bitsCrunch Network Incentivized Testnet

Details

The time has come to focus on the decentralization of the bitsCrunch data network. Phase 1 of this will involve the decentralization of the data queue layer. This will provide permissionless and frictionless access to the NFT data from the bitsCrunch network, thereby further enhancing the overall user experience.

To ensure the success of this crucial phase, bitsCrunch is actively seeking the participation of operators, projects, and users to help test the network. bitsCrunch believes that its community and current customers are key stakeholders in shaping the bitsCrunch network.

To fairly compensate the participants, bitsCrunch network will be allocating 1% of its token supply for testnet rewards. This incentivized testnet will be a multi-year program with multiple rounds, with each round being allocated a portion of the 1% token supply as a reward. bitsCrunch believes that this will not only incentivize participation but also foster greater collaboration between the bitsCrunch team, the community, and bitsCrunch customers.

Round 1 of the testnet began in May 2023, and mainnet launch is expected in September 2023.

bitsCrunch is now calling all users to join Task 3 and complete activities on the Unleash NFTs platform as a way to test the performance, stability and scalability of the bitsCrunch network testnet API.

Eligibility

Users must meet the following criteria to be eligible for Task 3 participation:

• Certain jurisdictional limitations apply (i.e., users must be non-U.S./Canada and OFAC-compliant), as outlined in the ‘Eligibility for Testnet’ section of bitsCrunch’s Terms and Conditions.
• Own a device with a basic internet connection; and
• Own a non-custodial Ethereum wallet connected to the unleashnfts.com platform (e.g., via Metamask) during testnet participation.

Testnet Goals

Following are some of the key goals for the incentivized testnet.

1. Bootstrap and Secure the network: Evaluate the network’s stability, usability, and security to ensure optimal performance. The network should consistently fulfil all essential functions, adhering to both user expectations and minimum requirements.
2. Test the functionalities and get product feedback:  bitsCrunch believes in collaborating with the community to co-develop the network. By working together, the project can ensure that the functionality of the network meets the needs of users. To achieve this, the team will actively seek and incorporate feedback from the community at every stage of development. This includes setting up bug bounties to incentivize finding and reporting issues, rewarding participants for writing documentation, and implementing other community-driven initiatives.

Incentivized Testnet Round 1 — Partial Decentralization Setup

As part of the decentralization, bitsCrunch will start round 1 of the testnet in the month of May 2023. Round 1 testing ends with the Mainnet launch, which is expected to go on September 2023.

Closed Group Testing

This will be a selective group of participants, requiring KYC verification for onboarding into the testing and a commitment to actively provide feedback during scheduled meetings.

Complete this form to sign up for the closed group testing.

Due to regulatory considerations within the US, US participants are able to participate but will be ineligible for token-based rewards. bitsCrunch  is actively exploring the possibility of giving other non-token forms of rewards for successful participants based in the US, but there’s no guarantee that any such rewards will be available to US participants.

Any rewards in connection with the incentivized testnet will be provided only following a successful mainnet launch and any tokens provided will be subject to a 6 months vesting period.

Rewards

bitsCrunch has designated 4,600,000 BCUT tokens (equating to 0.46% of the total token supply) for Round 1 of its testnet program. 1,500,000 tokens have been allocated specifically for Task 3. Tasks 3 - 7 have been tailored to engage our broader community, while Tasks 1 and 2 are directed towards professional node operators, validators, and our valued customers or partners.

Engaging in regular activities on the unleashnft.com website and participating in various marketing initiatives will allow participants to accrue points. Only those ranked in the top 1,000 participants having collected the most points will be eligible for token rewards. The pathways to accumulate points include:

1 Pages will change weekly and be shared in advance here.

2 Forms will be made available on unleashnfts.com

3 Top performers may further gain additional rewards in the form of stablecoins or BCUT tokens.

To participate in Task 3, participants will need to connect an Ethereum wallet (e.g., via Metamask or WalletConnect) to unleashnfts.com. Your wallet address will serve as a unique identifier for monitoring participation and awarding points. Rewards will be distributed to the associated addresses of eligible participants at mainnet launch.

To promote fair participation and discourage point farming, each participant will be limited to a single wallet and a specific amount of points that can be accrued each day. You may be required to link the wallet address you used to participate in the testnet upon completion of KYC in order to receive rewards.

The table below provides an estimate of rewards earned based on participant rank. This is designed to reward participants based on their active efforts. All rewards will be distributed after mainnet launch and will be subject to a 6-month linear vesting schedule.

Task 1: Node operator onboarding and testing

Description: Set up and run Query Processor node (Phase 1 delivery). Detailed steps will be shared during the testing phase.

• Candidate Requirements: Experience in running nodes or validators, Technical expertise, Availability and commitment, Security knowledge
• KYC/KYB Requirement: Yes
• Max Participant count: 50
• Token allocation planned: 600,000, participants who complete all activities are expected to get 10,000 tokens. Additional 100K, is distributed to Top 10 participants who have the highest uptime.
• Task Complexity: Moderate
• Availability: Max 2 hrs per week during the testing period.

bitsCrunch  requires that participants possess a basic understanding of cloud infrastructure tools such as Docker and Kubernetes, as well as experience using DApps and connecting wallets. This ensures that participants have the necessary technical knowledge and skills to effectively contribute to the project.

Task 2: API consumer onboarding and testing

Description: Make API calls and integrate them into your application or DApp

• Candidate Requirements: NFT projects, Technical expertise, Availability and commitment, Security knowledge
• KYC/KYB Requirement: Yes.
• Max Participant count: 50
• Token allocation planned: 600,000, participants who complete all activities are expected to get 10,000 tokens. An additional 100K, is distributed to the Top 10 participants who have the highest API consumption.
• Task Complexity: Moderate
• Availability: Depends on the level of integration.

bitsCrunch requires that participants have experience with API integration and an understanding of how to connect to and interact with DApps using wallets. This knowledge is critical for contributing to our project in a meaningful way.

Open Community Testing

Onboarding will not require KYC verification; however, a KYC or similar process will be implemented for receiving airdrops to prevent Sybil attacks.

Task 3: unleashnfts.com Engagement Activities and Testing

Description: Test functionalities of the unleashnfts.com platform

• Participants: anyone
• Max Participant count: More details: coming soon
• Token allocation planned: 1,500,000
• Task Complexity: Simple
• More details: coming soon.

Task 4: bitsCrunch Network Bug Bounty

Description: Test the security of the platform by hacking and ensure that it is secure

• Participants: anyone
• Max Participant count: unlimited
• Token allocation planned: 1,000,000
• Task Complexity: Simple.

Rewards will be shared among the participants based on bugs reported and the bug category.

Task 5: Additional node operator onboarding and testing

Description: onboard additional node operator to testnet

• Participants: anyone
• Max Participant count: More details - coming soon
• Token allocation planned: 500,000
• Task Complexity: Simple.
• More details: coming soon

Task 6: Additional API consumer onboarding and testing

Description: onboard additional API consumer to testnet

• Participants: anyone
• Max Participant count: More details: coming soon
• Token allocation planned: 250,000
• Task Complexity: Moderately.
• More details: coming soon

Task 7: Delegator staking

Description: onboard additional API consumer to testnet

• Participants: anyone
• Max Participant count: More details: coming soon
• Token allocation planned: 150,000
• Task Complexity: Simple.
• More details: coming soon

FAQ’s

What is the registration process?

Kindly complete this form to sign up for the closed-group testing. Open group testing will not have registration requirements. More details about the Open group testing will come soon.

What is the tokenomics and token utility?

Refer to the white paper to learn about tokenomics and token utility. Here is the link to the white paper

Why limit the closed group participation size?

bitsCrunch aims to conduct one-on-one sessions with all participants to gather valuable feedback. To achieve the best results,  bitsCrunch plans to maintain a controlled group for more focused engagement and insights.

Where can I find the bitsCrunch network roadmap?

Please consult the white paper for the most up-to-date roadmap pertaining to the network.

About bitsCrunch Network

bitsCrunch network is an AI-powered community-driven NFT data network, a sophisticated decentralized platform specializing in enriched NFT data. This innovative network is designed to bolster the NFT ecosystem by providing valuable insights and high-quality analytics and forensics data. Our white paper delineates the strategic plans, functional architecture, and implementation methodologies for the Network.

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