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October 4 2017

ICO Alert Report: BLOCKv

ICO Alert Report: BLOCKv

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What is BLOCKv?

The goal of BLOCKv is to change the world’s relationship with digital value. Blockchain has changed what can be digital value and BlockV is making that digital value (tokens) meaningfully interact with the end user, it is adding the experience to the token. BlockV has coined a new term, vAtoms, which are tokens with app-like qualities, a token that is programmable with multimedia capabilities. This opens up the use cases of tokens far beyond currencies. BlockV is a protocol that maintains vAtoms and provides developer tools so any developer around the world can easily create, distribute, and monetize this new asset class, vAtoms.
— Reeve Collins, CEO

Presale Information
The presale began on September 18, 2017 and ends on October 10, 2017. There is a minimum contribution amount of $50,000 and a cap of $20,000,000. In order to participate, it’s suggested that users reach out to a team member on one of the BLOCKv social media channels. There is up to a 20% discount for participating in the presale.

Crowdsale Information
The crowdsale will begin on October 12, 2017 and ends on October 16, 2017. The price per token is proportional to the amount of money raised during the presale and crowdsale, but cannot be higher than $0.02. The team believes that this model ensures that the tokens are priced according to market sentiment from the beginning.

There is a hard cap of $20,000,000 for the crowdsale, and only Bitcoin and Ether are accepted as types of contribution. The BLOCKv token (VEE) is an ERC-20 token and so an ERC-20 Ethereum wallet must be used during contribution. For more information on how to contribute, sign up for email updates on the BLOCKv website and check the website when the ICO begins.

Token Distribution Information
There are a total of 6,248,571429 VEE tokens being created, with 1,000,000,000 VEE tokens being distributed during the crowdsale. There are a total of 2,250,000,000 available across both the presale and crowdsale.

Tokens will be distributed to contributors no later than November 16th.

Allocation
35% will be sold to the public. This will be the total token supply available for purchase during the presale and main sale.

15% of the tokens will be locked up to help fuel innovation long term. This portion of the tokens will be locked up for six years with some vesting starting at year three.

25% of the tokens will be reserved for incentives to promote the use of BLOCKv and vAtoms. These tokens will be used to reward developers for devising innovative uses for vAtoms and to reward vAtom end users for performing specific actions. These tokens will be locked up for two years, with 1/5th being available after the token sale, and 1/5th being unlocked every six months thereafter to ensure regular and timely incentives.

25% of the tokens will be held by the company, with a portion going to the development team, early contributors, and advisors over time. These tokens will be locked up for two years, with 1/5th being available after the token sale and 1/5th being unlocked to the company every six months thereafter.

Use of Crowdsale Proceeds
30%: Product development
20%: Infrastructure and systems
25%: General corporate purposes
25%: Marketing and community building

Team
Reeve Collins, CEO
Linkedin
Reeve is a cryptocurrency veteran, having founded Tether, the first real world currency platform on the Bitcoin blockchain. He has founded other various companies, including Pala interactive and Red Lever. For the past two years, he has been working at vAtomic systems, the entity surrounding the vAtom that is a part of the BLOCKv platform.

Gunther Thiel, CTO
Linkedin
Gunther has been working with Reeve on the vAtom system for almost two years. He has held various CTO, CEO, and marketing manager positions throughout his career. Before BLOCKv, he was the CEO of Cloud Intel GmbH in Switzerland and head of cloud products and technology at Swisscom.

Lukas Fluri, COO
Linkedin
Lukas worked as the VP of Engineering, and most recently as the president for vAtomic Systems with Gunther and Reeve. He was a partner at Cloud Intel GmbH in Switzerland and the head of cloud development at Swisscom.

Craig Sellers, Blockchain Architect
Linkedin
Craig holds a variety of different positions in the cryptocurrency space. He has been with vAtomic Systems for over two years as a scientist and blockchain architect. He is currently co-founder, chief technologist, and a board member of the Omni Foundation. He worked at Tether with Reeve, is a partner at Block.One, was CTO at MasterCoin and Bitfinex, and has held various advisor positions in the cryptocurrency space.

Social Media
Twitter: https://twitter.com/blockv_io
Facebook: https://www.facebook.com/blockv.io/
Telegram: https://t.me/block_v
Medium: https://medium.com/@blockv_io
Bitcointalk: https://bitcointalk.org/index.php?topic=2181569.msg21882723#msg21882723
Reddit: https://www.reddit.com/r/blockv/
Github: https://github.com/BLOCKvIO/documentation

Q&A

ICO Alert: How does the BLOCKv token (VEE) function within the platform and why is it needed?

Reeve Collins, CEO: VEE is an essential part of our ecosystem for 5 reasons:
Publishers, the creators of vAtoms, have to have VEE to access the platform, create a vAtom, pay for the long running processes of vAtoms, and pay for the distribution of vAtoms. Additionally, they can incentivize users for various actions such as sharing, redeeming, interacting, collecting, etc.
Users will earn VEE for various actions, spend VEE to buy other vAtoms, and access certain functionality. They can also pay for the long running processes; say it costs $0.10 a year to run a vAtom and the publisher has stopped paying — the user now has a choice to keep it “alive.”
Cyclers perform distributed compute functions to power the vAtom transactions and various functions to keep them running. They are paid in VEE which enables BlockV to use VEE to to pay for most all of the costs required to make vAtoms function. This is our version of mining.
VEE prevents spam in the system. If it were completely free to create VEE and distribute them, then billions of worthless virtual goods would flood the world. VEE provides a much needed anti-spam function because if no one is paying for the vAtom to exists, it will become inert until someone powers it with VEE.
Most importantly, VEE rewards all of the participants of the network. Everyone involved will interact with VEE and the more demand, velocity, and usage of VEE, the more the value of VEE will increase, which in turn creates more demand, attracts more developers and grows the network and continues to increase the value of VEE.

ICO Alert: What is a vAtom and a smart virtual good?

BLOCKv: vAtoms (virtual atoms) is a term BlockV has coined for this new asset class of super tokens. These are tokens, which is a virtual good, with app-like qualities, which makes them smart virtual goods. vAtoms are a new asset class that combines the characteristics of cryptocurrency with the intelligence of apps. Cryptocurrency doesn’t actually “do” anything other than rise and fall in value. With vAtoms, users will be able to transact, trade, share, and redeem objects they interact with through rich multimedia experiences.

ICO Alert: How do developers, businesses, and consumers exchange virtual objects with one another within the platform? Why is this needed today?

BLOCKv: Users will have a wallet, which can be accessed from any device, that will allow them to view and interact with the vAtom. These wallets are packed with capabilities, as they enable a user to send, receive, buy, sell, and trade vAtoms as easily as they send a text. A user can also drop a vAtom on the map, interact with vAtoms in AR, and even gift vAtoms to strangers that they see on the map. vAtoms are also redeemable for real world goods through this wallet. In the same manner that you would pay for an item with Apple Pay, you will be able to pay for the real world item with its vAtom equivalent.

ICO Alert: What is the best aligned industry/use case for the BLOCKv platform?

BLOCKv: Many industries will benefit, but one main use case is brand advertising. Today, brands spend $100 billion a year on digital advertising, all of that money goes to the technology to place the ad and to the publisher which displays the ad. None of that $100 billion goes to the consumer! That is about to change. Brands can now provide consumers with vAtoms, digital objects of value. So the $100 billion is now the value in the objects and that value is either redeemable or experiential. However, they now have the ability to give the value directly to the consumer and the “middle men” are removed from the equation. This changes the consumer’s perspective on advertising, now it is no longer an annoyance which provides no value, it is a welcome experience because now the consumer knows the object has some value or can be traded for something else.

ICO Alert: Why does BLOCKv believe they can take cryptocurrency/blockchain technology mainstream? What does the team mean by the “interface” moment, as the result need they’re trying to fill with this project?

BLOCKv: The most important technology that will impact our lives in the coming decades is blockchain.
But the missing piece is the removal of complexity to actually create on blockchain. BLOCKv’s technology has removed this barrier for developers by making it as easy as ticking a box to create a token on any blockchain, but not just any token, a token with app-like qualities.
BlockV is the “interface” because now developers have a medium, the vAtom, this smart, digital object powered by blockchain technology, which consumers will now interact with. vAtoms will be part of people’s everyday life and it changes the consumer’s relationship with digital value. Consumers will now have a wallet filled with digital stuff, this digital stuff (vAtoms) will be very valuable; examples would be tickets, collectibles, coupons, experiential currencies, in-game objects, the list goes on. Most importantly, all of these objects are interoperable and exchangeable with one another.

ICO Alert: For the non-technical user, can you explain how BLOCKv is “bringing cryptocurrency alive” via this new interface platform for everyday consumers? How does the BLOCKv platform layer work on top of a blockchain?

BLOCKv: Today, we all interact with apps to play music, communicate with friends, and watch videos — all immersive experiences. Cryptocurrency doesn’t have the capability of applications, but vAtoms do. They are programmable, which makes them as intelligent as a software programmer wants them to be. Take a ticket as an example, it can be a simple cryptocurrency, a token you use to get access to a venue. Now, imagine it “comes alive.” Envision a micro app, which is your ticket, but it is a video of the artist welcoming you to the show, then when you redeem it, it updates and says “you’ve won a backstage pass,” then after the show, more exclusive content is uploaded, it is a video of the artist backstage talking about the performance. So now you have this token that has the exclusive content, and it is one of 1,000 because there were only 1,000 tickets sold. This is now a digital collectible, you can keep it or sell it to another fan. Also, this is now a conduit to the artist, as they can update it every month with more messages or offers because the artist knows that anyone that has this vAtom is a superfan.

ICO Alert: How does each a developer, publisher, cycler, and user, as defined by BLOCKv, experience the platform?

BLOCKv: Developer — BLOCKv will facilitate a developer community where developers can build smart object templates and write code for the behavior and user interface functions, as well as actions and reactors. A publisher might then use that vAtom template and code for its own use cases to publish vAtoms. The community will come up with new development tools, compilers, coding languages, or SDKs to facilitate the implementation of vAtom use cases far beyond our current imagination. These contributions can be open-sourced, offered for free, or against a fee in VEE through a BLOCKv developer marketplace. Much like the WordPress template stores, the vAtom templates will grow in volume quickly as the developer community makes new templates, modifies existing ones, and puts them back into circulation for community use.
Publisher — A vAtom publisher is an entity which creates and publishes vAtoms. The process of creating vAtoms includes the data and properties of a vAtom, the graphical representation (look and feel) as well as the behavior and interactions. A publisher can use tools provided by a developer for the vAtom creation or directly use a programmatic interface (APIs and SDKs). An example could be a consumer brand company who wants to issue a free sample for a new product as a vAtom that can be distributed to potential customers and redeemed for a real product sample at a point of sale. A publisher might also develop a branded smart wallet including specific functionality, which customers can use to view and interact with the brand’s specific vAtoms. Publishers will have to pay a fee in VEE to emit vAtoms and to keep them alive.
Cycler — A cycler is a decentralized autonomous entity, which provides infrastructure and processing power to run BLOCKv platform functions (reactors, brains, APIs) based on the BLOCKv distributed compute consensus model. For successfully executing vAtom transactions, cyclers receive a specific amount of VEE. For example, large infrastructure providers could offer a highly scalable cloud environment to process generic vAtom functions at very low cost. Or a system integrator traditionally focusing on enterprise business could offer an optimized stack on top of a cloud infrastructure provider, such as AWS, to process only a certain type of vAtom transactions.
The cycler role and the distributed compute consensus model are essential to what makes BLOCKv unique. Developers and creators are not attached to a single centralized environment, meaning that the technology can become widespread with minimal costs. Similarly, vAtoms themselves can scale to billions of objects without the need for centralized computing power or fiat investments.
User — A user is an individual who holds a smart wallet containing vAtoms. A user can view and interact with vAtoms using their smart wallet. A vAtom-enabled smart wallet can be anything from a browser-based web viewer, to iPhone or Android mobile apps, to SmartTV apps to a 3D virtual reality viewer. Through their smart wallet, users also have access to vAtoms offered on a marketplace or dropped on the map, etc.

ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?

BLOCKv: The BLOCKv technology is fully operational and already being used by the developer community. In fact, one of our partners already has a functioning app in both the Apple App Store and Google Play. The rest of 2017 will be about bringing more developers into the ecosystem. In 2018, we will continue to build out the community by offering more exciting tools to make creation and publication more seamless.

ICO Alert: As a non-BLOCKv question, we like to ask for unique predictions on the cryptocurrency and ICO space in the near future. Where do you see the industry in 3–5 years?

BLOCKv: The ICO market will become the standard to raise money to fund projects more efficiently and effectively. Projects that use crowdfunding don’t benefit the early supporters of the project, as they receive no substantial payout. Tokens eliminate this as every token holder immediately realizes the reward through the value of the token itself. As ICOs begin to proliferate into the tech space, we see the emergence of more interesting technology as the main barrier to entry is funding.

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View the BLOCKv Website here.

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References
1.
BLOCKv Website, BLOCKv, (2017)
https://blockv.io/

2. BLOCKv Whitepaper, BLOCKv, (2017)
https://blockv.io/documents/whitepaper.pdf

Topics: Blockchain, ICO, Branding, Cryptocurrency, Finance