Commodity money, which is synonymous to the barter system, was the earliest form of money. Different parties exchanged what they had for what they needed. It had a primary problem, and that is, it wasn't quantifiable. Paper money became the key to this commodity money lock. Paper money as at this time was based on a commodity, say a precious metal or some other unforgeable and preserveable commodity. It's primary essence being a medium of exchange and a store of value was flawlessly retained.
However, as time passed, paper currency was no longer based on a commodity, It became the main circulating exchange medium. The first issued money of this sort, was named chao, and it was issued by the founder of the Yuan Dynasty, Kublai Kahn at about the 10th century.
This commodity-paper transition was so smooth that as at the 13th century everyone already accepted this "paper" as a means of the exchange and it bewildered Marco Polo, a traveller, who I guess might have travelled in from a country or dynasty where it was not so. These were his words;
All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver... and indeed everybody takes them readily, for wheresoever a person may go throughout the Great Kaan's dominions he shall find these pieces of paper current, and shall be able to transact all sales and purchases of goods by means of them just as well as if they were coins of pure gold.
source
But what could have made it acceptable by all? Surely, everyone had the right, to say no to this "paper", but then what gave it the capability to be exchangeable for physical commodities when it had no physical backing?
Before we proceed to make plain the answer to those questions, did you know that sometime in France, the government ran of money - french coins (of course, carved out of a valuable material named beaver pelt) - and in a quest to prevent mutiny, they confiscated all playing cards, literally wrote denominations on them, signed on them, and paid their soldiers with them, in place of gold and sliver? 😂
Merchants accepted these "money cards", when the money shortage became really chronic everywhere. This meant-to-be tentative measure actually spent a while before it failed.
All the instances aforementioned point to how money gets its value - Trust & acceptability.
Beyond government regulations, money gains its value from people's confidence or trust on it.
In other words, we accept whatever we call money in exchange for whatever goods and services we offer because we know and believe that some other person will accept that money from us. As such, interactions (communication and collaboration) between people, gives fiat money its intrinsic value regardless of the fair or unfair control or regulation of the supply by the government.
At this point, we see the importance of a community to a currency. Actually, the title of this publication should read in full, ALL CURRENCIES WILL FAIL WITHOUT A COMMUNITY PREFERENCE. A perfect use case can be envisioned if we consider a community of babies. A baby will not sacrifice a doll for a $100. Babies amongst themselves will fight for a doll, but leave the money on the floor or probably chew it. 😂 Other babies on seeing this, the tug of war for the doll, will perceive the doll to be very valuable and then cry to momma for one. This is in fact what happens with money in the world community which leads to price rise and fall of currencies.
If history has taught anything else aside the indispensable voice of a community as regards money value, it's the rise and fall of money types. The fall of the commodity-money type (barter system) marked the birth of fiat-money type and the birth of digital money-type marks the imminent fall of fiat-money type.
The Dawn of a New Economy.
Oct 31st, 2009 marked the birth of a revolutionary technology which in several variations has led to the delivery of a new type of money - digital money and a new kind of economy in general. This technology is called the blockchain technology and these new currencies are called Cryptocurrencies.Many has come onboard this new economic ship, but until now it has had no captain and hence the entire crew has been in disarray, steering the ship in several destinations, anchoring it at some point or sailing too fast at some other point, under the opinions and speculations of anyone and everyone. Although certain of how this new economy should look and taste like, the broth always get spoiled when there are too many cooks.
The voice of the people is the voice of God, they say, but may I add that, it is the voice of God only when the people are undivided who sought to achieve a goal via communication and then collaboration. This in fact what a community means. Therefore, in other words, the voice of a pure community is the voice of God. As regards the blockchain and her babies - cryptocurrencies, smart contracts, etcetera, a study has shown that only 1% of the world are currently involved in it and even at that there is no proper stage, platform or a pure community yet to act as a formidable force in enacting the mass adoption of this conspicuous beneficial technology.
PIVOT brings to life such a platform, to encourage predominant circulation and mass adoption of cryptocurrencies and other applications of the blockchain by meteorically increasing the number of persons who believe and have confidence in them via increasing the activities centered around them.
Introducing PIVOT
PIVOT is a global blockchain and cryptocurrency community which currently has over 2.5million active users globally. In addition, PIVOT has several big investors and partners including the Binance, the largest cryptocurrency exchange and Huobi Global. The community started locally with a chinese version through which it gathered its first 200k Users and Binance Labs investment. In just a short while after its international version launch, it became the most popular cryptocommunity in the blockosphere, with over a million users and this was as at September.
It's as if cryptocurrency folks, enthusiasts and investors, as well as blockchain's couldn't wait to gain entrance into a platform where they could collaborate with like-minded people who shared the vision of the future of cryptocurrencies.
PIVOT is the home of everyone who sought to know about blockchain and cryptocurrencies and anybody who sought create, maintain, and develop their portfolio in this niche. The point where everything about blockchain and cryptocurrency revolves.
Community Encountered Problems.
From the few facts just mentioned, we can see that the floodgates of users opened unto PIVOT, hurling millions of users against it. This user flood often created problems for infant communities hitherto. The mostly divided community, where everyone struggled to get a piece of the profit cake selfishly deterred blockchain and cryptocurrency investors, and was already giving the innocent tech a bad name in the news. Some of these problems include;
• Information Asymmetry:- Some users, most often whales, get quality information more than the other users do. These whales or those who pretend to be, take advantage of other users with this information shielded from others to manipulate the market and cause users to loss their cryptoportfolios in manipulated pumps and dumps. Coupled with other undignifying schemes, these users stigmatize the blockchain and her babies.
• Declining Quality Content:- Community influencers only need to "tweet" rather than create quality contents to get "likes" or upvotes, because they already have a reputation or wealth. Seeking favour or simply just doing what others do, new users as well join in the queue, pulling the entire attention of the community in a single direction of less and less quality, also subliminally neglecting quality posts with rich information to improve the portfolios of the tribe.
• High-quality Project Information Lost:- Stemming from the previous point of a distracted community, coupled with the broad scope of the blockchain, Investors have usually found it difficult to follow closely with projects which actually has ground-breaking potentials causing them to miss out from the 10,000x gains, investing in them could have yielded.
PIVOT has positioned itself properly to aid investors overcome these and achieve its vision of blockchain investors collaborating and transfiguring the world.
PIVOT's Cure
For PIVOT to survive this tsunami of challenges and not end up like other communities which are getting washed away by the waves, it has to set up an impressive solution for blockchain investors, which stands firm amidst the waves hurled against it.
PIVOT first of, clearly defines its missions and objectives, and then it builds a sophisticated platform with a simple interface to achieve them.
PIVOT's Mission & Objectives
PIVOT's mission is to expose and create awareness of the blockchain technology and all its application to the world and also stirring up collaborative activities around it such that blockchain investors can be empowered to participate in it. To achieve this, PIVOT breaks this mission simply into two major tasks, which it will achieve with its solution.
Objective 1:- Screen and make available capital shuffling free valuable information.
Objective 2:- Bring together excellent blockchain entrepreneurs, projects and investors.
How PIVOT Achieves Objective 1
Pivot creates a platform where users can freely create and consume information to as much members as possible, investors or otherwise. With the aim to accommodate as much users as possible, PIVOT positions its technical architecture to accommodate a wide range of devices, including ios, android, web etcetera. It also broadens its application by allowing for integration by third party services via its API.
With such a vast range of compatibility, there's no doubt that the User Generated Content (UGC) would be enormous as users can Publish Posts, Publish Comments and Repost on PIVOT. PIVOT puts in place systems to properly organize these contents and filter out the most valuable ones. That is, although PIVOT allows everyone to freely dole out information, it takes upon itself the selfless task of providing users with the most valuable via its several built-in systems.
Commencing from facilitating the creation of only quality content with its Value-based Content Evaluation and Incentive System, PIVOT rewards high-quality content by studying consumer behavior patterns with its AI algorithms and also from the evaluation of the Key Opinion Leaders (KOLs).
PIVOT differs in this case from platforms like Steemit. Steemit determines quality content solely by the likes and dislikes of its users. PIVOT in determining its quality content, adds to likes and dislikes, an intelligent system which further screens these peer views of posts. The intelligent system uses big data mining and some other systems to further ensure that real quality is rewarded. The AI also helps users discover new interests based on its study of information consumption patterns, hence its name personalized recommendation system.
Aside the quality UGCs that PIVOT ensures in its community, It also provides 24/7 live, accurate and thorough information which can be verified, as regards Newsletters and Crypto Markets - real-time quotes and charts.
How PIVOT achieves Objective 2.
PIVOT can also be seen as a community of communities. To regulate user behavior as they flood in and also nurture collaboration, PIVOT community sets up rules and sub-communities respectively. The set up rules are the "laws" which govern user behavior and defaulters are penalized. PIVOT also possesses systems like its intelligent Anti-spam system which would help clean up the platform and make it more friendly. The "laws" are initially set up by the founding team, but as the PIVOT platform glides towards autonomy, setting up rules will become completely democratized and autonomous i.e the community will set its own rules. PIVOT achieves organization of information & collaboration via themes. These is likened to social circles and in PIVOT, they are broadly classified into three;
- Cryptocurrencies
- Exchanges &
- Star.
Within the Cryptocurrencies classification, users can join any of the cryptocurrency circle, be it BTC, ETH, XRP, STEEM etcetera. The same follows for exchanges. The star classification are like circles created by KOLs, which would allow investors to easily follow their favorite crypto mentors and converse with them.
PIVOT puts systems in place to also ensure lively and friendly collaboration amongst community members. The community member collaboration systems include a task system, communication system and rule system.
Pivot, no doubt, creates a solid community for the blockchain technology and cryptocurrencies. interestingly, it consolidates this community with an economy with the same blockchain technology!😁
PIVOT's Tokenomy
Simlar to how PIVOT creates a platform where blockchain and crypto activities revolves about, is the PIVOT economy to the PIVOT token (PVT). The PVT is the object of momentum for the PIVOT economy, used for value interactions between the platform users. It circulates freely and can be held in the PIVOT wallets.
PVT is the native digital cryptographically-secured utility token of the Pivot community.
Source: Whitepaper
Some of the application of the PVT include;
Incentive: PVT Community will provide PVT incentives to community members based on the CPOC;
Reward: Community members can use PVT to reward the creators of quality content in the community;
Task reward: The community functions and content can be enriched through task rewards;
Paid function: The community continuously provides advanced paid functions, such as simulated speculation, smart trader and other functions Purchasing virtual items: Members can purchase all kinds of virtual items sold in the community;
Engagement: The engagement of various online and offline activities organized by the community;
Ad delivery: Advertisers can use PVT to intelligently deliver advertisement to target members within the community.
Source: Whitepaper
The incentive application of PVT can be likened to its mining. Users are rewarded for their contributions to the platform, in posts or in promotions by the CPOC (community Proof Of Contribution) - An algorithm that assigns PVT based on user contributions on the platform.
There are 31,415,926,535 PVT in circulation which is never to be increased, and it is distributed as shown below;
PIVOT launched project X to get PVT listed on exchanges. This project which has been nicknamed PIVOT spans from October 24th to November 7th 2018, to airdrop 150,000,000 PVT and 500,000 USD. Some of the activities that have emanated from this carnival includes;
• Daily PVT Bonuses for invites and platform participation.
• Pivot Market Prediction
• 500,000 USD airdrop in crypto assets form( TRX, TLG, FLC, KEX, IMVR, USDT, MVL, and some other oncoming ones).
• Social Media Bounty Task Campaign.
• Essay Competition Campaign.
Benefits of PIVOT
Mass adoption of the blockchain technology and cryptocurrencies is the most precious yearning at the moment for blockchain and crypto investors. Achieving such as history as taught requires building confidence of the people in this new tech and economy it births. This is in fact what PIVOT does, by building user engagements around the technology and in no time, users will get past this stage of denial.
PIVOT also heals the cryptospace of her birthing pains and frees her of stigmatisation as anyone interested in blockchain can get quality information about whatever project they desire to know about the cryptospace including crypto projects, market prices (at real-time), and even get the views of others about the project considered. Authenticity can even be guaranteed via the plaforms backtracking mechanism. PIVOT is a great platform for start ups to gain exposure, and get investors to further extend the application of the blockchain tech
The most important benefit, as most would point out, is the opportunity to earn PVT tokens as we learn. Some might just equate this to a passive income already.
So come for the rewards but stay for the community!
Use Cases
Education
Traditional payment users, like me, have gotten fed up with its current state. Banks debit accounts for different unworthy reasons and restrict users transactions in several ways, either through charges or transaction limits. We've however stuck with it, because until now, there's been no platform to fully educate us about how the blockchain works interactively. On other platforms our posts where we state our distress somehow picks dust, left unattended to. With PIVOT unsatisfied users can get involved in the conversations and catch up on this really interesting tech wave, while still earning PVT tokens. Whenwe finally catch up, we may then decide to become teachers to those who still find it difficult by becoming a KOLs and creating a social circle that serves to educate those who still have issues with the technology.
Start-ups Support
Being a hub for blockchain investors, blockchain entrepreneurs can get exposure here. Either by creating user engagements around the project and raising it awareness or by using the ads feature. Ads placed in a platform is one placed before the right target market. Projects can even create sub-communities where they can enlighten interested users about the project and get their opinions about it. Defining a proper rule system with PIVOT intelligent system can help them combat spam of users who would disregard the project by pasting unwanted contents. By the tasks system, her active users and promoters can get rewarded.
PIVOT Investors
The PVT community has gained recognition from some of the largest crypto projects and also received financing investment from them. Some of these reputable projects which have invested in the PVT community include;
√ Binance Labs- One of the largest cryptocurrency exchanges founded by chanpeng zhao. The exchange raised over 150million USD during its coin offering - Binance coin (BNB).
√ Huobi- A secure and relable financial hub for digital assets which services customers in over 130 countries around the world.
√ LD Capital- A new investment fund in the blockchain industry. It has also invested in Penta, IOT chain and Aelf.
√ INBlockchain- The most powerful investment group in the chinese blockchain space and also one of the largest custody of Bitcoin, globally.
√ LINK VC- an experienced blockchain investment and digital asset management firm.
PVT community has also received financing investments from other reputable individuals.
PIVOT Ecology
PIVOT Ecosystem consists of several categories of users, although not explicitly classified within the app. The most important and most broad of all, are the community members which are all equal and participating. From this user type, all others emerge, such as promotion partners, creative partners and Joint development partners. Transition from one user type to another usually involves voting in or out. The PVT community aims to achieve autonomy by this, having the community govern itself, free from any undesirable external influence.
PIVOT RoadMap
PIVOT Core Team
Conclusively, Indeed ALL CURRENCIES WILL FAIL WITHOUT COMMUNITY PREFERENCE as history as foretold, but luckily for blockchain and cryptocurrencies, it's not without "community preference". As a matter of fact, PIVOT provides more than an average-type community, combining Artificial intelligence and Human intelligence to produce a community with the freshest thorough news, the most perceptive comments coupled with charts, quotes and basic information about ALL cryptocurrencies! 😁 Truly, PIVOT is the axis of revolution of the revolutionary blockosphere.🤗
More Information & Resources
All Unsourced Images are credited to PIVOT.
Thanks for reading,
CED.
Pivot_Name: Egbon Osasere
ZID: 219713741