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 ecosystem. Meticulously designed to function as a catalyst, it promotes active engagement from all stakeholders. bitgrit envisions this token will be leveraged 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 tokens will be for the features on the BGR Network (including but not limited to external providers that provide AI Competitions and a Data Scientist Job Board), and will be managed through a smart contract. Details on the smart contract address will be made available publicly upon reaching certain milestones.

Utility

The following entails possible use cases within the BGR Network that bitgrit envisions can be developed by external BGR Network Participants ("Infrastructure Providers"):

AI Competitions

Companies that require AI solutions (Competition Providers) to their problems can submit a competition request to an Infrastructure Provider on the BGR Network. 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 and contributions are logged to their Job Seeker profile.

Eternal 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 AI Marketplaces supplied by Infrastructure Providers;

• Evaluating and reviewing other Data Scientist algorithms on AI Marketplaces supplied by Infrastructure Providers;

• Assisting bitgrit with scoring AI models in competitions that are held by Infrastructure Providers;

• Improving other Data Scientist algorithms within the bitgrit Network to improve the Network's quality;

• Creating and publishing data sets that improve the Network;

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

• Writing and publishing articles that enhance and promote the bitgrit ecosystem and Network (e.g., the solution is scaling democratised AI ecosystems rather than centralized AI systems, how to use an AI Marketplace within the bitgrit Network or real-world examples of training AI marketplace algorithms on LLMs);

• Providing suggestions, creating and assisting with Network AI competitions run by Infrastructure Providers; and

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