Intro
Welcome to Bittrees, Inc., a forward-thinking organization dedicated to the betterment of humankind. Our work is grounded in three pillars: Business, Technology, and Community, with a focus on conservatively creating possibilities and advancing legal precedent in the metaverse and beyond.
To further our goals, we have created the BTREE token, a credit token that serves as a means of exchange within the Bittrees ecosystem. Additionally, we will soon be making available the BGOV token, a governance token that grants holders special benefits and decision-making powers within the organization.
In the following sections, we will provide more details on the BTREE, BGOV, our methodology for determining the initial allocation of credit to contributors, and our forward-thinking plans for the future as we grow.
BTREE
The BTREE token underlines the credit system within the Bittrees ecosystem. It is a utility token that is used to purchase products and services from Bittrees and its partner organizations. By holding the BTREE token, users have access to a range of products and services that are priced in the token.
The BTREE token does not confer any governance rights or voting power to its holders, nor does it provide any expectation of profits or dividends. It is simply a means of exchange within the Bittrees ecosystem.
Overall, the BTREE token provides a simple and efficient way for users to access the products and services offered by Bittrees and its partners.
BGOV
The BGOV token is the governance token of Bittrees, Inc. and can be acquired by exchanging 1000 BTREE for 1 BGOV. All BGOV holders can vote to determine the outcome of governance proposals, but only holders meeting the threshold of partner, junior partner, and associate may create proposals. The BGOV token is essential for active participation in the governance and decision-making processes of Bittrees, Inc.
As a partner, junior partner, or associate, BGOV token holders have the opportunity to play a more active role in the governance and direction of Bittrees, Inc. and have special benefits granted to them by the organization. These thresholds for governance participation are determined by the initial allocation of credit to contributors, with 420 BGOV tokens required to become a partner, 210 BGOV tokens required to become a junior partner, and 69 BGOV tokens required to become an associate.
Through the BGOV token, Bittrees, Inc. aims to create a more inclusive and decentralized governance structure that allows for greater participation and input from its community members. The governance proposals put forward by BGOV token holders will shape the future direction of the organization and its impact on the metaverse and beyond.
Initial Allocation
Bittrees, Inc. made an initial allocation of BTREE credit on April 1, 2023. This allocation was made to reward individuals who had contributed their time and energy towards furthering the goals of Bittrees, Inc. The bulk of this allocation was determined by a time cost of participation, whereas individuals who had contributed more time were eligible for a larger allocation. In addition, Bittrees, Inc. considered the quality and impact of contributions when determining the allocation.
On April 1, a total of 21 million tokens were created. The daily rate of token accrual for each participant was determined by taking 5% of their allocation and dividing it by 1,095 (the number of days in a 3-year period). So, the formula for calculating the daily token accrual rate was:
(5% of allocation) / 1,095 = daily token accrual rate
This daily token accrual rate was then multiplied by the number of days that each participant contributed to Bittrees, Inc. during the allocation period to determine their total allocation of tokens. This allocation was then distributed to the participants based on their level of contribution to the organization's goals and mission.
This allocation incentivized and recognized contributions made towards the growth and development of the organization, setting the foundation for a strong and engaged community. Prior to this, such contributions were not publicly acknowledged, and while the organization is committed to a more open and equitable approach, rewarding those who contribute to its success was deemed an important and necessary step forward.
Decentralizing our Future
Bittrees Capital is a trustee established by Bittrees, Inc. to serve as a safekeeping entity for BTREE tokens. The allocation rate for BTREE token rewards will be adjusted monthly, based on the total available supply of tokens in Bittrees Capital and the current cycle and period. The cycles are divided into two 3.5 year periods, with a halving of the reward rate occurring at the start of each new period. The end of Cycle 0 took place on March 31, 2023, with the start of Cycle 1, Period 1 on April 1st. The start of Cycle 1, Period 2 will be three years and six months from April 1st, on October 1st, 2026.
The formula for calculating the daily rate of BTREE token rewards is:
(C#P# * Total Available Supply) / 1,277
whereas:
C# represents the current cycle number;
P# represents the current period number;
Total Available Supply is the total number of BTREE tokens held in Bittrees Capital.
For example, if the Total Available Supply of BTREE tokens in Bittrees Capital is 13,670,261, and the current cycle is 1 and period is 1, the daily rate of BTREE token rewards would be (2.5% * 13,670,261) / 1,277 = 265.16 tokens per day.
This modified allocation rate is designed to create a fair and sustainable reward system for contributors to Bittrees, Inc. going forward. The daily rate of token rewards will be adjusted on a monthly basis as the total available supply of BTREE in Bittrees Capital fluctuates.
Bittrees Capital will continue to serve as a trustee for the safekeeping of BTREE tokens, and any BTREE tokens spent on the allocation of BGOV tokens will be sent to Bittrees Capital as the beneficiary of the transaction. The address for Bittrees Capital is here.
Contributors Welcome
The operations team members of Bittrees could be understood as validator nodes, who are responsible for validating work from contributors within the Business, Technology, and Community sectors. These validator nodes sit within the Business sector and play a crucial role in maintaining the integrity of the Bittrees ecosystem by verifying contributions through a "quasi-proof-of-work" consensus mechanism. To be considered for an operations role, individuals must meet the threshold of partner, junior partner, or associate.
Contributors will be further divided based on time contributed, with a system of full-time, half-time, and part-time distinctions. Full-time contributors are understood as those who contribute over 30 hours per week, half-time contributors are those who contribute over 15 hours per week, and part-time contributors are those who contribute over 5 hours per week. Each level of contribution is assigned a corresponding percentage multiple against the daily rate: 100% for full-time, 50% for half-time, and 16.6% for part-time. This system is designed to reward contributors based on the level of their commitment and ensure a fair allocation of rewards. Additionally, the reward schedule is designed to scale with the growth of Bittrees, Inc., providing increased rewards as the organization expands and new opportunities arise.
Apply to become a contributor here: BCIF
It should be noted that Bittrees Research is a separate organization with an independent allocation schedule and governance system.
