Table of Contents
- What is Build-it?
- How does Build-it work?
- What is the BUIDL token?
- What does a Blockchain Technology mean and the benefits?
- What makes Build-it different and unique from other social media websites?
- What are cryptocurrencies?
- How do I become an eligible member of the community?
- How do I sign up for an account?
- Can I recover my account if it got compromised?
- Can I delete or deactivate my account?
- What do I need to do in an attempt to keep my account secured?
- Where do the new BUIDL token come from?
- What is the Reward Pool?
- How do I get more BUIDL tokens?
- So I earn digital tokens on my blog, how is that even possible?
- What do I do with the tokens?
What is Build-it?
Build-it is a free speech socials sharing where people can come to learn, share, and earn for sharing their experiences of doing, building, and fixing things on their own. This includes guides to; roofing, carpentry, woodwork, brickwork/stonework,crocheting, recycling, drawing/painting, gardening, tiling and much more! Literally,if you want to improve your DIY skills, this is the best community to start with.
How does Build-it work?
By creating DIY contents on Build-it, creators earn a cryptocurrency called $buidl rewards publishing DIY related contents. These contents are stored on Hive Blockchain - for security and censorship-resistant. Project owners can build their followers and connect smartly with their fanbase.
What is the BUIDL token?
The $BUIDL token is the utility token used inside the Build-it network. It’s a digital asset that gives users ownership rights and power to influence others either by upvotes or tips. There will lots of usecase tied around the $BUIDL token upon which users can spend their tokens on things they love.
What does a Blockchain Technology mean and the benefits?
A blockchain is a list of records (blocks) upon which data transactions are stored in a secured,tamper-proof, unalterable and transparent manner. Blockchain’s unique characteristics solves many business issues in our world today. Below are some benefits of utilization a blockchain technology in your business or projects:
Enhanced security: Transactions must be agreed upon before they are recorded on the decentralized ledger. Right after a transaction is approved, it’s automatically encrypted and linked to the previous transaction. Also, the fact that information is stored across a network of computers other then a single server, makes it very difficult and impossible for a hacker to compromise the transaction data.
Improved transparency: Transaction histories are becoming more transparent through the use of Blockchain technology. Since it is a distributed ledger, all network participants share the same documentation as opposed to individual copies.
Increased performance and speed: Unlike our centralized traditional entities that utilize paper-heavy process which consumes a significant amount of time and are prone to human error. By streamlining and automating these processes with blockchain,transactions are lighting fast and efficient.
While most social media websites collects and sells users data and info without their consent,build-it stores this data in an encrypted ledger known as Blockchain Technology, it also shares the rewards to users (in the form of a cryptocurrency called $buidl) for adding value and content to the network respectively.
What are cryptocurrencies?
Simply put, a cryptocurrency is a new form of digital money. Just like our traditional currency (i.e US dollar) that can be transferred and used to buy products and services the same is applicable for cryptocurrencies. They are virtual currencies that can be used to pay for a product or services based on a network. Unlike our traditional currencies , cryptocurrencies are secured by a cryptography which makes it impossible to counterfeit or double-spend.
How do I become an eligible member of the community?
It takes barely 5 minutes to become a verified member of our friendly community. To become a verified member of the network take these 4 points into consideration:
Sign up for a new account (if you have an existing account, please ignore this point).
Upon sighing, join at least one of our friendly socials and get to know members of the communities.
Get some $buidl tokens. Being a stake holder of the token also makes you a shareholder of revenue generated from the network.
iv. Be friendly :)
How do I sign up for an account?
Just the same way we create our Facebook and Instagram account, same is applicable here:
Existing Email address
Back up your password/keys.
For extra security the keys “Alphanumeric” in nature. Remember your data and information remains on the Blockchain.
Can I recover my account if it got compromised?
Unfortunately, you can’t recover your account if you loose your password or private keys. This is because each account has real monetary value and as such, should be protected at all cost. It is very crucial you safe your password and private keys somewhere you trust, we recommend that you store in an offline copy all your password and private keys smartly.
Can I delete or deactivate my account?
No. Accounts cannot be deleted or deactivated. Remember,all accounts are created and stored on the blockchain. Due to the disruptive power of blockchain technology, all transactions and records are stored on the blockchain.
In a nutshell. You can’t delete or deactivate your account.
What do I need to do in an attempt to keep my account secured?
Your password and private keys should be protected at all cost. Upon logging into your account using the key with appropriate permissions for what you are doing:
Posting key for blogging interface i.e voting, upvoting, rebloging, commenting etc
Active key for Wallet interface when attempting a transfer, delegating, withdrawal,and a few other transactions.
Master keys and owner keys when changing the password.
Gentle reminder,always save all your keys and keep it safe. Remember not to share your keys with projects not associated with Build-it, unless otherwise stated.
Where do the new BUIDL token come from?
Remember Build-it is built on top of Hive Blockchain, as such new tokens are created every time a block is produced. Interestingly, Build-it allocates a majority of the new tokens to a reward fund called “rewards pool” upon which users will be rewarded for contributing value to the network.
What is the Reward Pool?
Every 24hours a fixed amount of BUIDL tokens are allocated to the network reward fund,commonly called the “rewards pool” as stated earlier. These tokens are then fairly distributed to the authors and curators for adding value to the network.
How do I get more BUIDL tokens?
The BUIDL is a robust token that powers the Build-it network - it’s the currency that operates on the network. They can be bought of the market, mined through upvotes and cu-ration rewards pay for products and services, and many more.
So I earn digital tokens on my blog, how is that even possible?
Yes you can earn digital tokens on Build-it by the following methods below;
Posting - By publishing your contents/projects on the network, other community members will share love by ‘upvoting’ your posts. The upvotes come in BUIDL token,depending on the upvotes you receive, you may get a portion of the “rewards pool”
Voting and curating - Giving hearts to other authors for their valued content is known as voting. If you discover a newly published post and vote on it before others do,you earn a curation reward for that said content. Remember, the higher your BUIDL POWER, the more curation reward you earn.
What do I do with the tokens?
Below are some pretty basic usecases for the $buidl token:
- Low-cost transactions - one of the most popular usecase for most tokens is for sending and receiving payments for products and services at an increasingly low fee and 3sec transaction speed.
- Proof of censorship-resistant store of value - While our local bank keeps freezing and blocking our bank assets accounts, truth be told - this act occurs more often than people realize most. Holding the $buidl token gives each holder a censorship-resistant alternative store of wealth as long as they have their private keys saved in a third-party trusted platform.
- Being the first early investors of the start-up - Without a doubt, the emergence of digital assets is giving everyone with an internet connection to become an investor in an early-stage. While we build more usecases for the $buidl token, the demand will increas thus increasing the store of value for every holder.