What Is Blockchain And What Can BunnyPub Businesses Benefit From It?
Breaking out from confines and surviving is something that every exchange center is striving to work towards. With the fall in price of major tokens, there are two roads that spot trades can take: one is locking and waiting for profit or minimize losses; second is to cut losses and withdraw. We can see from these two choices that without a suitable ecosystem in place an exchange can only wait for a sudden surge in prices to change market value.
There are two classic examples in the crypto currency community: ETH and transaction fee mining. ETH supports the platform by attracting developers with its technology and listing tokens. As a main currency of the market, its value comes from the support of the market, and a change in the support would also impact the value of ETH. An ICO that suddenly increases supply led to a demand in ETH. This increase in supply is only superficial and the real consequence is a fall in prices.
Thisfall led to the leaving of many ETH fans and users, and those that remainedwere mostly the project party of the ICO. No matter if it was for survival orto sustain the ecosystem, they were trapped within the confines of the ETHcage. The second example is transaction fee mining with FCOIN as the mostmemorable example, but countless followers emulating the model.
Themain concept behind transaction fee mining is to return trading transaction fees to the users, this is something that I have always asked (why don’t we give back transaction fees to users?). The system behind transaction fee mining is to stimulate users to participate in trading. Transaction bots trade on the main market, which is like trading from your left hand to your right hand, to in crease the liveliness of the market. As soon as there is an increase in the platform token price of FCOIN, we won’t be looking at the users that are making value investments, but at the users that are taking advantage of mining. Users that are taking advantage of the increase in token price will choose national currency transactions.
Byusing transaction bots that they developed themselves, they will open multipleaccounts and take advantage of transaction fee mining to make a profit. Thismethod will spread like wildfire and create a short surge in transactionvolumes, bringing short-term prosperity. When the token price is changed due tothe interference of transaction fee miners, there will be problems insupporting the platform due to a lack of resources. This failed example can beseen in FCOIN and later ABCC and CoinSuper. Changing transaction rules orchanging mining systems will not be able to change the most important problem.
Thesetwo projects are classic examples of a failed ecosystem. The most importantissues of an ecosystem are the open source model and interception of traffic.
Systemsoften turn into short term money burners to attract users and change demand inthe market. The traffic and volume brought on by this method only attractsusers that aren’t really here to support the project. Hopping from project to project, users don’thave the same passion they first had and platforms can only use their owncapital to stop losses.
Thetwo previous examples talks about the usage of capital and how the problemisn’t with the system, but with both sides. Using one’s own revenue to supportthe platform can only lead to failure as soon as the platform is unable to besustained. How to solve the problem of volume and reaching users are twoproblems that exchanges and projects are taking seriously.
Froma current development standpoint, a forum could be able to solve that problem.
Anexchange center is the best interaction point for blockchain users, and is alsoone of the first successful blockchain projects. One problem is that no matterhow much capital you are willing to spend, it can still be hard to reach yourgoal, which means that something is wrong in the middle. Users expend thetokens they have on hand in the middle. Project landing is something that seemsto be far in the future for projects, constant updates and listening to userfeedback are also part of the problem. Promotion fees, maintenance fees, andcost of capital are all major problems. You could burn through capital beforelanding, and end up with nothing.
Forumscan be seen as something that has it all. Tianya is considered as one of thebiggest forums in China, and was one of the active forums during the earlystages of the cryptocurrency community. The merging of Huobi and Tianya is thenext step towards building a better ecosystem. 8BTC derived from the 8BTC forumis also a successful example. Being a first mover is important, BunnyPub isalso currently gearing itself as a forum that has it all. Let’s talk about theadvantages of our forum. BunnyPub has a 7 month old exchange as its support.
Thishas led to receiving some basic users and projects, but how to reach users isstill the main issue. Maintaining a community that isn’t affiliated with majorplayers can be hard to get good basic users. Opening a forum would be a way tobridge that gap between users and projects, and allow projects to maintaintheir own users through the forum. This lowers the threshold for projects tocontact customers. Projects will be able to find their customers out of all thepossible people.
Withthe addition of other subforums, many more people that aren’t part of thecryptocurrency community can still participate in other forums such as novels,gaming, gossip, health and lifestyle, and many more. Users can participate inwhat they like, and with the increase in users, people will have more choices.
Toentice traditional cryptocurrency content creators and other subforums alike, atipping system is in place. Tipping allows users to choose the content thatthey like and reward the authors, the tipped tokens can also be used or tradedon BitRabbit Exchange.
CARROTis a free candy given to users. Before trading pairs were opened, users wereable to obtain different tokens through a wheel of fortune game and then tradedfor currency on the exchange. The consumption method was too monotonous and nottransparent enough was often something users complained about. Users thatobtained CARROTweren’t satisfied. Yet, the opening of CARROT trading pairsallowed users to have a better choice to spend their CARROT. The wheel offortune was now a chance for users to use smaller sums to win bigger rewards,and trading pairs is a relatively more stable alternative. CARROT is supportedby projects joining the forum, listing fees, and hiring forum admins.
1、Users not being able toknow the content of the prize pool when spinning the wheel of fortune hasalways been something that we are trying to fix. Currently the prize pool onlyincludes project party tokens and major tokens, in the future it is possible toadd project party peripherals. This not only increases the transparency ofproject parties, but can also incentivize project parties to invest more inprizes for the prize pool to expend CARROT. The more successful instances thathappen only increases the motivation for more project parties to sign up.
2、CARROTcan be bought back from project parties joining the forum or from listing fees.
3、CARROTcan be expended through tipping in the forum, a greater number of users wouldmean an increase in tipping and the amount of transaction fees.
4、Buying back CARROT to burn with revenue made from the exchange.
These four methods uses mini games to expend tokens, user demand to expend CARROT,project parties joining fees to expend CARROT, and burning CARROT with revenue made. Traditional exchanges use short term profit to gain a financial lead in the early stages, only with proper management will exchanges still be here in the long term. The blockchain industry should also beware of this, looking at short term profit will not enable the industry to survive until the future. The arrival of the forum is a way to let everyone search for new methods to survive the harsh economical winter. Only through cooperation will the blockchain technology be able to turn a new chapter and be used far into the future.
