Tokenomics Overview

Dynamic tokens designed to align value accrual with bitgrit's success

BGR Token

The BGR token is the utility token that powers bitgrit's community competitions. Meticulously designed to function as a catalyst, it promotes 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. Recognising the profound influence such a system can exert in guiding user behaviour, bitgrit remains committed to the highest responsibility standards.

Distribution and circulation of BGR for AI Competitions and the Job Board will be managed through a smart contract. Details on the smart contract address will be made available publicly upon reaching certain milestones.


AI Competitions

Companies that require AI solutions to their problems can submit a competition request to bitgrit. In exchange for custom AI models addressing their company-specific needs, they provide the prize pool in USD or BGR (therefore, the companies are paying through prize pools instead of salaries).

In order to enter an AI competition, each data scientist wishing to participate would be required to deposit or stake a set amount of BGR tokens.

After the end of each competition, each participating data scientist will receive a portion of their staked BGR back by way of a tiered ranking system. Through this tiered ranking system, most participants who submitted completed models will receive all of their staked BGR back, with Data Scientists who submitted lower-ranking models or uncompleted AI models forfeiting portions of their BGR. The amount of BGR returned will vary per competition.

The top data scientists in each competition will receive the USD or stablecoins supplied to the prize pool and (in some instances) newly minted BGR to encourage access to future competitions.

Job Board

As a Data Scientist participates in the community, activity is logged to their Job Seeker profile.

Employers wishing to gain access to the qualified candidates listed through the Job Board, must supply BGR in order to gain access to the Job Board platform. Upon identification of successful candidates, their deposited BGR will be burned.

Community Participation

BGR is minted and provided to data scientists or any other community members in exchange for actions or events that enhance or favourably promote the bitgrit ecosystem. This would include, but is not limited to:

  • Uploading their own algorithms directly onto the AI Marketplace;

  • Evaluating and reviewing other Data Scientist algorithms on the AI Marketplace;

  • Assisting bitgrit with scoring AI models in competitions;

  • Improving other Data Scientist algorithms on the AI Marketplace;

  • Creating and publishing data sets;

  • Reporting any suspected illegal algorithms that are uploaded (e.g., plagiarism, piracy, etc.);

  • Writing and publishing articles that enhance and promote the bitgrit ecosystem (e.g., how to use the AI Marketplace or real-world examples of training AI marketplace algorithms on LLM);

  • Providing suggestions, creating and assisting with AI competitions; and

  • Creating Data Science educational materials for bitgrit to distribute to the community.

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