A quick glimpse at BACA
In 1985, Neil Postman published his famous book: Amusing Ourselves to Death, critising that television de-emphasizes the quality of information in favor of satisfying the far-reaching needs of entertainment, by which information is encumbered and to which it is subordinate.
30 years later, the internet replaces television networks, but only to exacerbate the problem, by flooding the crowd with massive low quality content. Due to the nature of distribution logic in social networks , superficial and misleading information attracts more attention and out-performs insightful and critical thinking.
To make the matter worse, the trend of personalization and machine learning led by top internet companies encourages us to build a feedback loop by ourselves and to reside in our own information cocoon rooms, without realizing it.
BACA means “to read” in Indonesian. This is where the mission of BACA originated: To bring the old and classic “reading” back to our life and to distribute high-quality, genuine and valuable thoughts to the world.
We are going to achieve this with three major building blocks:
- Read to Earn, a well-designed incentive based reading program
- Stake to Vote, distribution logic based on community feedback and reward program for creators to encourage valuable content
- Web3 technology, the backbone infrasture to make all these possible.
You can think of BACA as the Web3 version of Medium, but we are much more than that.
Read to Earn in BACA
Articles and contents themselves are great promotion materials to bridge the gap between Web2 and Web3.
BAT tokens, the core assets in BACA, will be distributed to users based on their reading activities, as well as voting and sharing, which will benefit the community.
Badges will be granted to experienced readers, in forms of NFTs, which will increase the influence in voting and give their owners better returns in sharing and reading.
One core utility of BAT token is staking to vote. A certain slice token share will be given to top content creators and their voters. Winning content will be minted as NFTs and be delivered to their owners.
In 2018, a content aggregator app in China went for an IPO in Nasdaq. It only took them two years to reach DAU as 30 million. The core idea behind it is gamification and reading to earn. Following its success, similar apps were built in other parts of Asia. Some of BACA team, also the original core members in the team, hope to bring the secret source to Web3 world.
Create to Earn in BACA
Besides reading to earn, the incentives for creators are the other pillar in BACA. Content creators could get benefit in two ways.
First, in each selection and voting cycle, top and wining content will get rewards for its voters and creators.
The second important income source for creators is advertising income. For all ads income generated during reading, 50% will be given to the content creator. Popular content with more reading value will generate more BAT reward for its creator. The content creator can also choose to sell its content NFT. As a result, the right to collect ads income from the content is sold as well, which adds meaningful value to content NFT.
In the traditional content publishing ecosystem, the connection between content creators and consumers is controlled by the editor. The editor can be a person or an algorithm. A centralized system controls who can read what. In BACA, the distribution logic is transparent and will be decided as part of our community governance process.
Content creators generate real value for a platform. However, how much economic value they create will NOT be shared with them in centralized system. BACA aims to create parachains and Smart Contract to make this information transparent and public. So that content creators can be treated fairly.
Why BACA will be sustainable？
What happens when the growth of new user acquisition stops？
Last, we want to discuss why BACA will be sustainable. In many game-fi projects, we realize that the value of in-game tokens is supported by new user acquisitions. Once the growth stops, the in-game economy collapses. This is what we want to avoid.
Advertising is not sexy, but is the coal and fuel in Web2, should be a nobrainer in Web3 once we have a large audience.
In BACA, we are able to attract blockchain advertisers and traditional advertisers as we have users interested in different kinds of content. In contrast to traditional ads, advertisers need to pay BAT tokens for their placement. The continuing cash flow brought by BAT-based ads system will fuel and grow the value of BAT. As the infrastructure will be built on chain and smart contract, the trust between platform, users and advertiser will be solved automatically.
Hope to See you in BACA.