BlockBits Platform Specific Concepts and Changes

Platform Account

Your account is your ethereum wallet address.

Bylaw Settings

Overrides default Project - Bylaw Settings.

Keeps all functionality and adds:

BlockBits Listing Fee

BlockBits Standard Platform Base Fee

Dynamic Platform Base Fee

Charged to the Child Project if Funding is Successful

Is represented by the Adjusted Platform Base Fee.

Standard Platform Base Fee

No Platform Base Fee

Adjusted Platform Base Fee

  • Represents a cost to the Crowd Funded Project in raised ETH.
  • If 1 cost is higher than Standard Platform Base Fee, all individual costs are accumulated and represent the Adjusted Platform Base Fee.
  • This means, the more you give out, the more you get charged.
  • We do this in order to discourage reckless spending.

Available Costs

  • There is no minimum or maximum setting enforcement but each one affects the Resulting Fee.
  • The share of each "Cost" can be set by the Project Owner.

Bounty Cost

  • If Bounties are enabled, they represent a Token Cost to the platform.

External Services Cost

  • If External Services Cost are enabled, they represent an ETH Cost to the platform.

NOTE: Not implemented - under consideration

Listing Requirements

Change requires a Application Entity - Code Upgrade Proposal

  • Can be disabled by setting to 0

  • In order to deter the launch of campaigns that are pointless and to insure that the Crowd Funded Project Creator is serious there is a Bylaws Settings - Platform Listing Fee requirement.

  • If the Bylaws Settings - Platform Listing Fee cost is present the represented ETH is locked into the listing contract until the successful completion of the funding of said project.

  • If project fails to get funded, or is delisted, said ETH is transferred to the BlockBits Reserve Fund

Activated after: BlockBits - Roadmap - 3.2 3rd Party Launch Functionality is complete.

Outside Donations Contract

Changes require a Application Entity - Code Upgrade Proposal

  • Any ETH sent to this contract is forwarded to the following organizations:
    • Metamask, EtherScan, MyEtherWallet.
  • This contract serves the purpose of retrieving lost founds in abandoned Child Projects.
  • The funds are donated because otherwise any involved party might take advantage in their favour.
  • The idea behind it, is that due to the nature of wallets, we do not want lost funds to be locked in the BlockChain forever. Instead they are donated to causes or projects that actually create value in the BlockChain.

Activated after: BlockBits - Roadmap - 3.2 3rd Party Launch Functionality is complete.

Proposals

Overrides default Project - Proposals.

Keeps all functionality and adds:

Delisting Proposal

  • Can be created only once per Listing Contract Item ( Child Project ) by any Token Holder at any time, as long as said Child is has not started receiving funds.

  • This allows all Token Holders to vote on the proposal to delist said project from the BlockBits Platform Listing.

In special cases the delisting can be forced by using a Code Upgrade that is successfully accepted.

Revenue Stream

Overrides default Revenue Stream.

Changes: - Revenue Stream is created by the fees applied to Child - Projects using the BlockBits Platform through the Dynamic Platform Base Fee.

Activated after: BlockBits - Roadmap - 3.2 3rd Party Launch Functionality is complete.

Voting Power

Overrides default Voting Power.

Changes:

  • In the case of a Delisting Proposal Voting Power is determined by the amount of BBX Tokens owned at the END of the Proposal - Voting Phase, ( includes both Vault and Investor wallet ).