Harnessing the power of community to create a truly modern ecosystem.

Whenever societal groups expand beyond a certain number and interact with one another either socially or commercially, challenges arise.
Throughout history, this has lead to powerful clans (who later became monarchs and eventually governments) attempting to keep the peace, however, things are changing.

Distributed systems such as the Bitcoin Network and other blockchain networks have demonstrated that there are alternative ways to reach consensus and maintain order.

After years of studying these systems (weighing up the pros and cons), we concluded that BitcoinVend should be a hybrid model of traditional business combined with social economics to establish a healthy balance.
In the early stages of BitcoinVend, it may be necessary for us as a company to help keep the peace, however, as the ecosystem develops the user community will have increasingly more power over how certain elements of the system are governed.

The BitcoinVend user community will play a vital role in aspects that come under the umbrella of “User Management”, specifically, feedback systems that provide information to other users and the resolution of disputes (which we as a company do not interfere with).

Furthermore, users will be involved in maintaining a clean ecosystem and in the future be able to vote on how policies are enforced as well as how BitcoinVend evolves.

Making this possible and practical is dependent on the technological infrastructure of the App itself, the BitcoinVend Token, and social dynamics within the community.

If you align with this type of ethos, having BitcoinVend Token will enable you to become more deeply involved in the process, you can learn more about BitcoinVend Token here.

Below we overview the three ‘community corner stones’ of BitcoinVend.

Trust Score

Each user will have a “Trust Score“, think of it as reputation.

There will be several factors influencing this score and it will change over time based on the users in App activities/interactions. The benefits being that other users have a way of gauging how trustworthy another user is based largely on community consensus.

Feedback models like this are time tested and have tremendous value, Trust Pilot is a great example. In the BitcoinVend ecosystem, users who build and maintain a good Trust Score will give confidence to their potential counterparties, and those who lose Trust Score due to poor interactions may have trouble attracting counterparties. As a result, BitcoinVend users are heavily incentivized to act with integrity.

Trust Score will be influenced by 1) Whether the user has verified their identity or not, 2) Number of successful transactions with other users, 3) The feedback given by users they interact with, and 4) Total numbers of BitcoinVend Tokens locked within the App.

Having a sufficiently high trust score will enable a user to become a mediator.

Dispute Mediation

In any market, disputes will arise. BitcoinVend uses mediation as a tool to resolve disputes fairly and speedily.

Users will qualify to become mediators based upon their trust score and only those with an exceptional reputation can become mediators. When disputes arise, 3 mediators will choose (on a first come first serve basis) to help settle the dispute and their decision will be binding.

The mediation fee will be payable by the guilty party unless otherwise agreed by the counterparties upon entering mediation. A mediation fee of 10% of the transaction value will be split between the three mediators.

Mediation fees are intentionally high because high fees will naturally discourage foul play.

It’s important to note that BitcoinVend employees and stakeholders will not be able to mediate disputes. BitcoinVend will only act upon decisions made by mediators or an automated system will execute their instruction.

Bounty Hunting

In any system, it is near impossible to eliminate fraud, scams and illegal activity. Mediation, features such as Escrow as well as internal company systems will help limit such activities.

To help keep the BitcoinVend ecosystem clean, users with an exceptional reputation will be able to hunt out suspicious activity, report it to BitcoinVend and if the information is valuable be rewarded with a bounty for their efforts.

Think of BitcoinVend bounty hunters like a private investigator or undercover agent – it will be impossible to recognise a bounty hunter from a normal user.

The Future for BitcoinVend

We want to make the BitcoinVend ecosystem totally community governed and will work towards this.

Achieving it from day one is not practical, but we intend to integrate technology infrastructure which distributes as much of the power and functionality as possible without disrupting important features or making the App impractical to use. To make this a reality will take time but one particular aspect that is relatively simple is voting.

As the project develops, we plan to establish a community voting system that will give members the ability to affect decisions that affect them.

Speaking quite generally, we will invite the community to vote on matters which relate to the following:

✔ Systems/principles used in policy enforcement, I.E, governance.
✔ Future feature development and integrations.
✔ How a proportion of foundation tokens/funds are to be used.

To vote, community members will need to hold BitcoinVend Tokens. Trust Score as well as token holdings will influence voting weight.

The BitcoinVend team as well as members of the community will propose ideas & concepts, the community will vote yes/no or “back to the drawing board” (for example) and the voting results will be final.

For more information about what the future holds for BitcoinVend, see our roadmap.

Get involved – Cryptocurrency needs you!

To work in the real world, Cryptocurrency needs BitcoinVend, and BitcoinVend needs you.

The app will be available for download very soon. By joining now, you will be amongst the first to get access, learn about exciting project updates before others and be able to take advantage of opportunities only offered to our subscribers. What are you waiting for?

coming soon - Get Early Access

The eConomy Evolved

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