We've used the Ethereum blockchain source code but removed the centralized aspect of mining crypto.
You can mine NEEbytes cryptocurrency by converting your online cookie data and attention into NEE coins without worrying about expensive hardware and high electricity bills.
To convert data into NEEbytes, you need to add content inside mining stations.
Content is added by performing native activity inside mining stations.
Mining Stations are online platforms that choose to incentivize their users by sharing revenue generated through users' data as per NEEbytes protocol.
Anyone can convert cookie data into NEEbytes cryptocurrency, and it is free to do so!
NEEbytes cryptocurrency can then be kept as a medium of exchange, store of value, or be traded in crypto exchanges where NEE coins become listed.
To mine NEEbytes, all users must be authenticated to avoid opening multiple accounts and avoid bots from trolling the system and potentially undermining the new economy. The authentication method is initially done through SMS authentication and eventually can be moved to KYC if deemed necessary by the system. This is also done to ensure a fair distribution of coins between users.
Traditional mining using computer power is not yet available in the NEEbytes ecosystem. This kind of mining will be enabled in the future as the blockchain project matures. In exchange, traditional miners will benefit from the transaction fees generated within the blockchain. New coins are only distributed through the conversion of data inside mining stations.
No ICOs to Monopolize the Economy
ICO (Initial Coin Offering) was not performed for NEEbytes crypto. We intentionally start the project with NEE coins having no value. Value is projected to be added as mining stations share revenue generated through ads and when coins become available in the open market, scheduled for Jan 2022.
To prevent the inflation of NEEbytes currency, a few steps have been taken into consideration.
- A cap has been put into place, and only 11 billion NEE coins will be mined through data conversion.
- A Smart-contract has been added to take coins out of circulation after revenue share is performed and ensure value-added stays in the economy.
Coins mined are distributed daily after 0:00 UTC and added into users' wallets.
Generating an economy for NEEbytes
Web platforms (mining stations) that would like to incentivize their users to share data by converting it into NEEbytes must share fiat revenue by purchasing NEEbytes from the open market (crypto exchange).
Purchased coins must then be sent to NEEbytes smart contract to ensure profit sharing is registered in the blockchain and coins used for this purpose are taken out of circulation. This action is intended to ensure value is retained in the economy.
The cycle of NEEbytes is complete when users receive their part of the profit-sharing and coins are destroyed. At that time, data has been used, ads have been displayed, and users have received the value generated by their data.
NEEbytes cryptocurrency will reveal the actual value of data once it is available for trading and new platforms adopt the technology.
Are you ready to find out the value of your data?
Stop volunteering your data for free and start monetizing it today.
Together we can shape a new future for the world of data.