse group of crypto enthusiasts and investors is drawn to Bitcointalk to read about information related to altcoins, token sales, ICOs, market trends, and general cryptocurrency discussions. They rely on the platform to remain informed about recent developments, project updates, and arising opportunities in the crypto sphere.

2. Researchers and Analysts. Bitcointalk functions as a vital resource for researchers and analysts who investigate specific projects, perform due diligence, and appraise the potential of myriad cryptocurrencies. They study project announcement threads, whitepapers, technical discourses, and community feedback to forge educated opinions and make well-informed decisions.

3. Newcomers and Learners. Bitcointalk also caters to novices exploring the realm of cryptocurrencies and blockchain technology. These individuals peruse educational threads, beginner's guides, and pose questions to acquire a more profound comprehension of the principles, terminology, and practical facets of cryptocurrencies. They depend on the knowledge and experience imparted by community members to traverse the intricate crypto terrain.

The Hidden Opportunity of Bitcointalk Nobody Talks About

1. Connecting with Industry Professionals. Bitcointalk draws a multitude of professionals from various fields such as developers, entrepreneurs, marketers, and investors. Joining discussions related to specific projects or subjects allows connections with these professionals. Active participation helps establish relationships, expand your network, and uncover new possibilities in the cryptocurrency world.

2. Collaborating on Projects. Bitcointalk is an assembly point for individuals possessing diverse skills and experience. Capitalizing on this platform can aid in finding potential collaboration partners for your projects or discovering ventures aligning with your abilities and interests. Delving into discussions, browsing project announcement threads, and connecting with like-minded individuals may lead to productive partnerships.

3. Learning from the Community's Experienced Members. Bitcointalk houses an active community of knowledgeable experts and enthusiasts who openly impart their wisdom and insights. Engaging in conversations lets you learn from these experienced members while staying up-to-date on crypto trends, best practices, and emerging opportunities.

How Successful Blockchain Companies Secretly Make It in Bitcointalk

To establish a notable presence as a blockchain company on Bitcointalk, using a strategic plan that extends past mere project promotion is crucial. Here are some essential tactics employed by successful blockchain companies in making their mark on Bitcointalk:

1. Establishing a Solid Reputation

For any blockchain company aiming to succeed on Bitcointalk, creating a robust reputation is vital. Active community involvement, offering useful insights, and professionally addressing queries and concerns transparently are indispensable. Consistently showcasing your knowledge, expertise, and dedication to the project will help you gain the trust and respect of the Bitcointalk community.

2. Presenting Incentives

Plenty of prosperous blockchain companies give incentives to Bitcointalk users to boost engagement and involvement. Offering airdrops, bounties, or exclusive rewards to active contributors of discussions, project promoters, or valuable feedback providers can help. By providing incentives, companies can garner more attention, enhance engagement, and establish a devoted community around their project.

3. Engaging in Signature Campaigns

Blockchain companies often use signature campaigns as a way to raise their projects' visibility and promotion on Bitcointalk. Participation in these campaigns allows company representatives to showcase their project's logo and links in their forum signatures. As they contribute to discussions, this results in increased exposure, improved brand recognition, and attraction of potential investors or users.

4. Sharing Updates and Achievements

Dedicated announcement threads on Bitcointalk allow blockchain projects to communicate updates, milestones, and news items. Successful firms capitalize on these threads to deliver regular project-related updates about developments, partnerships, and accomplishments. Consistently publicizing positive news generates anticipation and sustains the interest of the Bitcointalk community in the project.

5. Connecting with Prominent Community Members

Influential members with an extensive following and significant respect within the community exist on Bitcointalk. Networking with these individuals and cultivating their support can substantially elevate a company's profile and trustworthiness. Companies can deploy their influence in promoting their projects by interacting with these influential community members, participating in their dialogues, and addressing their doubts.

6. Exploiting the Bounty and Altcoin Announcements Sections

Bitcointalk's Bounty section offers a platform for rewarding users for accomplishing specific tasks like social media promotion, content creation, or bug reporting. Successful firms harness this section to foster engagement and raise awareness. In addition, the Altcoin Announcements section enables companies to generate dedicated threads for project introductions and to disclose crucial details to prospective investors or users.

Conclusion - Bitcointalk Campaigns

In conclusion, Bitcointalk serves as a propeller for altcoins and crypto projects, offering them visibility and community support. By understanding how to effectively engage with the platform and leverage its features, blockchain companies can position themselves for success. It is important to approach Bitcointalk with authenticity and a commitment to adding value to the community. By capitalizing on the hidden opportunities it presents, companies can establish a strong foundation for long-term success in the world of cryptocurrencies and blockchain technology.

Nextrope Tokenization Launchpad Platform

Nextrope Launchpad Platform is a White Label solution in a Software-as-a-Service model that helps you launch your project within a month and fundraise with Initial Coin Offering (ICO) or Security Token Offering (STO).

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Token Engineering Process

Kajetan Olas

13 Apr 2024
Token Engineering Process

Token Engineering is an emerging field that addresses the systematic design and engineering of blockchain-based tokens. It applies rigorous mathematical methods from the Complex Systems Engineering discipline to tokenomics design.

In this article, we will walk through the Token Engineering Process and break it down into three key stages. Discovery Phase, Design Phase, and Deployment Phase.

Table of Contents

Discovery Phase of Token Engineering Process

The first stage of the token engineering process is the Discovery Phase. It focuses on constructing high-level business plans, defining objectives, and identifying problems to be solved. That phase is also the time when token engineers first define key stakeholders in the project.

Defining the Problem

This may seem counterintuitive. Why would we start with the problem when designing tokenomics? Shouldn’t we start with more down-to-earth matters like token supply? The answer is No. Tokens are a medium for creating and exchanging value within a project’s ecosystem. Since crypto projects draw their value from solving problems that can’t be solved through TradFi mechanisms, their tokenomics should reflect that. 

The industry standard, developed by McKinsey & Co. and adapted to token engineering purposes by Outlier Ventures, is structuring the problem through a logic tree, following MECE.
MECE stands for Mutually Exclusive, Collectively Exhaustive. Mutually Exclusive means that problems in the tree should not overlap. Collectively Exhaustive means that the tree should cover all issues.

In practice, the “Problem” should be replaced by a whole problem statement worksheet. The same will hold for some of the boxes.
A commonly used tool for designing these kinds of diagrams is the Miro whiteboard.

Identifying Stakeholders and Value Flows in Token Engineering

This part is about identifying all relevant actors in the ecosystem and how value flows between them. To illustrate what we mean let’s consider an example of NFT marketplace. In its case, relevant actors might be sellers, buyers, NFT creators, and a marketplace owner. Possible value flow when conducting a transaction might be: buyer gets rid of his tokens, seller gets some of them, marketplace owner gets some of them as fees, and NFT creators get some of them as royalties.

Incentive Mechanisms Canvas

The last part of what we consider to be in the Discovery Phase is filling the Incentive Mechanisms Canvas. After successfully identifying value flows in the previous stage, token engineers search for frictions to desired behaviors and point out the undesired behaviors. For example, friction to activity on an NFT marketplace might be respecting royalty fees by marketplace owners since it reduces value flowing to the seller.

source: https://www.canva.com/design/DAFDTNKsIJs/8Ky9EoJJI7p98qKLIu2XNw/view#7

Design Phase of Token Engineering Process

The second stage of the Token Engineering Process is the Design Phase in which you make use of high-level descriptions from the previous step to come up with a specific design of the project. This will include everything that can be usually found in crypto whitepapers (e.g. governance mechanisms, incentive mechanisms, token supply, etc). After finishing the design, token engineers should represent the whole value flow and transactional logic on detailed visual diagrams. These diagrams will be a basis for creating mathematical models in the Deployment Phase. 

Token Engineering Artonomous Design Diagram
Artonomous design diagram, source: Artonomous GitHub

Objective Function

Every crypto project has some objective. The objective can consist of many goals, such as decentralization or token price. The objective function is a mathematical function assigning weights to different factors that influence the main objective in the order of their importance. This function will be a reference for machine learning algorithms in the next steps. They will try to find quantitative parameters (e.g. network fees) that maximize the output of this function.
Modified Metcalfe’s Law can serve as an inspiration during that step. It’s a framework for valuing crypto projects, but we believe that after adjustments it can also be used in this context.

Deployment Phase of Token Engineering Process

The Deployment Phase is final, but also the most demanding step in the process. It involves the implementation of machine learning algorithms that test our assumptions and optimize quantitative parameters. Token Engineering draws from Nassim Taleb’s concept of Antifragility and extensively uses feedback loops to make a system that gains from arising shocks.

Agent-based Modelling 

In agent-based modeling, we describe a set of behaviors and goals displayed by each agent participating in the system (this is why previous steps focused so much on describing stakeholders). Each agent is controlled by an autonomous AI and continuously optimizes his strategy. He learns from his experience and can mimic the behavior of other agents if he finds it effective (Reinforced Learning). This approach allows for mimicking real users, who adapt their strategies with time. An example adaptive agent would be a cryptocurrency trader, who changes his trading strategy in response to experiencing a loss of money.

Monte Carlo Simulations

Token Engineers use the Monte Carlo method to simulate the consequences of various possible interactions while taking into account the probability of their occurrence. By running a large number of simulations it’s possible to stress-test the project in multiple scenarios and identify emergent risks.

Testnet Deployment

If possible, it's highly beneficial for projects to extend the testing phase even further by letting real users use the network. Idea is the same as in agent-based testing - continuous optimization based on provided metrics. Furthermore, in case the project considers airdropping its tokens, giving them to early users is a great strategy. Even though part of the activity will be disingenuine and airdrop-oriented, such strategy still works better than most.

Time Duration

Token engineering process may take from as little as 2 weeks to as much as 5 months. It depends on the project category (Layer 1 protocol will require more time, than a simple DApp), and security requirements. For example, a bank issuing its digital token will have a very low risk tolerance.

Required Skills for Token Engineering

Token engineering is a multidisciplinary field and requires a great amount of specialized knowledge. Key knowledge areas are:

  • Systems Engineering
  • Machine Learning
  • Market Research
  • Capital Markets
  • Current trends in Web3
  • Blockchain Engineering
  • Statistics

Summary

The token engineering process consists of 3 steps: Discovery Phase, Design Phase, and Deployment Phase. It’s utilized mostly by established blockchain projects, and financial institutions like the International Monetary Fund. Even though it’s a very resource-consuming process, we believe it’s worth it. Projects that went through scrupulous design and testing before launch are much more likely to receive VC funding and be in the 10% of crypto projects that survive the bear market. Going through that process also has a symbolic meaning - it shows that the project is long-term oriented.

If you're looking to create a robust tokenomics model and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

FAQ

What does token engineering process look like?

  • Token engineering process is conducted in a 3-step methodical fashion. This includes Discovery Phase, Design Phase, and Deployment Phase. Each of these stages should be tailored to the specific needs of a project.

Is token engineering meant only for big projects?

  • We recommend that even small projects go through a simplified design and optimization process. This increases community's trust and makes sure that the tokenomics doesn't have any obvious flaws.

How long does the token engineering process take?

  • It depends on the project and may range from 2 weeks to 5 months.

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What is Berachain? 🐻 ⛓️ + Proof-of-Liquidity Explained

Karolina

18 Mar 2024
What is Berachain? 🐻 ⛓️ + Proof-of-Liquidity Explained

Enter Berachain: a high-performance, EVM-compatible blockchain that is set to redefine the landscape of decentralized applications (dApps) and blockchain services. Built on the innovative Proof-of-Liquidity consensus and leveraging the robust Polaris framework alongside the CometBFT consensus engine, Berachain is poised to offer an unprecedented blend of efficiency, security, and user-centric benefits. Let's dive into what makes it a groundbreaking development in the blockchain ecosystem.

Table of Contents

What is Berachain?

Overview

Berachain is an EVM-compatible Layer 1 (L1) blockchain that stands out through its adoption of the Proof-of-Liquidity (PoL) consensus mechanism. Designed to address the critical challenges faced by decentralized networks. It introduces a cutting-edge approach to blockchain governance and operations.

Key Features

  • High-performance Capabilities. Berachain is engineered for speed and scalability, catering to the growing demand for efficient blockchain solutions.
  • EVM Compatibility. It supports all Ethereum tooling, operations, and smart contract languages, making it a seamless transition for developers and projects from the Ethereum ecosystem.
  • Proof-of-Liquidity.This novel consensus mechanism focuses on building liquidity, decentralizing stake, and aligning the interests of validators and protocol developers.

MUST READ: Docs

EVM-Compatible vs EVM-Equivalent

EVM-Compatible

EVM compatibility means a blockchain can interact with Ethereum's ecosystem to some extent. It can interact supporting its smart contracts and tools but not replicating the entire EVM environment.

EVM-Equivalent

An EVM-equivalent blockchain, on the other hand, aims to fully replicate Ethereum's environment. It ensures complete compatibility and a smooth transition for developers and users alike.

Berachain's Position

Berachain can be considered an "EVM-equivalent-plus" blockchain. It supports all Ethereum operations, tooling, and additional functionalities that optimize for its unique Proof-of-Liquidity and abstracted use cases.

Berachain Modular First Approach

At the heart of Berachain's development philosophy is the Polaris EVM framework. It's a testament to the blockchain's commitment to modularity and flexibility. This approach allows for the easy separation of the EVM runtime layer, ensuring that Berachain can adapt and evolve without compromising on performance or security.

Proof Of Liquidity Overview

High-Level Model Objectives

  • Systemically Build Liquidity. By enhancing trading efficiency, price stability, and network growth, Berachain aims to foster a thriving ecosystem of decentralized applications.
  • Solve Stake Centralization. The PoL consensus works to distribute stake more evenly across the network, preventing monopolization and ensuring a decentralized, secure blockchain.
  • Align Protocols and Validators. Berachain encourages a symbiotic relationship between validators and the broader protocol ecosystem.

Proof-of-Liquidity vs Proof-of-Stake

Unlike traditional Proof of Stake (PoS), which often leads to stake centralization and reduced liquidity, Proof of Liquidity (PoL) introduces mechanisms to incentivize liquidity provision and ensure a fairer, more decentralized network. Berachain separates the governance token (BGT) from the chain's gas token (BERA) and incentives liquidity through BEX pools. Berachain's PoL aims to overcome the limitations of PoS, fostering a more secure and user-centric blockchain.

Berachain EVM and Modular Approach

Polaris EVM

Polaris EVM is the cornerstone of Berachain's EVM compatibility, offering developers an enhanced environment for smart contract execution that includes stateful precompiles and custom modules. This framework ensures that Berachain not only meets but exceeds the capabilities of the traditional Ethereum Virtual Machine.

CometBFT

The CometBFT consensus engine underpins Berachain's network, providing a secure and efficient mechanism for transaction verification and block production. By leveraging the principles of Byzantine fault tolerance (BFT), CometBFT ensures the integrity and resilience of the Berachain blockchain.

Conclusion

Berachain represents a significant leap forward in blockchain technology, combining the best of Ethereum's ecosystem with innovative consensus mechanisms and a modular development approach. As the blockchain landscape continues to evolve, Berachain stands out as a promising platform for developers, users, and validators alike, offering a scalable, efficient, and inclusive environment for decentralized applications and services.

Resources

For those interested in exploring further, a wealth of resources is available, including the Berachain documentation, GitHub repository, and community forums. It offers a compelling vision for the future of blockchain technology, marked by efficiency, security, and community-driven innovation.

FAQ

How is Berachain different?

  • It integrates Proof-of-Liquidity to address stake centralization and enhance liquidity, setting it apart from other blockchains.

Is Berachain EVM-compatible?

  • Yes, it supports Ethereum's tooling and smart contract languages, facilitating easy migration of dApps.

Can it handle high transaction volumes?

  • Yes, thanks to the Polaris framework and CometBFT consensus engine, it's built for scalability and high throughput.

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