Some Updates on the Overall Network
Welcome to the Ledgerback Blog publication! Herein you will find overall updates on the Ledgerback network.
For this week, we have updates on the Open Collaborative Network Model, CryptoCamp, and Project Greenback.
The basis for the model will remain the same except for a couple slight tweaks. First, we are dividing the model into three separate parts: (1) value-creation, (2) decentralized governance, and (3) peer platform. We expect the CoVal model to be used for fostering value creation across the network.
Now, to elaborate on CoVal, CoVal operates on a closed feedback loop model.
In CoVal, there are four primary components:
Contributions
Evaluations
Reputation
Token Distribution
Contribution** is defined as any action that has potential value, tangible or intangible, to the network.
Evaluation** is defined as the act of appraisal, i.e., the determination of Value of a Contribution.
Value** is defined as relative worth, utility, or importance.
Value Function** is defined as the relative worth of Contributions and Evaluations in tokens.
Reputation** is defined as an additive, non-transferable unit of account that members earn based on their Contributions and Evaluations. A certain amount of Reputation is required before a member may engage in Evaluations.
Token Distribution Cycle** is defined as the distribution of tokens for Contributions and Evaluations, based on the Distribution Formula and Reputation.
Distribution Formula** is defined as the median value of all weighted evaluations (evaluations accounting for the total reputation of members) of the network, at the time of a contribution necessary for the distribution of tokens. In other words, tokens will only be issued after at least 50% of the overall reputation of Ledgerback is engaged in evaluating a particular contribution.
Reputation Score System** is defined as the objective-subjective system that is based on the objectivity of publicly verifiable sources, and on the subjectivity of the network.
Evaluation Criteria** is defined as the objective-subjective factors used to evaluate Contributions, which include the following exemplary list of factors:
Principles and Values of the network;
Originality of the Contribution;
Research, analytics and development focus of the Contribution;
Quality of the Contribution; and
Timeliness of the Contribution.
We expect CoVal to operate in the following manner (without taking into account any special circumstances):
This Model is heavily based on the models, projects, beliefs and philosophies of the projects, communities and individuals listed below, and derives directly and indirectly (in definitions, operations, and overall concept) from them. If you have any questions over these models, please do not hesitate to message us at [email protected].
The models, projects, beliefs and philosophies without limitation, are:
** = subject to change.
The decentralized peer governance model (DPG) is still in development (and may be specified further for a decentralized project) and we expect to have a working description within the next month.
We have redesigned CryptoCamp inline with our brand, and have added new sections that we believe will be helpful to beginners as they enter the blockchain and cryptocurrency space.
We plan to complete the revised version within the next 2 months.
###3 Project Greenback is getting into the final swing of development.
We know we have been on the “hush hush” about the project so far, but we believe we are finally in the late stages of development, and thus appropriate to discuss the project in further detail.
Project Greenback is an over-the-counter (OTC) service provided by Ledgerback for Nevada-based members and non-members (“patrons”) to buy and sell Bitcoin and Ethereum for US dollars (including cash and credit/debit card transactions).
As a physical OTC service, (1) patrons will come to our physical location, (2) state the transaction they seek to make, (3) complete the necessary Know-Your-Customer (KYC) and Anti-money Laundering (AML) forms, (4) acknowledge our Terms of Service (ToS) and Privacy Policy, and (5) after we verify the KYC/AML information, they may complete a transaction with us.
All transactions will be subject to a fee and rate structure, which shall be provided in further detail in a future post, but is expected to be more affordable than other cryptocurrency-to-USD conversion providers.
In addition to finally getting the chance to put a face (trust us, we think we look pretty darn good) to cryptocurrency transactions, we will be providing patrons with basic information (generally summarized in CryptoCamp) about blockchain and cryptocurrencies to help them navigate this space (e.g., how to avoid those unfortunate Twitter scams).
In addition, we plan to offer a patron loyalty program for repeat patrons, wherein we provide benefits such as cryptocurrency accessories (e.g., hardware wallets) and discounts on transaction fees.
Lastly, we truly want to provide a space where the local cryptocurrency and blockchain community can come together with the general public to discuss and educate each other on blockchain, cryptocurrencies, and other cool and exciting topics.
You can join Project Greenback by becoming a member of Ledgerback, or one of our partners.
To get in contact with us, send a message to [email protected].
We are a cooperative, molded in the open collaborative network model, that focuses on peer-to-peer research, analytics and development for digital disintermediation and innovation (D2I).
Anyone who is passionate about emerging technologies, decentralization, blockchain, cryptocurrencies, alternative economic and governance models is encouraged to join us as we continue to discover the unknown in this digital frontier.
As a member (a/k/a Backer), you will have an equal say and interest in the affairs of Ledgerback, and the ability to choose the direction of it’s growth.