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What is BTRIC?
BTRIC is short for Blockchain Technology Research Innovations Corporation (try fitting that on a corporate seal). We are a newly-formed 501(c)(3) non-profit economic development organization. We have three main initiatives which we believe are of huge benefit to everyone involved in the emerging technology field:
- BTRIC Innovations Incubator: Our Innovations Incubator program is a business incubation and startup accelerator for emerging technology businesses. Its mission is to identify, foster, promote, and launch businesses that focus on emerging technology. BTRIC provides support in key areas to make sure that great projects can complete their research and development phase, be infused with best-practices guidance, and launch as separate, independent businesses, investment-ready, meeting all applicable legal and regulatory requirements and poised for growth.
- BTRIC Institute: BTRIC Institute is our advocacy, education, and policy development initiative. By working with projects and organizations across our industry, we develop and promote best practices standards and frameworks, provide advocacy and education to policymakers and lawmakers that benefit the entire community, and develop educational programs to inform the public about our field and the transformation it is bringing about. BTRIC Institute will facilitate industry-wide collaboration among business partners and competitors alike to benefit the industry as a whole.
- BTRIC Labs: BTRIC Labs is the part of our organization that focuses on advancing research and development in the emerging technology field. We conduct research and development work in the emerging technology field, especially in areas that are not highly-researched by commercial ventures. We also enable our employees to contribute to open source software projects that are crucial to our industry. Finally, we provide independent infrastructure at-cost to the best projects in our ecosystem.
As a 501(c)(3) charitable organization, contributions to BTRIC may be tax-deductible to the extent permitted by law. Contact your tax advisor for more information.
What is decentralization and why is it important?
Decentralization is the underlying principle that enables society to be restructured. In the past, and up to the present day in many cases, control is held by a few centralized institutions, be them banks, businesses, the media, and even governments. Decentralization removes these “gatekeepers” and enables everyone to compete on a level playing field. For example, just a few decades ago, all news and information available to most people were from a very small number of sources: a local or regional newspaper, a weekly or monthly magazine, and a few radio and television stations in the area. The Internet changed that, with information flowing instantly from anywhere in the world to everywhere in the world. However, even on the Internet, businesses like Facebook, Google/YouTube, and Twitter have become large centralized services. These businesses, like the news sources of the past, hold enormous power to highlight what they choose, and even more dangerous, to censor what they choose. As corporations, they are driven by a mission to provide ever-increasing profits to their shareholders. In so doing, they may choose to “curate” the information available to the users of their services in a manner that they believe to be favorable for increasing advertising revenue or even affecting public policy to favor their interests. This is counter to a well-functioning society, and decentralization offers a solution to this challenge.
In a decentralized world, there would be many “Twitters”, each operating independently, but working together in concert with all the others. The actions of one of these services would not impact the service as a whole. From the user’s perspective, the experience could be much the same as it is today. However, from an architectural standpoint, decentralized servers would ensure that no party can control the message, selectively highlighting and censoring content. In order to make informed decisions in a representative democracy, voters need access to uncensored information. Decentralized services are one of the best ways to ensure this occurs.
What are crypto assets and why are they important?
Crypto assets are any electronic form of assets. Two of the most popular are called cryptocurrency and tokens. Cryptocurrency, the most popular of which is called Bitcoin, is a way of transfering monetary value between users in a fair way that is virtually impossible to counterfeit. It uses decentralization to establish what is called a blockchain, which is a distributed ledger (like a bank account ledger) that exists on many computers and that is structured in a way that is virtually impossible to tamper with without the tampering being detected and rejected as invalid.
Tokens are similar, except they typically operate on top of a different currency platform. For example, Ethereum enables the creation and trade of tokens on it’s platform. Ethereum is the cryptocurrency, but thousands of types of tokens exist on top of that platform. They can be exchanged with each other. Tokens could be created to represent credits in a store, in place of gift cards, or even to represent assets, such as a bushel of wheat or an ounce of gold. A special form of token could also be issued to represent a deed of a house or some other unique asset.
Together, these are called crypto assets and they are a newly emerging class of financial asset.
What is business incubation and why is it important?
Right now, we’re reaching out to projects that have great potential, and we encourage any project that is interested in exploring becoming part of our Innovations Incubator program to reach out to us. We are also staying abreast of any government opportunities to implement emerging technology projects or research. We also come up with ideas on our own on a regular basis, and some of them might be of the calibre to be incubated into businesses. We want to make sure we can handle the workload, so are being careful as we begin our organization and growth.
After BTRIC launches, we will be developing an application and review process to evaluate projects that want to be a part of the program. Those guidelines, like everything else we do, will be freely available for anyone to review, use, modify, remix, etc.
What is the benefit of having a charitable organization provide this service?
If you have more questions about BTRIC’s Innovations Incubator program you can check out our launch white paper, reach out on Twitter or Telegram (or any of our other social media profiles), or just fill out our trusty contact form. We will get back to you as soon as possible!
Are the incubated projects owned or controlled by BTRIC?
No, when a project has completed our Innovations Incubator program, they are a completely independent, separate, and distinct legal entity. Depending on the project and where it decides to form a business entity, we may serve as its Incorporators during its initial organization period. But once a business has been launched, we, of course, remain in contact and are here to encourage and help them every step of the way, but we retain no ownership of the business. Some projects may come to us already incorporated or formed as a business entity. In those cases, we also do not have any ownership interest in the business.
How do I get involved with BTRIC or one of the projects?
If you’re involved in the industry and you want to get involved, reach out to us. You can also subscribe to our email newsletter on our participate page.
How do I donate to BTRIC?
We accept donations of money, cryptocurrency and other crypto assets, products, services, and even discounted rates (these are called “in-kind” contributions). BTRIC is a 501(c)(3) non-profit charity so contributions to us are tax-deductible to the extent allowed by law. Consult your tax advisor for more information. Here’s our donation page. And thank you for supporting our work!
What if I have more questions?
If you have more questions about BTRIC you can check out our launch white paper, reach out on Twitter or Telegram (or any of our other social media profiles), or just fill out our trusty contact form. Media inquiries can be directed to media@btric.org. We will get back to you as soon as possible!
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BFD
Token
campaign
What are BFD Tokens?
BFD Tokens are “BTRIC Founding Donor Tokens”. They are Ethereum ERC20 compliant tokens and are a gift given by BTRIC to those that contribute to our launch. Those amazing people are our Founding Donors, and we recognize their contribution by giving them a token of our appreciation, in the form of BFD Tokens.
BFD Tokens were created especially for our launch fundraising event. No additional BFD can be created, and all BFD will be distributed to Founding Donors at the end of the fundraising period.
People that hold BFD Tokens will be provided rewards from projects that complete the BTRIC Innovations Incubator program. Every time a project completes the program, we will take a snapshot of all Ethereum addresses that, at that time, hold BFD Tokens and then we will coordinate a reward between the newly created business and BFD holders. Because the laws are different all over the world, we can’t promise any specific reward for a given project, but know that each will be fully compliant with applicable laws and regulations specific to the jurisdiction of their founding. Projects agree to this before entering our Innovations Incubator program.
What is the difference between BFD Tokens and "BTRIC Coin"?
Good question. BFD Tokens are special tokens given out to those that participate in our launch fundraiser. Some organizations give out mugs with their name on them, we give out BFD tokens. No more BFD tokens will ever be created and they will not be available from BTRIC after March 31, 2018 (or sooner if we reach our fundraising goal early).
“BTRIC Coin” is the code name of a utility currency or token we will be developing in conjunction with crypto asset advisors after we launch. The details of BTRIC Coin are presently not final. Will it be mineable? Will it be a cryptocurrency, with its own blockchain, or will it be a token on Ethereum or another platform? Simply put, we don’t know these answers at this time. We want to consult with crypto experts to make the best decision for our organization in consideration of our mission: emerging technology business incubation and industry-wide advocacy, education, and research.
What we do know is that when BTRIC Coin launches later this year, all holders of BFD tokens will be given a grant of some BTRIC Coins. This is part of the marketing effort for the coin or token. We also know that as a fully transparent organization, the steps we take to decide about the specifications of BTRIC Coin will be done in the open, and we invite participation from the industry and anyone else interested.
Are BFD Tokens mined?
No. BFD Tokens were created on November 28, 2017 by publishing a ERC20 smart contract to the Ethereum mainnet. This is the token details, this is the contract address, and this is the token vault address, all on Etherscan.io. Here’s our GitHub repository with the smart contract source code.
How many BFD Tokens exist?
Five hundred thousand (500,000) BFD have been minted. It is impossible to create more BFD, and 100% of BFD will be distributed to Founding Donors at the end of the fundraiser.
Are BFD Tokens able to be traded or transferred?
Of course. Once we give you BFD Tokens, they’re yours. You can trade them with other parties if you choose.
When will the BFD launch fundraiser be closed?
The BTRIC Founding Donor fundraising campaign will end when we reach our fundraising target of $500,000 USD (whichever happens first). All 500,000 BFD tokens will then be distributed to our Founding Donors. BTRIC keeps none. Our Founding Trustees don’t get any either. They’re just for Founding Donors.
What if I have more questions?
If you have more questions about our launch fundraiser or the BFD Tokens, you can check out our launch white paper, reach out on Twitter or Telegram (or any of our other social media profiles), or just fill out our trusty contact form. We will get back to you as soon as possible!
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Innovations
Incubator
program
What is BTRIC's Innovations Incubator program?
BTRIC’s Innovations Incubator program is a business incubation and startup accelerator for emerging technology businesses. Its mission is to identify, foster, promote, and launch businesses that focus on emerging technology. BTRIC provides support in key areas to make sure that great projects can complete their research and development phase, be infused with best-practices guidance, and launch as separate, independent businesses, investment-ready, meeting all applicable legal and regulatory requirements and poised for growth.
Our mission is similar to that of traditional, brick-and-mortar business incubators, but we are focused on projects based on emerging technologies. Rather than a focus on a particular geography, we focus on the transformative technologies that are just beginning to make profound changes to society and open markets. Like any business incubator, our goal is to build better businesses and promote economic growth by facilitating well-designed projects, progress, and positive outcomes.
What does BTRIC do for projects in the program?
BTRIC’s goal for each project in our Innovations Incubator program is for projects to remain focused on delivery of their product or service. In order for that to happen, BTRIC helps handle their administrative management, coordination of donation and team members, and providing research and development infrastructure. Ultimately, for a great project to transition to a successful business venture, the idea and the code is not enough. Several other components need to be assembled and maintained, especially funding, team and project organization, and infrastructure. Our program focuses on these key areas, freeing the project team to focus on what they do best.
- Funding: While a project is in the incubation program, we will work to keep it funded with the help of our partners and donor contributions – monetary, assets, and in-kind. Through our incubation program, we will also work with the project to assemble the materials needed for a successful launch of a business, including a business plan, white paper, regulatory and legal review and compliance. If they have yet to form an entity, we will help them select the jurisdiction that is best for their project, considering regulatory, legal, and logistical factors. This is an opportunity for donors such as venture capital firms and angel investors to donate to financially support projects that could become potential investment opportunities.
- Organization: Many great ideas never make it to being a successful business because of a lack of project organization, oversight, focus on delivery, and inability to assemble and maintain all parts of a cohesive team. Projects that are in our incubation program will develop an outline of the project flow and their expected team and organizational requirements. We will work with projects to build their team, selecting advisors, marketers, software and/or hardware engineers, security experts, infrastructure, business partners, and other necessary components to build their project and ultimately launch their business. We will be “hands-on” involved with our projects to ensure that any challenges are identified early and solutions found quickly. We will keep our projects on track, focusing on their ultimate goal. We will also communicate the progress of projects that are in our program and keep all stakeholders informed on an ongoing basis.
- Infrastructure: Most emerging technology projects require first-class infrastructure for their operations. Many problems have occurred in our ecosystem because projects infrastructure was not secure enough, resilient, scalable, or reliable. Our project will provide them with resilient infrastructure for development and “testnet” type activities, and will prepare them to transition to infrastructure that they will need when they are divested from our incubation program as independent businesses. This is an opportunity for partners that we work with to demonstrate their offerings and capabilities to projects that could become potential clients.
Of course each project has a unique set of strengths, weaknesses, needs, and capabilities. BTRIC offers each project in the program unique assistance tailored to their needs. While the needs of a given project may differ, the goal remains the same: turning promising projects into viable businesses and then launching them. While every project is unique in some ways, there are many elements that are common to most of the projects that will be in the program. In those areas, we will be able to leverage scale to help our projects accomplish their objectives more efficiently. We will work with outside professionals to advise and provide professional services related to projects, including work that can be applied to multiple projects, and will continue to improve both our programs as well as their content to keep up with best practices and evolving technology.
What happens when a project has completed the program?
While a project is completing the program, BTRIC helps prepare, refine, and ultimately implement a business launch plan for the project. Depending on the type of project, and the legal jurisdiction chosen, this could mean that a project could launch as an Initial Coin Offering (ICO) or Initial Token Offering (ITO), be sold to another organization, be strong enough to launch without raising capital, or even offered through an Initial Public Offering (IPO). When a project is ready to be divested as an independent business, we help facilitate a successful launch. Depending on the business type, the funding sought, and the jurisdiction, the needs in this phase will vary. We will be able to provide the projects we are incubating with assistance with such matters as:
- Connections to project donors that expressed interest as potential angel investors or venture capital funders;
- ICO/ITO platform selection and coin technical advisory;
- Business entity registration and initial organization;
- Marketing planning, including social media marketing;
- Responsible security disclosure program design;
- Escrow and custodial advisory and selection; and
- Accounting and treasury management design and selection.
Since each project is different, the legal jurisdictions where they will be founded as business entities are an important consideration, and all projects that complete our program will be fully legally-compliant for the jurisdiction and launch plan chosen.
How are donors rewarded for supporting projects?
When a project launches as an independent business, it does so as a separate legal entity and no longer a part of BTRIC. Projects in our incubator program agree, as a condition of acceptance, to reward donors in some way when they launch. This includes all BFD Token holders as well as any donors specific to the project. Because the projects vary in their business models, and will also vary in the jurisdictions they do business in, this reward will vary from project to project. It could include (subject to applicable regulatory and legal requirements):
- Credits for use of their product or service;
- Free “not-for-resale” products or services;
- “Airdrop” coins or tokens;
- Buyback of coins or tokens;
- Business relationships as a product or service provider; and/or
- Equity in the newly-created business.
How do projects get involved in the program?
Right now, we’re reaching out to projects that have great potential, and we encourage any project that is interested in exploring becoming part of our Innovations Incubator program to reach out to us. We are also staying abreast of any government opportunities to implement emerging technology projects or research. We also come up with ideas on our own on a regular basis, and some of them might be of the calibre to be incubated into businesses. We want to make sure we can handle the workload, so are being careful as we begin our organization and growth.
After BTRIC launches, we will be developing an application and review process to evaluate projects that want to be a part of the program. Those guidelines, like everything else we do, will be freely available for anyone to review, use, modify, remix, etc.
What if I have more questions?
If you have more questions about BTRIC’s Innovations Incubator program you can check out our launch white paper, reach out on Twitter or Telegram (or any of our other social media profiles), or just fill out our trusty contact form. We will get back to you as soon as possible!
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Institute
What is BTRIC Institute?
BTRIC Institute is our advocacy, education, and policy development initiative. BTRIC recognizes that parts of the emerging technology industry are extremely competitive with each other, while at the same time, there is a strong community bond that binds many of the participants. Both competition and collaboration are important. Competition helps ensure that products and services are continually improved and held accountable to users for their strengths and weaknesses. At the same time, collaboration in areas of agreement or common cause build consensus, meet advocacy and educational goals in a pooled manner, and helps promote best practices industry wide. BTRIC Institute will facilitate industry-wide collaboration among business partners and competitors alike to benefit the industry as a whole.
Why is it important to focus on advocacy with lawmakers and policymakers?
BTRIC believes that it is clear that the emerging technology industry, and in particular crypto assets, is going to face significant regulation globally in the coming years. Other emerging technologies, including Personal Data Store, Internet of Things, and Artificial Intelligence (AI/ML/DL) are also likely to come under the scrutiny of governments and regulators. Some of this has already begun. While some argue that the nature of blockchain distributed ledger is inherently unable to be regulated, it is not practical to conclude that attempts at regulation will be made and some of these attempts will be successful. Frankly, global adoption of crypto assets requires some regulation. In the future, the vast majority of users of crypto assets will not have a deep understanding of the intricate technologies that underlie the medium of exchange. In certain circumstances, practical, common-sense regulation will help speed adoption by instilling some measure of reassurance. Working with other organizations around the world, BTRIC will advocate in support of regulations that enable—and not stifle—innovation. Some regulators are friendly, others are not. Their existing constituents are mostly large financial institutions, some of the most powerful interests in the world. But in the end, we are confident that the technology will overcome any serious impediments and will work tirelessly to make the best possible climate for emerging technology businesses.
What does “best-practices” mean?
Across the emerging technology industry, there are some entities that have well-developed plans for security, code integrity, project management, governance (including, in cases, policies of non-governance), and financial management. These well-developed plans are what we consider best practices, and BTRIC will standardize them, keep them agile and adapted to a quickly changing field, and coordinate participation across the industry and with the public on improving them.
For each project or organization that is diligent about implementing best practices, there are just as many, if not more, organizations that lack these essential components. Every time there is a “hack” on a cryptocurrency exchange, not only do those customers suffer, but the crypto asset industry as whole suffers some reputational loss. An effective way to combat this is through the development, standardization, and proliferation of best practices that cover key areas in the industry.
There is already much extensive work that has been done on an individual and small group basis into some of this work. In those areas, BTRIC is going to build on what has been done, drive it forward, and keep it maintained and adapted to the latest developments. In other areas, not much work has yet been done, and BTRIC will launch those efforts. We will work with all interested members of the industry and the public to make best practices truly reflective of current requirements, which means that standards will evolve over time.
Why are “open frameworks” important?
Like open software, open frameworks are standards, such as best practices standards, that are open for use by any person or business in any way. In some cases, they might be copyrighted, but they are always open licensed (such as with a Creative Commons license).
Open frameworks are important because they serve as resources for any project or business that wants to be a part of the emerging technology industry. They help the industry interoperate in a standardized way. They are revised as technology progresses. They are open to public scrutiny and often are improved and modified as a result of their open nature and a wide audience. Well designed and maintained open frameworks will make it easier for new projects to get involved in the industry by providing model guidance in certain areas.
Are “open frameworks” the same as “open-source”?
Not exactly, but we strongly support both. Open source is computer software that is published with the source code. By making the source code available, people are free to review and audit the software. In addition, truly open source software permits people to adapt or modify the software to meet their specific needs, and often is developed by a community of contributors, rather than a single entity. Open frameworks are non-software materials, such as policies, guidance, legal documents, specifications, and white papers. These are also openly usable and adaptable and open to improvement by anyone, but they are not actual software code. BTRIC contributes both to open source software projects as well as open frameworks. We believe in the open sharing of non-confidential information, promoting transparency, outside review, and continuous improvement.
What is the importance of having industry wide collaboration?
Part of the reason that BTRIC’s Founding Trustees chose to form BTRIC as a non-profit organization instead of forming a for-profit ICO or ITO solely focused on business incubation is because they recognized that improvements in industry wide collabative efforts would be beneficial. We believe there is a need for advocacy that ensures that our views are considered by government regulators globally as we create and expand on new paradigms. We also believe there is a great opportunity for collaboration across the industry through a standards development process, similar to ISO and ICANN have performed in their fields, and possibly in collaboration with those organizations. Some areas of standardization and best-practices fall outside of the typical scope of those organizations, such as rating criteria for cryptocurrencies, tokens, and ICO/ITO offerings, which each require similar, but class-specific, best practices standards.
The leaders in the industry can play a role through collaboration, and BTRIC is focused on bringing that to fruition. Finally, educating the public, as well as lawmakers and policymakers, about emerging technology is vitally important to speed adoption. BTRIC Institute was created to facilitate progress in these key areas. In some areas, and by careful coordination, the whole can be and will be greater than the sum of the parts.
How can I get involved with BTRIC Institute?
BTRIC is eager to begin working on BTRIC Institute’s mission as well as our other initiatives. If you believe in what we’re doing and want to participate in the work (or just keep apprised of it) of BTRIC Institute, please contact us or subscribe to our newsletter. As we move past our launch phase and into operations, we will also be reaching out across the ecosystem as we work on BTRIC Institute’s projects. We look forward to working with everyone interested in making a difference.
What if I have more questions?
If you have more questions about BTRIC Institute you can check out our launch white paper, reach out on Twitter or Telegram (or any of our other social media profiles), or just fill out our trusty contact form. We will get back to you as soon as possible!
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Labs
What is BTRIC Labs?
BTRIC Labs is the part of our organization that focuses on advancing research and development in the emerging technology field. We do this in a few different ways:
- We conduct research and development of technologies that are not bounded by a single project in our Innovations Incubator program. For example, general research into improving the efficiency of distributed ledgers could have applications in many projects, including many that are not a part of BTRIC.
- We contribute directly to those projects that underpin the field, by donating some of our employees’ paid time toward contributions in open source projects of their choosing. This is not limited to our engineers, all of our employees can choose to assist projects in any way that they choose (documentation, testing, community moderation, etc.)
- We enable selected projects to increase their resilience by operating infrastructure for them at-cost. The projects that we will perform this function are top-shelf, quality projects. We are able to operate infrastructure for them as an independent third-party.
What is “blue sky research”?
Blue sky research is research conducted by BTRIC Labs that doesn’t have clear applications but holds the potential to significantly advance the field. Carefully selected areas of research could yield breakthroughs that are unanticipated. Often, this type of research is not performed by commercial organizations because it doesn’t have a specific application or agenda. Since BTRIC is a non-profit organization, we can undertake some research that can lead to breakthroughs in technology. Since we are a small organization, we have to be very selective in the research we choose to perform, but breakthroughs that strengthen and advance emerging technologies are part of the reason we exist.
Why is “open-source” important?
Open source is important for many reasons. One of the key reasons relates to the transformational nature of emerging technology. Because the work we do has the potential to truly change the way aspects of society, and even society as a whole, the technology that underlies such transformation must be open source and available to all. Much of this paradigm shift relates to trust. People are losing trust in traditional institutions, such as corporations, banks, and governments. The promise of emerging technology is to replace aspects of those institutions with models where one need not trust the institution, but instead trust the technology. For example, Bitcoin is a peer to peer cryptocurrency that enables the transfer of value to and from anyone in the world in minutes. This was never before possible without both of the two parties being phyiscally together. Every other way to transfer funds at a distance requires counterparties, that you must trust, in order to make the transfer of value happen, such as Western Union, the Federal Reserve, or the SWIFT network. Instead of that model, crypto assets are based on trust of the software that implements them.
In order to trust software, you must be able to view and audit the source code. Many people lack the ability to do this on their own, but they can see that it has been done by others with the required expertise. More importantly, if they chose, they could obtain a copy of the source code and review it. This is not possible unless the source code is open.
Because emerging technology moves trust from counterparties to the software itself, open source software is essential as the foundational “building blocks” on which the new way of structuring society is constructed.
Why is decentralization important?
Decentralization is the underlying principle that enables society to be restructured. In the past, and up to the present day in many cases, control is held by a few centralized institutions, be them banks, businesses, the media, and even governments. Decentralization removes these “gatekeepers” and enables everyone to compete on a level playing field. For example, just a few decades ago, all news and information available to most people were from a very small number of sources: a local or regional newspaper, a weekly or monthly magazine, and a few radio and television stations in the area. The Internet changed that, with information flowing instantly from anywhere in the world to everywhere in the world. However, even on the Internet, businesses like Facebook, Google/YouTube, and Twitter have become large centralized services. These businesses, like the news sources of the past, hold enormous power to highlight what they choose, and even more dangerous, to censor what they choose. As corporations, they are driven by a mission to provide ever-increasing profits to their shareholders. In so doing, they may choose to “curate” the information available to the users of their services in a manner that they believe to be favorable for increasing advertising revenue or even affecting public policy to favor their interests. This is counter to a well-functioning society, and decentralization offers a solution to this challenge.
In a decentralized world, there would be many “Twitters”, each operating independently, but working together in concert with all the others. The actions of one of these services would not impact the service as a whole. From the user’s perspective, the experience could be much the same as it is today. However, from an architectural standpoint, decentralized servers would ensure that no party can control the message, selectively highlighting and censoring content. In order to make informed decisions in a representative democracy, voters need access to uncensored information. Decentralized services are one of the best ways to ensure this occurs.
Why is scaling and usability important?
In a word: adoption. You could have the most innovative technology solution ever conceived of, but if it isn’t able to scale to support the number of users, or if it is too difficult for many users to use, it’s not going to have an easy time getting adopted by the masses. BTRIC Labs will conduct research into leading approaches to improving these two critical factors. Solutions that are found will have implications for crypto assets as well as other applications of distributed ledger technology.
Scalability refers to the volume of users or transactions a given system can handle. For example, currently, Bitcoin is capable of about a dozen transactions a second. By comparison, Visa, the debit and credit card platform, is capable of at least 24,000 transactions per second. So, clearly, work needs to be done to meet or exceed Visa’s scale. There is much work ongoing into both “on-chain” and “off-chain” solutions to work toward this goal, but that’s beyond the scope of this FAQ.
Usability refers to the end-user experience. Is it easy for a business to accept Bitcoin at the point of sale? Is it easy for the average person to spend Bitcoin at that business? In our view, the bar that must be met or exceeded here is, again, Visa’s model. Crypto assets must become as easy to work with as a payment card in order for mass adoption to occur. Again, this is an area of intense interest to crypto assets such as Bitcoin, as well as the wider DLT field. Another example of usability is in peer to peer content distribution networks, such as a decentralized form of Twitter or Facebook. If they are too difficult for end-users, that presents a barrier to entry. Services must be at least as easy as Twitter or Facebook from an end-user perspective.
These solutions will be found and will be widely adopted. BTRIC Labs will research, develop, promote, and collaborate with others in finding and implementing these solutions.
What are “IoT” and “AR/VR” and why are they important?
Both the Internet of Things (IoT) and Augmented and Virtual Reality (AR/VR) are important emerging technologies that will enable society to gain efficiencies never before possible.
The Internet of Things (IoT) refers to the connection of devices (other than computers and smartphones) to the Internet. Cars, kitchen appliances, and even heart monitors can all be connected through the IoT. This list will continue to grow. At its essence, IoT enables smarter decisions to be made about things in the real world. Electrical grids can be made much more efficient, traffic patterns more regulated. In combination with distributed ledger technology, IoT holds the potential to create new ways that technology can ensure a fair world, with rules enforced by consensus, instead of by decrees.
Virtual and Augmented Reality are two complementary technologies that have potential to change how people interact with computing devices. Augmented Reality is providing electronic information that enhances the human senses, especially vision. Imagine if you could look at a product in the store and instantly know that it has ingredients you are allergic to or look at a piece of clothing someone is wearing and be told that it’s available for purchase at XYZ store, and actually, it’s on sale right now! Virtual Reality is an artificial, computer-generated simulation or recreation of a real-life environment or situation. It immerses the user by making them feel like they are experiencing the simulated reality firsthand, primarily by stimulating their vision and hearing.
How can I get involved with BTRIC Labs?
BTRIC Labs will publicize our work once we’ve begun, both here on our website, as well as through industry media. We will invite participation from all stakeholders. We want to listen to everyone’s perspective and examine all the viable approaches to accomplishing our mission. If you’d like to reach out to us, just fill out this form.
What if I have more questions?
If you have more questions about BTRIC Labs, please check out our launch white paper, reach out on Twitter or Telegram (or any of our other social media profiles), or just fill out our trusty contact form. We will get back to you as soon as possible!