BGR Dynamics

Utility Token

BGR Token

The BGR token is meticulously designed to function as a catalyst, promoting active engagement from all stakeholders. bitgrit envisions leveraging this token to motivate users towards actions that augment the network's value, primarily by fostering a culture of open dissemination of AI insights through models and data. Recognizing the profound influence such a system can exert in guiding user behavior, bitgrit remains committed to the highest standards of responsibility. We draw inspiration from the avant-garde realm of token engineering, ensuring our token economy is structured with a paramount focus on ethical responsibility and sustainable growth.

Utility

BGR is used by competition sponsors to gain access to competition pools, and provide BGR as the prize pool. Subsequent to the competition grading, the winning data scientists are paid over the BGR with the prize pool pot, less a platform fee from bitgrit.

Roadmap

As the community scales and adoption is becomes more rampant, BGR will be used in future for a number of additional utility use cases:
  • Participation Access: In the future, when competitions are oversubscribed and demand is exceptionally high, competition stakeholders may be required to stake BGR in order to participate in competitions. The amount and mechanisms will be determined at the appropriate time and communicated timely to the community. This is necessary to regulate competition demand and reduce BGR selling pressure from prize pool payouts as competitions scale significantly. As demand and supply fluctuates, so will the BGR staking requirement for each competition.
  • Early Competition Access: Competition Sponsors and Data Scientists will be able to stake BGR in return for early access to upcoming competitions. This provides Competition Sponsors the ability to provide the prize pool with BGR before the competition is fully sponsored. This will also allow the Data Scientists to get a head start on working on AI model solutions and ensure they can submit their models before competitions are oversubscribed. Early access could be 24 hours to 2 weeks depending on demand and the amount of BGR that is staked.
  • Payment: In the future (estimated 3-5 year timeframe), API users / customers will be able to pay for API calls using BGR tokens, as the off-chain and on-chain collaborative logic is developed. Customers will likely be incentivized to use BGR payments with discount matrixes that will be determined in the future. Job Board Access: In future, organizations will be able to settle recruitment fees to bitgrit in BGR tokens.

Supply

There will be a finite and fixed supply of 10 billion BGR tokens in total, appropriately in line with the general belief that the human brain consists of 10 billion neurons.

Distribution

Beneficiaries
Allocation
Details
Team
17%
Initial 6 month cliff, followed by a 32 month vesting period, where tokens vest in equal installments each month. This is to ensure that less than 1% of total supply is dropped on the market at any given point in time after the cliff.
Advisors
6%
Same as team
Private Sale
5%
Same as team
Public Sale
7%
No cliffs or vesting periods. This will likely take the form of an IEO on a reputable exchange.
Competition Emissions
40%
For every 1 BGR paid out in competition prizes, 0.25 BGR is unlocked until the 40% allocation is fully unlocked. The 40% is further distributed (27% community related incentives, 3% liquidity and 10% bitgrit expansion). This ensures emissions are directly related to the productive activities of the project. Refer below for more details on this mechanism.
Early Community Incentives
10%
Community initiatives that ensure the engagement of the most needed community members early in the project’s lifecycle. Refer below for more details.
Discretionary Reserve
10%
A reserve the bitgrit team can use to promote the project and ensure its success. However a 12 month cliff will apply from public sale.
Liquidity Reserve
5%
A liquidity reserve to ensure liquidity is upheld across markets, especially deep liquidity or concentrated liquidity concepts such as Uniswap V3. A mitigant to prevent irrational price movements from illiquidity.

Competition Emission Details

40% of the total token supply will be unlocked by the core productive means of the bitgrit project, being successful competitions. For every BGR token that is paid out in prizes, 0.25 BGR tokens are unlocked and bitgrit team may place them in the circulating supply.
However, there are sub allocations, where 68% of that (27% of the total supply) is allocated to future community incentives, 8% to future liquidity requirements (3% of the total supply) and 25% to bitgrit’s future expansion (10% of the total supply).
Likely Distribution
Est. Sub-Allocation
Est. Total Supply
Details
Ambassador Partner program
9%
3.5%
To reward ambassadors at universities for promoting bitgrit on campuses across the world. They will play an integral go to market strategy in recruiting the best data scientist community members, as well as early sponsors.
Job Board Incentives
9%
3.5%
To incentivize data scientists and reward them to partake in the Job Board initiative where they have to opt in for employment opportunities for companies to hire them.
Marketing & Events
13%
5%
To ensure sustained marketing efforts by KOLs and other marketing partners or event partners to sustain community growth.
Another example of a use case could be for granting BGR to people who actively advocate bitgrit on social media with profound impact.
Community Dataset Providers
12.5%
5%
For community competitions, it is essential to reward community members that provide quality datasets in order to incentivize sustainable high quality data provision for these competitions. It also encourages ecosystem retention for the community.
Data Scientist Incentives
12.5%
5%
On a discretionary basis (in future bitgrit intend to build a leaderboard system in future), to reward the top data scientists that on a recurring basis contribute to competitions, in order to incentivize them to continue to produce competitive AI models and contribute to the ecosystem.
Competition Sponsor Incentives
12.5%
5%
On a discretionary basis (in future bitgrit intend to build a leaderboard system in future), to reward the top competition sponsors that on a recurring basis provide BGR to prize pools in competitions, in order to incentivize them to continue to be contributors within the ecosystem.
Liquidity
8%
3%
Unlocking additional liquidity over time to ensure sufficient liquidity is maintained across marketplaces.
Bitgrit Expansion
25%
10%
To ensure bitgrit have sufficient funds to expand and build on the project, that ultimately benefits the community.
TOTAL
100%
40%

Early Community Incentives

The purpose of this allocation is to encourage early community buy-in to ensure the project’s success.
Likely Distribution
Est. Sub-Allocation
Est. Total Supply
Details
Early Adopters: Data Scientists
35%
3.5%
To encourage AI model submissions and generate a large supply of the best AI models in the first few AI modeling competitions.
Early Adopters: Competition Sponsors
35%
3.5%
To stoke demand for the first few competition prize pools and ensure the success of those competitions.
Hackathons
5%
0.5%
Prize pools for a data science hackathon to generate awareness.
Giveaways
10%
1%
Giveaways and rewards for community ambassadors on Twitter / x.com or Discord that actively promote and push community growth.
Influencers (KOLs)
15%
1.5%
Rewards to social media influencers who promote the project to increase awareness and community reach.
TOTAL
100%
10%

Governance Roadmap

To ensure the initial success of the project, governance features have been placed on the roadmap with the purpose to reduce complexity and simplify the project’s launch process for stakeholders, until the community is appropriately embedded and contributing.
When and if it becomes appropriate, Bitgrit intends to introduce governance rights in phases to the BGR token in the future.
Potential future BGR voting rights include:
  • Prioritization of new platform features to develop (Phase I);
  • Competitions to launch, or important AI problems to solve (Phase II);
  • The number of competitions being run concurrently, special themed competition series or the establishment of annual recurring community competitions (Phase III); and
  • A limited set of the mechanics with which the data science competitions are hosted (Phase IV).