The Blog

We are burning BitBoost tokens!

 

When the BitBoost Tokens (BBT) were created, there were initially 100,000,000 BBT. No more BBT will ever be created, so this is the maximum supply.

How do BitBoost Tokens work?

BBT are required for sellers to create a listing on The Block. The price of each listing is calculated to be the equivalent of 1 USD at the time the listing is submitted. However, the value of BBT changes over time. For instance, on one day, 1 BBT could be worth 1 USD, On that day, a listing would require 1 BBT. On another day, BBT might be worth 10 USD. On that day, a listing would require only 0.10 or 1/10 of a BBT. BBT have 4 decimal places, so the listing requirement can be as low as 0.0001 BBT.

Extra BBT

Our initial sale of BitBoost tokens did not meet our expectations, and there are now a very large number of BBT being held by BitBoost (approximately 88 million). As outlined in our White Paper, some of these are tokens have yet to be distributed and others are scheduled for distribution. These distributions will still occur. The remainder, approximately 61 million, are tokens that we had hoped to sell last year during our pre-sale and main sale. This 61 million “extra” BBT are the problem.

The Solution

We believe that this large number of 61 million unsold tokens creates uncertainty about the price of BBT, and that is not good for our community. To solve the problem, we plan to conduct a burn.

A burn is process that irrevocably destroys some tokens, permanently lowering the maximum supply. Our plan is to keep the maximum supply of BBT set to a number that is easy to use in calculations, so we will burn 50,000,000 BitBoost tokens, cutting the maximum supply exactly in half.

A burn of BBT will not affect how BBT functions in any way. The price of creating a listing on The Block will remain the equivalent of 1 USD, as described above.

We are researching our options for conducting the burn, and once we have settled on the best technical approach, we will move forward, and there will be an announcement. Our goal is to accomplish this burn with no repercussions for current token holders.

After the burn, the remaining tokens (approximately 11 million), which need to be locked until November of 2018, will be locked through a smart contract that we have developed. Our plan was to use an escrow partner for this but we have been unable to find a partner that meets our needs. A better solution was to build and test our own time-lock contract, which we have done. The source code can be found here:

https://gist.github.com/blackyblack/cd33ba17bfc42023ffe216314974a014

This is the code we will use on the livenet. Before we create the contract, we welcome any review from the community.

 

BitBoost allies with Status

Several months ago the BitBoost dev team contacted the crew at Status.im to start implementing The Block, our decentralized e-commerce marketplace, into their Status app. Now, we are able to officially announce this exciting new collaboration! Our alliance with Status will help The Block to participate more fully in a thriving blockchain ecosystem, enabling people to freely trade in a decentralized way.

Status is a completely open source Ethereum app with a decentralized wallet for mobile phones, which allows users to browse, chat, and make ether payments over the Ethereum network. Main features include an ETH wallet and a browser where you can find useful and reliable dapps to perform a wide range of actions. All data is stored by the user and never shared with other applications, so privacy and personal data control is fully guaranteed. Status integration of The Block will be done through the web browser version of our app, which BitBoost released on November 21st, as an alpha version. This integration will allow users to directly sell and buy goods through their phones, paying and receiving payments in a reliable, quick and easy way. We asked our CEO Paul Mahone about this new collaboration, and he gave us his insights:

“We are very happy  to be working with Status, because this project is aligned with us on several levels: technology, ecosystem, privacy, and philosophy.

On the technology side, we both use Ethereum to build decentralized apps using smart contracts. Status is doing great dev work, so this integration will be smooth and really valuable for the users.

We also believe, like Status, that Ethereum will reach global adoption only through a strong, connected ecosystem of apps. We need to encourage this by aggregating practical apps that people can use and enjoy. Collaborating with the Status crew, who are also trying to facilitate a thriving ecosystem, makes a lot of sense to us.

And, we applaud the Status commitment to open source code. We plan to release all code as well, as soon as The Block is firmly established as a self-sustaining, e-commerce marketplace.

Moreover, we feel that user privacy is a must. Status users will always retain their data for themselves, and they could use The Block without any sign in requirements from our side. In any case, we are not storing any personal data, so it also makes a lot of sense to integrate The Block with Status.

Finally, our company philosophy is the same: collaboration, decentralization, privacy, and real, functioning products are at the core of both projects. How could we not collaborate with them? We believe that we have great synergy. This is a win/win scenario for everyone.”

If you want to be a seller and become pa rt of this project, please drop us a line at [email protected] We are looking for people like you!

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Our main BBT token sale is over – some important updates.

Last Thursday, November 9th, our main sale ended. As of that date, we have raised 114 BTC, 1812 ETH, and sold almost 5 million of BBT tokens. Although this amount is below our expectations, it´s enough to launch a good product! We already have a running beta with hundreds of beta testers, and we are working to deploy our app on the Ethereum network during the second quarter of next year, as we have explained in our recently updated roadmap. The funds raised thus far make a great seeding for The Block project.

I have purchased some BBT tokens. What’s next?

First of all, we would like to appreciate your support for our project! We are honored and humbled by your confidence in us! Furthermore, you should keep in mind some important points.

First, you can access your BBT tokens through Orderbook. Just log in and you will be able to see them in your account. For safety, we recommend that you keep your BBT tokens in myetherwallet. If you do not have one yet, visit https://www.myetherwallet.com/ and use the “Create New Wallet” function on the home page. Then, you will need three pieces of information in order to prepare your wallet correctly:

  1.  Address: 0x1500205f50bf3fd976466d0662905c9ff254fc9c
  2. – Token Symbol: BBT
  3. – Decimals: 4.

After you log in to your wallet, click the “Add Custom Token” button under “Token Balances.” Enter those three pieces of information as shown above, and click “Save.” Your wallet is now ready to accept BBT.

After preparing your wallet, you will be ready to transfer your tokens from Orderbook. The system will charge you 5 BBT for that. Don´t worry, we will refund it to you. Just email us at [email protected] and include your transaction ID, to confirm that it is a real transaction from Orderbook. Then, we will send 5 BBT to the same address used in that transaction. Only one transaction per person, please. 

During the beta testing period, if you have real BBT tokens do NOT keep it in your Block Wallet. Using real BBT during the beta testing period will result in the loss of these valuable tokens! We have created “test BBT” and “test ether” for the purposes of testing our beta versions. If you would like to participate in the beta test and get to know The Block, please register.

Once The Block is Live, you should keep at least a few BBT in your Block Wallet so you can create listings… if you want to be a seller. Buyers do not need BBT, just ether.

Some of you are asking if you can buy and sell BBT on any currency exchanges. Right now, we are listed on https://idex.market/eth/bbt and https://etherdelta.com/#BBT-ETH We are also in orderbook.io and http://cryptobserver.xyz/ We will continue to improve our list of exchanges, so expect more news in a few weeks.

For any inquiries and support, please email us to [email protected].

What are the next steps for BitBoost?

Right now we are finishing the final tasks to wrap up our ICO, redistributing BBT tokens, and setting up the foundations for the next few months. This will include:

  1. Developing the app. If you have skills related to Smart Contracts, cryptography, Angular 2, or UI/UX design, we’d like to hear from you. We are always looking for new language translators to help us localize The Block for as many regions as possible. You are also invited to join our beta testing and help us to make The Block even better.
  2. We will start with our user development campaign. We are looking specifically for potential sellers interested in being our first adopters, uploading and selling stuff through The Block. Maybe you are one of them! Email us to [email protected] for further info.
  3. We will also start to plan the next token sale rounds. After we have developed, tested, and launched our e-commerce MVP, we will be able to start scaling our user base up into the millions! We will need more funds to support our operations. Therefore, we will sell more BBT but never more than our total hard cap of 100 million tokens (we won’t issue more than that, as noted in our white paper). At this time, we can’t schedule exact dates for future token sales. It will depend on the many factors involved in the development of our MVP, but we will keep you updated. Don’t forget to register for our mailing list so we can send you all the important details!
  4. Finally, this next round of token sales will be carefully crafted to protect the value of BBT, balancing it with our business needs. Every bit of feedback from our token buyers will be really appreciated on this matter. Please, remember that we are always happy to hear from the community.

For more updates, please keep tuned to our social networks, blog, Medium and mailing list. Thanks a lot!

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Roadmap update for The Block

Many things have happened since last May, when we published our last roadmap. During the last 6 months we have gone through a token pre-sale and main sale, we have released several versions of The Block, including an open beta (download here), and many new people have joined our team. Building our team and improving The Block will be an ongoing process, but we have made great steps and now we have a better understanding of our prospect clients, our market, and our product.

Moreover, the last beta test gave us clear insights about what is required to build a great product, together with a more accurate understanding of the resources needed. Because of that, we have updated our roadmap to better show the current status of our project as you can see in the following image:

ROADMAP UPDATE FOR THE BLOCK

We’re not discussing the previous quarters, but let me explain the work we have ahead. During this last quarter of the year, we have released a public beta with basic options, available as a desktop app for Linux, macOS, and Windows. During the next two months we will improve on the web browser, already in alpha, including an integration with status.im. We will also start working on the filtering system, and integrate shipping providers, including PassLfix. We are finishing the end-to-end encrypted chat system, which will be off-chain. Therefore, at the end of this year, users could be able to try a beta with many of the Live functionalities already included or in progress.

For the first quarter of 2018 we are working on the escrow and arbitration system, a core feature for The Block. It will be really interesting to see these decentralized features finished. Escrow and arbitration is always a tricky issue in the blockchain, but we have some solid ideas about how to deal with this challenge, so look forward to that! We will also work on the provider’s integration, importable themes, and an alias system to improve the overall experience for our users.

All this work will be finished toward the end of Q2 2018. At that time, we will release a live app for desktops and web browsers, including escrowing, arbitration, shipping and delivery provider integration, status.im integration, an encrypted chat system, and a fully working filtering system. The Block will also include a variable and safe-low gas cost feature, which will prevent users from having to pay high gas fees. Lastly, there will be a complete GETH and caching node network, which will provide more efficiency to the app.

Although The Block will be functional in the second quarter, it will get the full power from its features during the second half of 2018. In Q3, The Block will finally include a fully working reputation system, more shipping and delivery integration, and we will deliver the apps for iOS and Android. After that, we will start working on the last of the currently planned features, such as storefront shops and bulk inventory uploading, which will allow shopkeepers to create their own storefronts in The Block, easily uploading their inventory with a single click. We will also increase user privacy with TOR integration. We plan to deliver the full package in the last quarter of next year.

After that, we will start working on a fiat payment system, since we believe that a critical step for massive adoption of The Block will be allowing people to pay in regular currencies, avoiding exchanges.

Obviously, this plan can be modified, but we intend to get it done on time, not later than planned. It will depend on our team, and our capacity to hire more developers during the next year. We have raised enough money to finish The Block on schedule, although we know that our community demands it as soon as possible! We will do our best to achieve that, so stay tuned! The Block has just started!

 

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More delivery options for The Block: Our agreement with LWF.

LWF agreement

In the previous post, our CEO Paul Mahone discussed a partnership with PassLfix, a startup offering delivery services using blockchain technology. This agreement will allow us to give The Block´s users more delivery options. Of course, buyers will have the option to use standard delivery companies too, whichever they prefer.

Now, we are adding another decentralized, blockchain-based, third party service for delivery: LWF, a recently created startup. LWF uses integrated blockchain technology to provide excellent solutions to the logistics service. It will let users have a decentralized, clear, and profitable environment where they can safely build the first P2P-logistic-network. Four services will be the core of this system:

  • P2P-Freight Forwarding Services: The first service in the world that allows anyone to receive or send parcels across the globe. The first practical model for secure, decentralized logistics.
  • P2P-Collecting Points: A service where users can have their parcels delivered by forwarders, who will keep them safe and ready for delivery. The forwarder will agree to a preferred delivery time.
  • Mobile APP: P2P Express Delivery: With the LWF mobile app, you can request same-day parcel deliveries from your location to a nearby destination via LWF forwarders.
  • LWF-Internal Logistics Provider: The fully equipped LWF logistics base is now ready to provide all services. It guarantees uninterrupted service 365 days a year and new services will be introduced each year.

How is LWF going to be used within The Block? Through 3 features:

  • Registered LWF vendors will offer freight-forwarding services to users of The Block.
  • Sellers on The Block may use registered LWF vendors to deliver their goods to buyers.
  • LWF vendors will use the LWF internal network and follow the LWF business strategy to ensure the security and privacy of The Block’s sellers and buyers, as well as the satisfactory delivery of goods.

Delivery is a critical part of the value chain for an optimal e-commerce service. Having several partners will help us provide the best service for our users. Because The Block is a decentralized project, and BitBoost believes in the privacy and security that blockchain technology provides, we will always try to integrate decentralized third-party services. In this way, BitBoost will help to create and nurture a decentralized ecosystem, redefining e-commerce through the blockchain.

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How will delivery work in The Block? Some insights and first news.

delivery work in the Block

Delivery is a big part of e-commerce. Buyers demand a reliable, fast, and cheap delivery system so they can get their purchases on time for a fair price. Although BitBoost is not a delivery company, we are working to provide the most convenient choices for our users, both buyers and sellers.

Our plan is to include several delivery options. Of course, regular companies, such as UPS, Fedex, and national post services will be included through APIs. But we will also include blockchain-based delivery services. Since we are a blockchain project, this choice is logical and is clearly consistent with our purpose to redefine e-commerce.

We are exploring mutually beneficial relationships with startups to manage the delivery part of the e-commerce value chain. Our first partnership is with PassLfix, a startup with a fully decentralized solution. Although more announcements about this topic will come very soon, we want to talk about our agreement with PassLfix, so users will have a clearer idea of what to expect when The Block is live.

Smart contracts to handle the value chain of e-commerce: How will delivery work in The Block together with PassLFix?

Álvaro, BitBoost’s Director of Marketing, and I recently had the pleasure of meeting with the PassLfix team in person to discuss integrating their service into The Block. We met in Zug for about 3 hours, drinking lots of coffee and making progress on our plans.

The first thing to understand about PassLfix is that they are not a delivery service. Delivery is what The Block will use their technology for, but they do not themselves provide delivery. PassLfix is a platform that can be used by delivery and courier services, even individuals, to offer their services to others in a decentralized, trust-less manner, while still providing security. They leverage the power of smart contracts to let customers insure their deliveries with no third party intervention, except in the case of disputes. And in the case of disputes, the courier’s actions will have been thoroughly documented on the blockchain to make dispute resolution easier.

The Block will integrate services that use the PassLfix platform so that we can give users the most decentralized product possible, thus increasing the savings they can gain by cutting out the middleman wherever possible. But sellers will still be able to offer shipping via traditional services like FedEx and DHL – The Block is all about choice. I think the best way to explain how The Block will use PassLfix is by way of an example.

Let’s say you are a seller, and you want to limit your sales to just your home city – maybe you sell freshly baked pastries. (We are working on geographically-restricted sales, by the way, so that buyers can search for just local sellers.) When it is time to choose delivery options, you will be able to look at just the couriers who operate in your city, and view the delivery options they offer. For instance, you might settle on Bob’s Courier Service, which offers delivery within the city limits of items under 5 kilos on the same day for 1 euro, or delivery within 3 hours for 2 euros.  
How did Bob’s Courier Service find its way into The Block? Bob signed up his company using PassLfix’s app, where he was able to specify which services he offers, and at what prices. Bob also had to buy some of PassLfix’s tokens, which are used to make a deposit whenever his company accepts a delivery contract.
If a seller offers Bob’s service to her buyers, the buyer will see this as a delivery option. Let’s say that a buyer purchases one of our seller’s items, and then selects Bob as the delivery service. When the seller approves the order, Bob is notified of the pickup address, the delivery address, the item information, and the type of delivery service requested (in this case, 3 hour delivery). Bob pays a deposit into the delivery smart contract, and dispatches his courier.

The courier picks up the item, and photographs it before packaging. The hash of this photo is added to the blockchain, the seller releases the package to the courier, and the courier begins the delivery process. At frequent intervals, the courier’s phone (which has the PassLfix app installed) uploads GPS data to a data streaming service (such as Streamr), and the buyer can view the progress of the delivery from within The Block.

When the item is delivered, the buyer signs off on the delivery. The courier is paid by the seller (from the delivery smart contract), the deposit is released back to Bob’s business, and the sale is completed, which releases the buyer’s escrowed funds from the item’s smart contract to the seller.

To me, the ability to track the item’s movement from with The Block, combined with the decentralized nature of PassLfix’s smart contracts is a winning combination. The seller and buyer are both protected by a deposit paid by the courier. I believe this model of services, without a middleman taking a cut of every transaction, is the future of commerce, and I am pleased that The Block will be one of the first apps to make use of it.

Conventional shipping services will always be available and, for the foreseeable future, will remain the standard. But we can see the next step in the evolution of e-commerce, and shipping via PassLfix is just the tip of the iceberg. Eventually, I expect that the bulk of e-commerce will follow this model, where buyers and sellers connect directly to each other and leave the mechanics of payment and the security of the transaction to smart contracts, only involving a third-party in the case of disputes.

This brings me to dispute resolution. We are developing smart contract-based solutions to that process as well. Right now, “fintech” is where most blockchain innovation seems to be happening, but I think e-commerce will eventually surpass it as a hotbed of innovation and disruption. Buying and selling is something all of us do every day, so the possible range of impact is much greater than what may come out of fintech.

Our open beta version of The Block is already available!

open beta version of the block

A few weeks ago BitBoost released to selected testers a private beta version of The Block, a marketplace for e-commerce built over the Ethereum blockchain. This first version was deployed to test main features, such as listing, selling, buying, sending and receiving funds and tokens in the built-in wallet, searching, and messaging between users.

During the past three weeks the developing team has been carefully taking note of all the bugs and suggestions reported by the first group of beta testers. Many testers praised the job done, but they also pointed to some issues to be solved. Most issues were related to the listing feature, which lacked the ease and speed displayed by other features. Minor localization, UI and code bugs were also commented on through email and social channels.

With this highly valuable feedback, BitBoost developers have been working to ship a stronger and more stable open beta, already available on the web page via this link: https://www.bitboost.net/download.php

This version includes, as the previous one, the following features:

  1. Listing.
  2. Payments.
  3. Messaging.
  4. Searching.
  5. Wallet functionalities.
  6. Some basic UI options.

Previously, The Block was tested over the Ropsten testnet. This network lacked the computational power to smoothly run the app, since few nodes were working, and always at a very slow pace. Because of that, this new version of the app will be tested on a private network created by BitBoost. But, do not forget – do not use your real ETH! Use only test ETH (ether) during this beta test period or you will lose real money. When downloading the app you will receive clear instructions regarding ETH, tokens (BBT), and payments within the app, together with further info for beta testers.

This open beta testing period, starting today, will be run just for desktop apps: macOS, Windows, and Linux. A web browser alpha version will come very soon, and BitBoost expects to start developing the iOS and Android versions at the end of this year, once the already running token sale round is finished. For further info about next steps, please check BitBoost´s roadmap on the website.

The BitBoost team is really excited about the beta release. As Paul Mahone, BitBoost´s CEO, says: “Until this moment we have been a small project working on a product for over two years. Right now, we are starting to raise our voice within the crypto community, and even beyond, inviting people to join our community of beta testers and first users, to help create a decentralized network for e-commerce. This open beta is a cornerstone for our project, to redefine e-commerce through the blockchain, and we hope that people will appreciate it, supporting our project during the coming years.”

October technical updates for The Block

technical updates for The Block

Since the release of our private beta, our dev team has been working hard to fix all the bugs detected by our first testers (thanks, people!). We are preparing the public beta release, which will come very soon, so we can tell you about the most important technical updates for The Block, made in October:

  • In the transaction page detail, we added the ability to enter your own link for a blockchain explorer.
  • News section is hidden until we have news pulled directly from the blog.
  • Orders/purchases sync improved.
  • Fixed beta styles.
  • Fixed beta external URL opening.
  • View All Items sorting shows active type in dropdown.
  • Added a Buy Item error handler when user has too little money to complete purchase.
  • When clicking on a tag, tag is highlighted on the page.
  • Suggested items has better logic now (it was almost always empty).
  • My Orders: fixed problem “could not get items from DB”.
  • Fixed bug where app would not run on Linux.
  • Single Item price overflow bug fixed.
  • Single item inoperative back button on image fixed.
  • Clear cache function now logs you off.
  • Block listing with 0 BBT in wallet now shows text instruction on how to get BBT.
  • Actions refactored — now every event creates an ACTION, which is shown on bottom left part of the screen. Blocks any action when another action is in progress.
  • Error reporting checks & fixes.
  • Added a tutorial on first start.

Our next beta release will include all these updates, plus a few more still in development. Of course, we will let you know when it is ready for downloading. Thanks for being there!!

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BitBoost new team members are here!

Our team is growing! We are developing new platforms and features for The Block, improving the beta test experience. We are also preparing our marketing and business development strategy for the next year, bringing more people onto our team, both in development and business functions. With these additions we become stronger as a team, and can expect to meet our short term goals by growing a community of users and releasing a fully working app in Q2 2018. So, without further ado, welcome to Eva, Andrea, Dmitry, and Moshe!

Eva, social media manager

Eva has worked as a Social Media Manager and Content Creator for more than 5 years, as a part of various agencies and media in Madrid. She has worked on international social media campaigns for several clients, helping them to create and nurture active online communities. You´ll always find her looking for the best content on the Internet to share them with the world!

Andrea, webmaster

Andrea is knowledgeable in all aspects of web design and engineering having been a web developer for over 9 years. He is proficient in HTML5, CSS3, JS, and PHP. But, Andrea is not only valued for his tech skills. He studied modern languages and then worked in tourism in both Ireland and Italy. He speaks Italian, English, and Spanish, and currently lives in Thailand. This love of world cultures, combined with his work ethic and knowledge base, makes Andrea an ideal fit for BitBoost.  

Dmitry, app developer

Dmitry is a meticulous and passionate developer, fluent in over a dozen languages including Node.js, Javascript, and Angular. He began in front-end development, then moved on to full stack, and now assists with coding The Block for macOS, Windows, and Linux applications. He’s very interested in blockchain technology and is excited by all the possible applications. Dmitry lives in Moscow, and speaks both Russian and English.

Moshe, mobile and web developer

Moshe is a software engineer and blockchain enthusiast based in New York. He is a seasoned MEAN stack developer who designs, develops, and integrates cutting-edge frameworks using Javascript and Python. Moshe applies his deep knowledge of dynamic web projects to The Block, integrating our app with Status.im, a mobile Ethereum OS. Through his efforts, The Block will be made available to many more users. Moshe speaks English, Hebrew, and Spanish.

Our token main sale starts today!

Finally, we are starting our last sprint! We are launching our main token sale! It will begin on October 10th at 14:00 UTC and will end on November 9th at 14:00 UTC. BBT will be generated starting at 0,40 USD per token and will end at 0,46 USD per token, using a descending discount, as shown:

  1. Phase One, starting Tuesday 10th of October, 0,40 USD per BBT.
  2. Phase Two, starting Tuesday 17th of October, 0,42 USD per BBT.
  3. Phase Three, starting Tuesday 24th of October, 0,44 USD per BBT.
  4. Phase Four, starting Tuesday 31st of October, 0,46 USD per BBT.

Tokens can be purchased through the escrowing system of Orderbook.io in BTC and ETH. Therefore, the BBT token price will be changed daily to reflect the USD equivalent, using Bitstamp. Please, visit our main sale page here: https://www.bitboost.net/main-sale/

BitBoost’s goal with the token sale is not to raise funds to create a product. Unlike many token sales, BitBoost already has a product. The team needs to sell tokens in order to finish the app and to start growing a more robust platform, with a purpose in mind: to redefine e-commerce. Instead of using a centralized approach, BitBoost wants to facilitate e-commerce by making decentralized e-commerce a worldwide activity, with no intermediaries or big players controlling the whole ecosystem.

BitBoost invites everybody to read its white paper, where the technology and project are described in detail. For further inquiries, please email [email protected]. Thanks a lot for your support!