The BASE token is the native cryptocurrency of Blockabase and fuels the search engine's unique token economy. We are on the advent of a new internet, the so-called internet of value, which will give rise to entirely new models for the applications that we use on the web. New models that really involve users and allows them to have stake in their favorite websites and platforms, that respect the best interests and privacy of their users and identify and reward the users that actively contribute.
With this ideology in mind, we have designed Blockabase and its underlying BASE token economy. The BASE token enables us to reward those users that help build and improve Blockabase, for example for adding URLs to the database or sharing links on social media, and give them a financial stake in our search engine. It is kind of like Facebook having a unique Facebook token and awarding those to people that get to most likes on their posts, or an Amazon token that is awarded to you after every purchase.
This means that through the BASE token, active users can become part of the token economy and all the value that is being created for Blockabase can be given back to the users. Moreover, it creates a strong community where everyone holding BASE has a common purpose; making Blockabase and the BASE token economy as valuable as possible!
How will the BASE token be used within Blockabase?
The BASE token will be the preferred means for payments within Blockabase. This function is expected to increase in reach as Blockabase grows and evolves. Aligned with this growth will be a myriad of new utilities and functionalities added for which the BASE token can be used and will be integrated with, both foreseen and unforeseen. The BASE token is a core element of Blockabase and the two are inseparable, meaning that any party that wants to be part of Blockabase for all intents and purposes will need the BASE token.
What is the BASE token based on?
The BASE token will be a digital, cryptography-based asset, a cryptocurrency in popular terms, and will be built on the Ethereum blockchain. We will explain the basics of blockchain technology in another article, but what you need to know for now is that blockchain allows us to create trusted, secure, automated and transparent software packages for digital use cases. Whereas we have to rely on businesses, or third parties, right now to process all of our transactions on the internet, such as money transfers, emails, or you latest Facebook post, blockchain allows us to directly transact with one another without any intermediary. We can just trust the software!
This is creating a much needed new layer for the web, one that enables fully digital web in which all parties can trust each other directly. Bitcoin was the first use case of blockchain technology by establishing a fully digital network for digital currency. However, the Bitcoin blockchain is quite limited in terms of the applications it allows for, which is why Ethereum was created. Ethereum is a blockchain network that aspires to bring the incredible possible innovations of blockchain technology to all kinds of industries and applications. It does this by creating blockchain-based software packages that everyone can use. This has led to an explosion of applications and crypto-tokens, all experimenting to create the fully digital and inclusive web applications of tomorrow, and Blockabase is one of those!
For now, we are just using blockchain and Ethereum for the technology of the BASE token economy. These technologies have allowed us to create and launch the BASE token in a fully trusted and secure way. Because of this, our token economy is secured by a very large and growing network of computers and through cryptography. It also enables full transparency, where everybody can see how many tokens there are created and how they are flowing through the token economy. The blockchain is also immutable, meaning that transactions cannot be undone and that you are directly in control of the BASE tokens you own! Another cool feature is that the technology allows for very small transactions, for example $0.03 worth of BASE tokens, which were previously not possible because of the fees charged by intermediaries. This allows us to reward our users for every small positive contribution they make. All and all, blockchain technology enables a secure, transparent, immutable and inclusive token economy, a digital micro-economy for Blockabase powered by the BASE token.
Initially, there will be 10 billion (10,000,000,000) BASE tokens issued. These will be rewarded to our users, sold to interested parties to fund the company behind Blockabase, and partly reserved to be distributed at later stages. Once these 10 billion BASE tokens are all in circulation, a mechanism will be activated that issues new tokens to keep on rewarding Blockabase users. This inflationary policy will encourage the use of the token as means of transaction in the Blockabase ecosystem, compared to other assets with fixed supply that operate as store of value and could limit the activity and liquidity. This process will be fully transparent and informed by a lot of data on the way the token economy functions and the input of the community of BASE token holders.