(Benefit + Phone + Fit) Tokenized ad platform on the...
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(Benefit + Phone + Fit) Tokenized ad platform on the blockchain for smartphone users @ BenePit Inc. Whitepaper (English)
Transcript of (Benefit + Phone + Fit) Tokenized ad platform on the...
(Benefit + Phone + Fit)
Tokenized ad platform
on the blockchain
for smartphone users
@ BenePit Inc.
Whitepaper (English)
INDEX
1. Introduction
1.1 Tokenizing phone call use
1.2 BenePit service
1.3 BenePit incentive system
2. BenePit Business
2.1. Global Mobile Internet Ad Status and Limitations
2.2. BenePit Ad system (CRAD Marketing)
2.3. BenePit Ad products
2.4. Estimated Sales Amount
3. BenePit Protocol
3.1. BenePit Implementation of Protocol
3.2. Implementation of BlockChain Layers
3.3. Token & Wallet
4. BenePit Token (BNP) Economy
4.1. Definition of BNP
4.2. BNP Distribution
4.3. Plan to maximize utility function of BNP
4.4 Road Map
5. BenePit Team
6. Legal Disclaimers
7. Contacts
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4
5
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BenePit.io
1. Introduction
1.1 Tokenizing phone call use
Today, there are 7.3 billion mobile subscribers worldwide. It exceeds the 7.2 billion people of
the world's population estimated by the US Census Bureau and is growing at 3% per year. The
total number of smartphone users is 3.4 billion, which is expected to reach 6.4 billion by 2021.
People use their smartphones for an average of three (3) hours a day. Of these, 20% spend
time on phone calls and texts.
For decades, a variety of devices have been used to analyze people's behavior. However, none of
this provided information is as diverse as the smartphone. We can use phone usage data to keep
track of people's locations, communication histories, and behavior patterns. We can also see how
many networks take place and disappear. We can even see through real-time phone usage data
that people's behavior and psychology change with time and situation.
More importantly, we can see this data and gain important insights about people's behavior and
psychology. We can find people who have overlapping areas of activity, or we can get information
about shops that people mainly prefer.
We want to provide people with new value by linking these insights with "token incentives,"
"service recommendations," and "targeted ads."
Worldwide, most phone users pay for phone calls, text messages, and data usage, while
messenger services companies have innovated their business by incentivising users with free text
messages. However, there are no service models that have revolutionized the use of phone calling
features yet.
So, we are working on a blockchain-based innovation in which people get incentivised when they
make calls. We plan to realize this innovation through our BenePit service.3
@ BenePit Inc.
BenePit.io
How we use our smartphones ACTIVITY BY AVERAGE TIME PER DAY
Internet
Social Media
Music
Games
Phone Calls
E-mails
Texting
TV/Film
Books
Camera
24mins 49secs
17mins 29secs
15mins 38secs
14mins 26secs
12mins 6secs
11mins 6secs
10mins 12secs
9mins 23secs
9mins 22secs
3mins 28secs http://bit.ly/2vo4RBu
1.introduction > 1.1 Tokenizing phone call use
1.2. BenePit service
Users who install the BenePit app can be incentivised when they make their usual phone calls,
meaning without any additional special activity required on their part. In addition, depending on the
destination and purpose of the call, users who make calls can naturally see ads and receive incentives.
The BenePit AI would recommend customized products and services to people when people call
their stores of interest. The BenePit team has designed a structure that provides people with
opportunities to participate in events provided by the advertiser, which can lead to further
compensation or token incentives if they agree to participate. In order to achieve this, BenePit
digitizes the user's phone call history. The call data of users who have installed BenePit app is
classified according to usage and purpose, through which the advertisers can segment and
properly target the users. So, it is used to enable close targeting.
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1. Introduction > 1.2. BenePit service
Collect call logs
ACCS
Classify call types
Store Bigdate
Recommend Ads
Advertiser DB
Distribute Ad revenue
Incentives
General CallPerson to person
Users receive pointswhen they call.
Advertiser
Charge ad costs
Token use place
CBC Ad
CPC/CPI/CPV/CPA AdAdvertiser DB Store DB Ad Management Program
Tokens for callsTokens for ads
Special CallPerson to store
Support
+
Tokens for callsTokens for ads
+
Tokens for support
+
ACCS
Create CBC/CPC/CPI/CPV/CPA ads
Ad Targeting / Ad Bidding / Ad Run /
Report
Special Call?
NO
NO
YES
YES$Token
Shopping Advertising
ADS
Exchanging
You got points. Click to create a habitof getting points.
When the user watches thevideo, it connects to the habit of
getting additional points.
Connect with habit
- Sharing / Review - Posting / Scoring
1.3. BenePit Incentive System
BenePit is a phone-life-based “mining” system, designed to make it easy for anyone to acquire
tokens through simple phone use and phone habits. BenePit's Compensation System is simpler
to use and more beneficial compared to existing mobile-based, incentives-based ad platforms.
In addition, tokens are provided by differentiating them according to the user's call record
delivery and advertising consumption contribution. So, depending on the token's inventory level,
and proportionate to the user's usage of the BenePit platform, we can provide a much higher
level of compensation than other competitors in the market. The tokens awarded can be used at
any time by means of advertising consumption, shopping, currency exchange, etc., thereby
improving the user's convenience.
1) Incentives for phone calls
- The BenePit platform provides BNP randomly (within the preset BNP amount) whenever a user
makes a call.
- In order for the users to qualify for incentives, we set the minimum duration for each phone call
to more than10 seconds and also set a maximum number of phone calls for incentives per day,
in order to control the indiscriminate disbursement of BNP.
2) Incentives for Ads
- In addition to the basic call incentive, the user can receive a certain amount of BNP (determined
by the advertiser) based on the amount of activities when viewing advertisements on the platform.
- Users can receive additional benefits (discounts, experience coupons) set by the advertiser in
the Ads Manager page.
- There is no limit to the number of days.
3) Incentives for supporters/users
- BNP token incentives will also be distributer when a user buys an ad product, leaves a review,
and shares it with SNSs.
- In addition, users who become supporters and actively support the BenePit platform may receive
varying amounts of BNP according to their individual activity level and the BNP reserve
(flat balance).
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1. Introduction > 1.3. BenePit Incentive System
Call
View Ad
Supporter
BenePit Advertiser
BenePit Network Ad
Fiat Currency or BNP
+
+
+
-
BNPHolder
%
Fiat Currency
2. BenePit Business2.1. Global Mobile Internet Ad Status and Limitations
2.1.1. Global Ad Status
Global Media Group Zenith Optimal Media expects the global advertising market to grow by 4.6%
year-on-year to about $ 600 billion by 2018, and they expect that this trend will continue in the
future, especially in mobile internet advertising, which is also expected to overwhelm other
media advertising.
However, it is also true that some wrong advertisement platforms worsen people's
perception of online advertisements. According to the online advertising industry trend
survey for 2017 from Korea Internet & Security Agency, negative perceptions of online
advertising increased by more than 20% in 2017 compared to the previous year. The
reason was that the ads interfered with the users' use of the content, forced clicks and
forced viewing of ads, and showed unwanted content.
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2. BenePit Business > 2.1. Global Mobile Internet Ad Statusand Limitations
+4.0
2017 2017
Growth of advertising expenditure and GDP 2017-2020 (%)
Growth of giobal adspend by medium (%)
*source: Zenithoptimedia, Adspend-forecasts-March-2018-executive-summary
Adspend
2019 2020 Newspapers Magazines Televison Radio Cinema Outdoor Desktopinternet
Mobileinternet
+5.5
+4.1
+5.5
+4.2
+5.6
+4.1
+5.6
9.57.3
5.23.8
34.1
31.2
6.25.7
0.7 1.0
6.7 6.4
17.815.3
19.8
29.3
Nominal GDP 2017 2020
*source KISA, 2017_Online ad industry trend research and analysis
0
20
40
60
80
47.4
65.2
16.3
50.4
9.8
31.6
15.3
23.2
6.4
18.4
4.6
10.9
0.2 0.3
1st place 1~2nd place
2016
negative 43.8%
positive 56.2%
2017
negative 51.7%
positive 48.3%It hinders the use
of content
We have to view on or
view the ad.
Unwanted content is exposed.
Stimulating andsensationalimagesand
phrases
No reliable
ads
Personal information
seems overutilized.
Etc.
2.1.2. Problems with existing Ad reward platform
Especially, rewards apps with compensation ads are facing these issues.
Initially, when the reward apps were launched, users watched ads they had a positive liking
to more than other ads. The reason is that they already knew that they were going to see
an advertisement, and they were rewarded for watching the advertisement. For this
reason, many reward apps like 'Cashwalk', 'Timeleft', 'Jamlive' and 'Cashslide' are still
popular and collecting users.
However, now, the growth of the company is limited. This is because existing rewards apps only
care about simple exposures without solving user discomfort.
As a result, their company's performance deteriorates, and new advertising products created to
make up for it make users uncomfortable, and in this way, they are creating a vicious cycle.
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2. BenePit Business > 2.1. Global Mobile Internet AD Status and Limitations
0
1305
3.8
9.8155% growth
1405 1505 1605 1705
2
4
6
8
10
12
(Unit: million people)
1805
*Nielsen Koreanclick Mobile Behaviorial Data(13.5~18.05)
*source: Financial Supervisory Service Electronic Disclosure System(https://dart.fss.or.kr/)
Estimated number of unique users of all mobile reward app
2014년 2015년 2016년 2017년10,000,000,000
20,000,000,000
30,000,000,000
40,000,000,000
50,000,000,000
60,000,000,000
35,422,203,426
58,116,593,537
45,789,964,080
35,111,556,650
Advertising revenue of NTB Co., Ltd. (CashSlide) Ad revenue(Won)
2.2. BenePit Ad system (CRAD Marketing)
2.2.1. BenePit Ad Network Theory
The world we live in is very narrow and linked to each other like a network. Hungarian writer
Frigyes Karinthy, who wrote the book 'Chain' in 1920, said that everyone on the globe can know
each other if they go through five (5) people. And Stanley Milgram, professor of sociology at
Harvard University in 1967, verified this in a "six-step separation" experiment.
In 1999, Professor Albert Laszlo Barabasi of the University of Notre Dame in the US found that a
narrow world where web pages are linked to each other with an average of 19 links. He also
found that the “connection line distribution function,” which is the distribution function of the
number of connections connected to each point, follows a new distribution function called the
'power law' rather than the Poisson distribution.
The power law rule is where many points on a few connection lines and large hubs with an
unusually large number of connection lines coexist. It is a mathematical representation.
Professor Barabasi can easily explain this using highway maps and air route map. On a highway
map, each city becomes a point, and the highway becomes a connecting line connecting points.
In the picture below, most cities are connected to a similar number of highways. However, in
airline route maps, the lines(flight) connecting each point (city) differ from city to city. Airports in
major metropolitan areas have many lines, while most smaller airports have fewer lines. Several
hub cities with numerous flights seem to connect hundreds of smaller cities.
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2. BenePit Business > 2.2. BenePit Ad system (CRAD Marketing)
Random Network Scale-Free Network
This connection structure is called the 'ScaleFreeNetwork' which follows the powerlaw.
And several networks that are easily found around us, such as the western American power grid,
the schematic of IBM's computer chips, and our neural network, are also found to be scale-free
networks that follow the powerlaw.
In a scale-free network, the role of a hub is very important. We can find specific information very
quickly through hubs that have high connectivity, and we can propagate very quickly.
When we distribute a cure for a virus, it can spread very effectively if we propagate through
these hubs. We are finding ways to find these hubs in people's phone conversations, and
building how to get really good marketing results through those hubs.
2.2.2. CRAD marketing through BenePit Hub
We are implementing an algorithm to find a hub in a user network and a hub in a advertiser
network based on call log for BenePit incentives. This algorithm is based on network science and
is an engine that finds a hub that is highly impacted through call logs of users and configures a
hub network for its purpose.
The BenePit Hub is discovered through the phone number and user's call log stored on the user's
mobile phone. The BenePit app automatically synchronizes each user's smartphone address book
with the BenePit network periodically, and the BenePit system analyzes the relation between each
user based on this. If it is a new number in the address book, it distinguishes between a normal
call and a special call through an effectiveness and reliability test, updates the network newly,
and updates the main hub.
Through this generated BenePit Hub, we can conduct “CRAD marketing”, which is the most
exquisite marketing technique. CRAD marketing is a method of recommending services or
products to phone users when they make a call for a special purpose (inquiry / consultation /
booking / order). So, users do not just search and skip like they do with keyword advertising.
This is also a more sophisticated marketing method that recommends products and services to a
user who has already called beyond the stage of interest, i.e., a user who has a strong will to buy.
Through user call log analysis, BenePit provides the highest level of targeting and CPA ad
compared to the global advertising platform.9
@ BenePit Inc.
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2. BenePit Business > 2.2. BenePit Ad system (CRAD Marketing)
Ph
on
e
Bo
ok
BNP Network BNP AI BNP Hub
User Call
StoreCall
In addition, CRAD marketing is a marketing tool that can be used for all kinds of
advertisement techniques such as websites, apps, etc. In addition, CRAD marketing
creates supporters for companies.
It is not just the companies doing the advertisement on the BenePit platform; the
supporters also advertise for companies.
<Comparison of usefulness of BenePit vs global Ad platform collection info>
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@ BenePit Inc.
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2. BenePit Business > 2.2. BenePit Ad system (CRAD Marketing)
Facebook regist Info X below average
average
average
above average
X
X
O
Keywords
Keywords
Call logs, Purchase Info
Baidu
BenePit
Platform name The main targeting tool CPA advertising Targeting level
Get incentives
Support
Supporter 1
2 supporters
Supporter 2
Satisfied
share
share
products
Buyingexperience
Interested
CRADmarketing
Satisfied
$ 6.00
$ 5.00
$ 4.00
$ 3.00
$ 2.00
$ 1.00
$ 0.00
14.00 %
12.00 %
10.00 %
8.00 %
6.00 %
4.00 %
2.00 %
0.00 %
CPC average unit price comparison
Naversearch Ad
Facebook Baidu Google BenePit Naversearch Ad
Facebook Baidu Google BenePit
Average CTR comparison
2.3. BenePit Ad products
2.3.1. BenePit advertising product pre-validation
BenePit has verified that BenePit's advertising system is attractive to advertisers and
advertising agencies in the online advertising market through verification in the Korean
market. Over the last year, we have been verifying the effectiveness of BenePif CRAD (Call-
Records-based Advertisements) Marketing in Korea through 'AI phone M' mobile app.
As of July 2018, a daily average of 112,235 call data was collected and an average of 458,312
ad pages were requested per day. The average number of times this ad was played was 56,002,
which was a very high conversion rate of 12.22% CTR.
Ad CTR (Click Through Rate) is an important indicator of how ads are performing as a
percentage of clicks on ad. A high CTR means that the ad is useful to the user and relevant
to the information the user wants. The high CTR result of 'AI phone M' proves that CRAD
marketing based on the phone call network used for advertising is superior to other Ad
platforms.
We are preparing BenePit advertising services based on these verification results.
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@ BenePit Inc.
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2. BenePit Business > 2.3. BenePit Ad products
Incentivised calls / per day Ad Requests / per Day Video ad views / per Day
AI phone M' performance (Average in July, 18 month)
Avg CTR
112,235 458,312 56,002 12.22%
2.3.2. Composition of BenePit advertising products
BenePit provides an advertising product that provides a high level of targeting compared to the
global online advertising platform, because it enables a sophisticated analysis of the
user's interest part/purchase experiences/spending pattern by analyzing the user's phone use
activity (normal & special).
BenePit also applies low unit cost of ad to high CTR to increase advertiser ROI.
※ source : Wordstream 2016, Nanigans 2017
※ CPA (I) Ad type that charges according to the installation performance of the app
CPA (R): Ad type that charges according to the registration action such as reservation, application
<Product type of BenePit>
<Ad Cost Comparison>
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2. BenePit Business > 2.3. BenePit Ad products
Normal
callsCPC
Display Ad/
Link0.5$
Support
activityCPC
User
generated
Ad
2$ None
$4.85
Baidu China
- Apply lower unit price to global
ad platforms with low targeting
levels.
Google : $2.67, Facebook : $0.69
- The incentive product that only
BenePit has.
- Charges based on advertiser's
goal-supporting activities, such as
sharing, posting, and evaluating
specific users.
Special
calls
CPA(I) Display Ad/
Link2.5$
CPA(R)Display Ad/
Link 5$
$80.91
Google USA
- Significantly lower advertising
costs than that of the leading
global ad platform (Google),
which offers CPA ads, enable
advertisers to achieve high ROI.
Division Producttype
Ad typeBenePit
unit price(Average)
Averageunit price
Remarks
Annual advertising
revenue Status(2017)
Ad execution method
CPC
CPA(CPI/CPR)
CTR
Targeting level average averagebelow average average above average
4.14% 1.60% 4% 4.09% 12%
X X$5.50 (CPI) $80.91 $2.50
$0.86 $0.69 $4.85 $2.67 $0.50
Bidding Bidding Bidding Bidding Bidding
$27B $399.4B $100B $1,100B -
Ad type Naver search Ad Facebook Baidu Google BenePit
BenePit restricts the number of ads exposed within the category of ads to three, as a means to prevent
the deviation of the app user due to the exposure of the irrelevant ad and to increase the efficiency of
the advertisement. In addition, BenePit is designed to provide users with discount coupons/bonus
tokens by analyzing the needs of users in addition to the simple advertisement, thereby promoting the
user's advertising consumption as well as providing benefits in purchasing activities.
Advertisers can use both cash and BenePit tokens (BNP) to publicise their ads.
Unlike advertisers paying cash to advertisers paying with BNP for ad placement, we
encourage the use of tokens by providing up to 30% more tokens.
< BenePit Ad Flow>
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@ BenePit Inc.
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2. BenePit Business > 2.3. BenePit Ad products
Advertiser
Cash Ad CashㆍCompany Information
ㆍCreate an ad
ㆍSet up a connection
BounsadCash
Token
Write ad
ㆍCPC
ㆍCPI
ㆍCPR
Select ad type
Selectcategory
Set target
ㆍEnter incentive amount for consumers
ㆍToken exchange
Ad consumer+Incentive tokens
Ad exposure +Incentive tokens
Supporter+Incentive tokens
Designincentives
ㆍBid ad unit price
ㆍEnforce an ad
Bid Ad
ㆍNomal call
ㆍSpecial call
ㆍSupporter
Deposit cost for ad Create an ad Designincentive
Enforcement / Feedback
Over $ 1000 in Ad costs
Over $ 10,000 in Ad costs
Over $ 100,000 in Ad costs
10 %
20 %
30 %
Charge amount Bonus Charge
Chargead
costs
2.4. Estimated Sales Amount
BenePit has completed the testing and verification of open beta service in the Korean
market, which is the center of online platforms, and the main items used in the estimation
of sales based on the verification data are as follows:
The above shows the positioning of BenePit in the global mobile advertising market, and we
expect the target sales goal to be very fast, considering the scale and earnings rate of the
targeted market. The incentive policy for marketing and participants using some of the sale
proceeds of the ICO will serve as the main factor in promoting this BenePit result.
※ We calculated the estimated sales based on the estimated average unit price, number of active members, and CTR.
So please use it as a reference only.
※ We did not consider factors such as increase in users and synergy caused by token compensation.
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@ BenePit Inc.
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2. BenePit Business > 2.4. Estimated Sales Amount
Required ad fee:
$ 1 (/ install app once)
Percentage active after app install:
25% (DAU)
< Ad Product Type and Unit Price >
Items Benchmarks
Number of app installed users
10,000,000 30,000,000 50,000,000 100,000,000
Remarks
Active users(DAU)
Average CTR
CPC Ad
CPA Ad(CPI)
CPA Ad(CPR)
CPC Ad sales
CPA Ad(CPI) sales
CPA Ad(CPR) sales
Estimatedannual sales
2,500,000
12%
$0.50
$2.50
$5
$32,850,000
$82,125,000
$54,750,000
$169,725,000
7,500,000
12%
$0.50
$2.50
$5
$98,550,000
$246,375,000
$164,250,000
$509,175,000
12,500,000
12%
$0.50
$2.50
$5
$164,250,000
$410,625,000
$273,750,000
$848,625,000
25,000,000
12%
$0.50
$2.50
$5
$328,500,000
$821,250,000
$547,500,000
$1,697,250,000
25% of registeredusers
Ratio: 60%
Ratio: 30%
Ratio: 10%
unit: USD
Performance
Unit Price
(USD)
Estimated
Sales
Naversearch Ad
14
12
10
8
6
4
2
0
FacebookBaidu Google BenePit
100
80
60
40
20
0
CPCComparing clickthrough Rate(CTR) compared to exposure CPA
Facebook Google BenePit
3. BenePit Protocol3.1. BenePit Implementation of Protocol
The BenePit protocol is the basis for the BenePit project.
This protocol solves the following issues based on blockchaining:
3.1.1 Provide the token securely to the user satisfying the incentive condition
When the condition for receiving user incentives, as defined by BenePit is satisfied (ex. Action
of initiating a phone call), the smart contract gives the user an incentive token. Because the
compensation process is all done in the blockchain, the possibility of an abnormal payment situation
due to intentional or unintentional manipulation of the hacking or administrator is blocked in
advance. Limits on abnormal terms of payment are also checked and controlled safely in smart
contracts.
3.1.2 Provide advertisers with information on how much advertising costs is spent
In the case of existing centralized advertising solutions, the advertiser does not have an objective
validation method to determine whether the amount paid by the advertiser is exhausted as fairly and
accurately as the message is delivered to the user. In the advertising platform, theoretically, there is a
temptation to easily increase the sales with the method of modifying the cost calculation constant or
turning the internal bot. In addition to the advertising platform, a number of malicious competitors
may also negatively expose the advertising budget that the advertiser has implemented in a negative
way. However, since there is no other way for the advertiser, we can only count on the advertising
platform to enforce our costs. With the BenePit Protocol, you can make all the processing related to
ad execution transparent. The process to be implemented is as follows:
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@ BenePit Inc.
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3. BenePit Protocol >3.1. BenePit Implementation of Protocol
Advertiser
Ad ManagerBack office
ManagerAds
ConfirmValidity
Ad Sever
BlockScanner BlockChain
userclient Ad
exposure
PublishAd Materials
Synchronize ad transaction data
Response to ad request
VerifyTransaction
Encrypttransaction
1) The user client requests the advertisement data from the advertisement server. At this point, each ad
gets unique Ad Public Key information.
2) Users satisfy certain behaviors related to cost exhaustion. (Impression, click, action)
3) The Ad ID of advertisement and the signed hash value timestamp by the User Public Key, are sent to the
smart contract.
4) The Smart contract will deplete the Advertiser's token based on the above information and provide
some of it to users.
This allows advertisers to verify all detailed ad-exhaustion transactions one at a time, if
necessary.
When we track the transaction information of the blockchain through the unique key of the
relevant user for each advertisement exhaustion, we can determine whether the exposure
time of the ad occurred within the campaign period or whether the corresponding user is a
normal user. And we can make it easy to judge whether the platform operator or another
malicious competitor is a bot running in large quantities.
The question of whether the exhaustion of an advertisement and the user's token flow are
all conflicting with privacy issues may be raised, but in the BenePit system, the individual's
sensitive information is completely isolated and managed. Although the character of the
transaction and the character of the user can be analyzed objectively under the block chain
public policy, matching information about which user is actually a user for each transaction
cannot be traced back.
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3. BenePit Protocol > 3.1. BenePit Implementation of Protocol
3.2. Implementation of Blockchain Layers
3.2.1 Limitations of block chain technology at present
Although the history of blockchains represented by bitcoin has already been close to 10 years,
compared with traditional centralized systems and in terms of processing speed and cost, it is still
in the early stage of technology development.
For example, if we use a ready-made solution such as Ethereum, the speed problem becomes very
serious, considering the transaction rate per second (TPS) as well as the block generation period
and final transaction confirmation time. This can seriously degrade the User Experience. The
problem with commission is even more serious, and it is never reasonable to just let the user pay
commission for a simple operation that reads and writes data to the blockchain.
EOS, which launched main-net in recent, has made a lot of progress in processing speed and has
not received transaction fees. However, it has a problem that the investment cost for system
resource staking is small, and the cost is too high when creating a user account. The fact that
consensus among EOS Block Producers has not been fully validated for safety issues and that
there are not many true EOS-based apps and true high-load field tests have made us hesitant in
choosing EOS for making factors.
3.2.2 Step-by-step implementation tailored to the technological development flow
BenePit is a Reverse ICO project, which is a sophisticated service that can process large amounts
of transactions every day with a centralized server configuration even at the point where block
chaining is not carried out.
In particular, we conduct cross-analysis of a large number of users' behavior analysis data and
stores detailed data in real time, and we select and recommend the most suitable advertisement
for the user through AI.
As mentioned above, it is not reasonable for us to blockchain all existing service structures in the
current stage of development of the blockchain technology.
We are going to proceed with the gradual on-chainization by dividing the phases into early and
mid-term.
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3. BenePit Protocol > 3.2. Implementation of Blockchain Layers
BlockchainBase Layer
BenePit Protocol
BenePit Dapp(Mobile)
BenePit Dapp (web)
final stage
BenePit Dapp (Mobile)
BenePit Dapp (web)
Offchain Server Logics
BenePit Mainnet
API Gateway
early stage
3.3. Token & Wallet
We will issue a total of 30 billion BNPs at the time of the uploading of the smart contract for all
BNP tokens used in the project, from ICO sale to BenePit's formal launch, after which,
no additional BNP tokens will be issued. In addition, we will not issue additional BNP afterwards.
Issued tokens are sent at the required moment according to the usage rate of defined items
(token sale, incentive pool, team allocation, etc.).
Incentives for users are batched once a day, after summing up the amount of incentives for that
user during the day. (Negative usage patterns can be filtered during this process.)
The way to delay between the time of the incentive action and the actual payment is also common
in other incentive token-based platforms (such as Steam).
The tokens for which no actual batched payment has been made are displayed separately from
the disposable tokens in the same way as the 'expected payment token' on the user interface.
During the initial period of the project, BNP tokens conform to protocols implemented in the
ERC20 specification, allowing token investors and users to use existing Ethereum wallets. In the
mid/long term, when the main-net of BNP is implemented, the token based on ERC20 is
exchanged with its own token, and from then on it is managed by its own Wallet protocol instead
of Ethereum wallet. BNP mobile application will act as a Wallet by itself.
3.3.1 Initial implementation - Existing on-chain solution and off-chain hybrid
In the short term, we will work on blockchaining the most important and sensitive logic related
to the token in the existing service. The underlying blockchain technology is implemented based
on Ethereum. (This part can be replaced by a third blockchain technique.) To solve the speed
problem, we process some of the logic by pegging it as a sidechain. In addition to the logic to
process virtual goods such as tokens, tasks that do not require security issues (e.g. data
analysis, log processing) that consume a large amount of resources are implemented by
combining off-chain legacy systems.
3.3.2. Mid- and long-term implementation - On-chain of own Main-net
Over the medium to long term, we rebuild the blockchain layer through our main-net.
The lowlevel base starts with the previously established technology base, but with the DPOS BFT
consensus method frontal reconfiguration, maximizing the transaction rate per second and
avoiding any additional costs associated with the transaction. Some securely non-core logic may
still exist as an off-chain module, but most of the other logic is implemented through own mainnet.
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3. BenePit Protocol > 3.3. Token & Wallet
4. BenePit Token (BNP) Economy
4.1. Definition of BNP
The native digital cryptographically-secured utility token of the BenePit platform (BNP) is a
transferable representation of attributed functions specified in the protocol/code of the BenePit
platform, designed to play a major role in the functioning of the ecosystem on the BenePit platform,
and intended to be used solely as the primary utility token on the platform.
BNP is a non-refundable functional utility token which will be used as the medium of exchange
between participants on the BenePit platform. The goal of introducing BNP is to provide a
convenient and secure mode of payment and settlement between participants who interact
within the ecosystem on the BenePit platform. BNP does not in any way represent any shareholding,
participation, right, title, or interest in the Foundation, the Distributor, its affiliates, or any other
company, enterprise or undertaking, nor will BNP entitle token holders to any promise of fees,
dividends, revenue, profits or investment returns, and are not intended to constitute securities
in Singapore or any relevant jurisdiction. BNP may only be utilised on the BenePit platform, and
ownership of BNP carries no rights, express or implied, other than the right to use BNP as a means
to enable usage of and interaction within the BenePit platform.
In particular, it is highlighted that BNP:
(a) is non-refundable and cannot be exchanged for cash (or its equivalent value in any other virtual
currency) or any payment obligation by the Foundation, the Distributor or any affiliate;
(b) does not represent or confer on the token holder any right of any form with respect to the
Foundation, the Distributor (or any of its affiliates), or its revenues or assets, including without
limitation any right to receive future dividends, revenue, shares, ownership right or stake, share
or security, any voting, distribution, redemption, liquidation, proprietary (including all forms of
intellectual property or licence rights), or other financial or legal rights or equivalent rights, or
intellectual property rights or any other form of participation in or relating to the BenePit platform,
the Foundation, the Distributor and/or their service providers;
(c) is not intended to represent any rights under a contract for differences or under any other
contract the purpose or pretended purpose of which is to secure a profit or avoid a loss;
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4. BenePit Token (BNP) Economy > 4.1. Definition of BNP
(d) is not intended to be a representation of money (including electronic money), security,
commodity, bond, debt instrument or any other kind of financial instrument or investment;
(e) is not a loan to the Foundation, the Distributor or any of its affiliates, is not intended to
represent a debt owed by the Foundation, the Distributor or any of its affiliates, and there is
no expectation of profit; and
(f) does not provide the token holder with any ownership or other interest in the Foundation,
the Distributor or any of its affiliates.
The biggest advantage of BenePit is that it is not a simple investment purpose, but a
cryptocurrency that is consumed and traded. The BenePit Token will continue to beconsumed
and its utility functions will also increase, driven by greater usage of the BenePit platform
after the launch of the service.
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4. BenePit Token (BNP) Economy > 4.1. Definition of BNP
Phone Based
Incentive
Token
Customer BenePit Advertiser
Global
Ad Platform
Token
Discountable
Utility
Token
Easy acquisition Phone-call-based Mining System
Apply half-life to token supply, set aside for incentives
Advertiser's billing selection option (Fiat or Crypto)
20% of the amount of the advertisement paid by
Crypto is collected and distributed
Long-term retention promotion policy
Platform currency
Distribution (cycle) Policy
Token Economy Core Strategy for Increasing Utility Functionality of BenePit
4.2. BNP Distribution
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4. BenePit Token (BNP) Economy > 4.2. BNP Distribution
BNPToken
Founder & Team
Items Assigned Percentage
Founder & Team Advisor & Shareholders
Advisor & Shareholders
Incentives for global users
System/R&D
ICO, Sales
Strategic Partners
Total
15 %
6%
30 %
7%
30%
12%
100%
System/R&D ICO, Sales Strategic Partners
Incentives for global users
<BNP rincentive token issuance plan for users>
1yr 2yrs 3yrs 4yrs 5yrs
0
20
40
60
80
100
40%
20%
15% 15%10%
Growth rates of large IT-based companies such as Facebook, Google, and Baidu are not proportional
to the business period. Recent IT companies are recording their highest growth rates within Three
(3) years. BenePit is also a global platform and plans to secure a growth Momentum as well as user
royalties at the beginning of service launch.
Under this strategy, BenePit plans to exhaust the incentive token for user support activities assigned
to 30% of the total tokens within five (5) years of service launch. Starting with 40% in the first year
of service launch, new issue volume of BNP will decrease every year.
The contributions in the token sale will be held by the Distributor (or its affiliate) after the token
sale, and contributors will have no economic or legal right over or beneficial interest in these
contributions or the assets of that entity after the token sale.
4.3. Plan to maximize utility function of BNP
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4. BenePit Token( BNP) Economy > 4.3. Plan to maximize utility function of BNP
4.3.1. Classification of BNP
BNP is the main token of BenePit and is distinguished as follows:
4.3.2. Provide BNP token incentives to Long-term holders and main supporters (hub)
BNP provides the economic incentives which will be consumed to encourage participants to
contribute to the ecosystem on the BenePit platform. Users of the BenePit platform and/or
holders of BNP which did not actively participate will not receive any BNP incentives.
In order for supporters to receive token incentives, they must meet the following requirements:
BNP is an integral indispensable part of the BenePit platform, because without BNP, there would
be no incentive for users to expend resources to participate in activities or provide services for
the benefit of the entire ecosystem on the BenePit platform.
BNP
Micro BNP
In order to use the advertising services of the BenePit platform,
a certain amount of BNP or fiat must be used to pay for
advertisement costs, which will be paid when the ad runs.
A unit that BenePit token divided by 1,000 MBNP
BNP
(=1,000 MBNP)
Division Explanation Notation / Unit
condition 1 : APP active user
condition 2 : BenePit Token Average balance
is 10,000 BNP Holder for 3 months or more
10,000,000 BNP
Proportionate to that user's
active contribution, for all
contributors meeting
conditions 1 and 2
Qualifications Supply Quantity Supply cycle
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4. BenePit Token (BNP) Economy > 4.3. Plan to maximize utility function of BNP
4.3.3. BNP-enabled stores
BenePit operates an in-app store that allows users to purchase affiliate services via the BenePit
platform using BNP tokens to activate user's BenePit token usage. Users can spend tokens
anytime from the BenePit app for various products/services such as foods, entertainment
activities, and more. However, when exchanging the tokens to BenePit Cash (BC), we will apply
an exchange fee (15%) to avoid side effects such as refunds (exchange to local currency) and
excessive use of shops.
4.3.4. Operate the exchange market directly
BenePit manages the internal exchange market directly to activate token transaction.
Charge advertising costs
Exchange to cash
New issuing / purchasing of BenePit tokens using cash
Exchange to ad cash using BenePit tokens
Division Contents
4.4 Road Map
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4. BenePit Token (BNP) Economy > 4.4 Road Map
2018 2019 2020
12 8 10 3 8
1 2
1
1
1 2 3
2
2 3
3 4
① Commence Korea ad agency recruitment
② Start a paid service/CPC; start CPA
③ Begin global ad agency sequential recruitment/Start advertisement
① Launch app for Korea media advertising/marketing
② Launch global media advertising/marketing
① Construct a blockchain wallet system for ad incentive tokens
② Convert existing user point tokens
③ Construct ad evaluation and incentive blockchain system
① Launch global app beta service in over 100 countries and 11 languages
② Launch CRAD Marketing Ad Platform beta version
③ Launch BenePit Official service
④ Open AI recommendation system based on store evaluation
Blockchain/wallet
Marketing
Ad Sales
App/System
5. BenePit Team
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5. BenePit Team
- Graduated from De La Salle University
- Founder of one of the first educational call centers in the world
- Founded BenePit app
(tokenized app that offers benefits to users)
CEOPeter Oh
- Graduated from Seoul National University
- Served as a financial executive at a number of listed companies.
CTOAntonio
- Graduated from Korea University
- Worked as a business manager in many companies
including SK
- Over 15 years of experience in related areas
CPOSean. Lee
Team Leader
5. BenePit Team
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5. BenePit Team
Research and MarketingJay Park
17 years of work experience
in various fields such as bank
accounting, research, and marketing
R&D DirectorSang Jun Shin
16 years of work experience in
various fields such as DB design,
encryption, tuning, and front/
backend web development
DeveloperMin Jin Kim
7 years of work experience in
various fields such as iOS app
development and PHP/MS-SQL
development
DeveloperHyo Yong Park
15 years of work experience in
various fields, including Android
app development and various
project managers
DeveloperMyung Ho Son
20 years of diverse web
development work experience
DesignHyun Seok Kim
9 years of work experience in
various fields such as web
design
DesignSeung Yeon Han
15 years of work experience in
various fields including web
design development and
mobile UI design
PlanningYoon Soo Kim
7 years of work experience in
various fields such as marketing,
mobile UI, and UX planning
Finance & accoungingKi Ja Kim
19 years of work experience in
various fields such as finance and
accounting management
Research and MarketingCristopher Lloyd Comanda
7 years of work experience in
various fields such as English
correction, marketing, research, etc.
Global maker
Business maker
6. Legal Disclaimers
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6. Legal Disclaimers
[Legal Notice and Main Statement]
You should read this section carefully. NOTHING HEREIN CONSTITUTES LEGAL, FINANCIAL, BUSINESS OR
TAX ADVICE AND YOU SHOULD CONSULT YOUR OWN LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL
ADVISOR(S) BEFORE ENGAGING IN ANY ACTIVITY IN CONNECTION HEREWITH. NEITHER BENEPIT INC. (THE
FOUNDATION), ANY OF THE PROJECT TEAM MEMBERS (THE BENEPIT TEAM) WHO HAVE WORKED ON THE
BENEPIT PLATFORM (AS DEFINED HEREIN) OR PROJECT TO DEVELOP THE BENEPIT PLATFORM IN ANY WAY
WHATSOEVER, ANY DISTRIBUTOR/VENDOR OF BNP TOKENS (THE DISTRIBUTOR), NOR ANY SERVICE
PROVIDER SHALL BE LIABLE FOR ANY KIND OF DIRECT OR INDIRECT DAMAGE OR LOSS WHATSOEVER
WHICH YOU MAY SUFFER IN CONNECTION WITH ACCESSING THIS WHITEPAPER, THE WEBSITE AT
HTTPS://WWW.BENEPIT.IO/ (THE WEBSITE) OR ANY OTHER WEBSITES OR MATERIALS PUBLISHED BY THE
FOUNDATION.
BenePit is the world's first block-chain-based incentive platform developed for smartphone users
worldwide. All contributions will be applied towards the advancing, promoting the research, design and
development of, and advocacy for blockchain-based innovation in which people get incentivised when they
make calls. The Foundation, the Distributor and their various affiliates would develop, manage and operate
the BenePit platform.
Participating in the BenePit blockchain ecosystem does not mean investment opportunities but means
purchasing tokens to purchase service products from the BenePit platform. Therefore, you should not
misunderstand the information contained in this white paper and the website (http://benepit.io) as an
investment solicitation or advisory.
Participants in the ICO should consult with legal, financial, tax or other experts in this white paper about
doubts about risk factors, uncertainties and participation activities. BenePit's token is not a requirement for
securities from any official agency. This white paper is not a planning document for issuing securities and
does not contain any form of proposal. Therefore, you may not use all or part of this white paper or the
contents of the presentation to make any contract or investment decision, and BenePit does not make any
contract or legal commitment in connection with the sale and purchase of tokens. Therefore, we cannot
accept virtual currency or any other form of payment based on this white paper. Accordingly, any
agreements between you and the seller relating to the sale or purchase of BenePit tokens are valid only with
separate documents specifying the terms of such agreements. You may not transmit or transmit this White
Paper and any part or copies thereof in any country where the transmission or distribution of this White
Paper is prohibited or restricted. You also certify that this section is not covered by indemnity, the rights of
the stage and unguaranteed, future warnings, insignificant advice, distribution and propagation restrictions,
securities solicitation or pre-registration. In addition, it is not permitted to distribute or disseminate the
contents of some parts without including sections titled with such risk factors and uncertainties.
[Disclaimer range]
BenePit shall not be liable to the extent permitted by applicable laws, regulations, or regulations for any loss
of any sort resulting (e.g. indirect, special, subsidiary, resulting, or some sort of losses, losses due to the
unlawful situation or loss of contracts or without any other form of relationships, etc.) from the acceptance
or reliance on the contents of this White Paper, in whole or in part.
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6. Legal Disclaimers
[Legal notice]
BenePit makes sure that the information referred to in this White Paper is not true, complete, accurate, or
representative of any person or entity in any form whatsoever.
(a) You agree and acknowledge that BenePit's token does not meet the requirements as a security in any
jurisdiction.
(b)You confirm that this White Paper is not a proposal for the issuance of securities and is not a proposal or
any document with such intent to encourage any jurisdiction to invest in securities.
(c) No regulatory body has reviewed or approved the information contained in this whitepaper, and no action
has been taken by any law or regulation of any jurisdiction. You agree and acknowledge that it will not be
taken by any regulatory body in the future and that the distribution and dissemination of this whitepaper to
you does not imply compliance with laws or regulations.
(d) You confirm that the commencement and completion of this whitepaper, the BenePit ICO, and the
trading of BenePit tokens in any exchange market in the future are not to be construed or interpreted as a
sign of excellence in BenePit, BenePit tokens, or BenePit ICO.
(e) You have not been subject to the laws, regulations, or regulations of the jurisdiction in which you reside,
the distribution, propagation, or receipt of any copy or any portion of this whitepaper. And where you are
limited to having this whitepaper, know and understand you, not the BenePit company, are responsible for
everything.
(f) When you wish to purchase a token, you acknowledge and agree that the token cannot be considered,
interpreted, or treated as:
(i) a currency other than virtual currency;
(ii) a certificate of indebtedness, stock, share of an individual or an institution (including BenePit), any
of the above borrowing certificates, shares, rights to shares, options, derivatives;
(iii) unit of collective investment products;
(iv) unit of business trust;
(v) derivatives of business trust units; and/or
(vi) other types of securities or securities
(vii) You cannot purchase tokens from BenePit's Token sale unless you qualify for a token purchase.
In addition, you must comply with the laws and regulations of your country, and the BenePit company
is not responsible for any non-compliance.
(viii) Qualified investors must purchase tokens through a secure SAFE contract before the launch of
BenePit's service, and if you are interested, please contact BenePit directly.
(g) You acknowledge and agree that you are aware of the basic level of virtual currency, blockchain based
software systems, virtual money wallets, or other virtual money storage media, blockchain technology, and
smart contract technology.
(h) When purchasing BenePit tokens, you acknowledge and agree that there is a risk associated with
BenePit business and operations, tokens, and BenePit ICOs (as noted on each whitepaper).
(i) You agree and acknowledge that BenePit is not liable for any kind of loss [indirect, special, incidental,
consequential, any kind of loss, or loss incurred without any form or relationship to the contract (sales,
income, loss of profits and loss of data or data due to illegal status (including, but not limited to, loss due to
unavailability)] caused by acceptance or reliance on the contents of this whitepaper or any portion of the
whitepaper you have read. You further acknowledge and agree that BenePit is not responsible for the rights
or interests in the agreement or for the purpose of circumventing the loss or for the exaggerated purpose
of the contract.
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6. Legal Disclaimers
(j) You you acknowledge, understand and agree that BNP may have no value, there is no guarantee or
representation of value or liquidity for BNP, and BNP is not for speculative investment;
none of the Foundation, the Distributor, its affiliates, and/or the BenePit team members shall be responsible
for or liable for the value of BNP, the transferability and/or liquidity of BNP and/or the availability of any
market for BNP through third parties or otherwise.
(k) You acknowledge and agree that all representations and warranties set forth above from the moment
you access this whitepaper or, in some instances, portions of the whitepaper, are true, complete, and not
misleading. This whitepaper contains forward-looking statements and predictions of future operating
results and plans, including risks and uncertainties, and other forward-looking statements. For example, we
used "anticipate," "expect," "believe," "predict," "anticipate," or negative expressions of these words, or
similar expressions in forward-looking statements. Uncertainties and uncertainties that may cause actual
results, achievements or performance of BenePit to be materially different from those implied or expressed
in the forward-looking statements, achievements and performance for any reason, and other factors are
included in these forward-looking statements.
[Risk factors and uncertainties]
You acknowledge and agree that there are numerous risks associated with purchasing BNP, holding BNP,
and using BNP for participation in the BenePit platform. In the worst scenario, this could lead to the loss of
all or part of the BNP which had been purchased. IF YOU DECIDE TO PURCHASE BNP, YOU EXPRESSLY
ACKNOWLEDGE, ACCEPT AND ASSUME THE FOLLOWING RISKS:
1. Uncertain Regulations and Enforcement Actions
The regulatory status of BNP and distributed ledger technology is unclear or unsettled in many jurisdictions.
The regulation of virtual currencies has become a primary target of regulation in all major countries in the
world. It is impossible to predict how, when or whether regulatory agencies may apply existing regulations
or create new regulations with respect to such technology and its applications, including BNP and/or the
BenePit platform. Regulatory actions could negatively impact BNP and/or the BenePit platform in various
ways. The Foundation, the Distributor (or its affiliates) may cease operations in a jurisdiction in the event
that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or
commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
After consulting with a wide range of legal advisors and continuous analysis of the development and legal
structure of virtual currencies, a cautious approach will be applied towards the sale of BNP. Therefore, for
the token sale, the sale strategy may be constantly adjusted in order to avoid relevant legal risks as much as
possible. For the token sale, the Foundation and the Distributor are working with Tzedek Law LLC, a
boutique corporate law firm in Singapore with a good reputation in the blockchain space.
2. Inadequate disclosure of information
As at the date hereof, the BenePit platform is still under development and its design concepts, consensus
mechanisms, algorithms, codes, and other technical details and parameters may be constantly and
frequently updated and changed. Although this white paper contains the most current information relating
to the BenePit platform, it is not absolutely complete and may still be adjusted and updated by the BenePit
team from time to time. The BenePit team has no ability and obligation to keep holders of BNP informed of
every detail (including development progress and expected milestones) regarding the project to develop the
BenePit platform, hence insufficient information disclosure is inevitable and reasonable.
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6. Legal Disclaimers
3. Competitors
Various types of decentralised applications and networks are emerging at a rapid rate, and the industry is
increasingly competitive. It is possible that alternative networks could be established that utilise the same
or similar code and protocol underlying BNP and/or the BenePit platform and attempt to re-create similar
facilities. The BenePit platform may be required to compete with these alternative networks, which could
negatively impact BNP and/or the BenePit platform.
4. Loss of Talent
The development of the BenePit platform depends on the continued co-operation of the existing technical
team and expert consultants, who are highly knowledgeable and experienced in their respective sectors.
The loss of any member may adversely affect the BenePit platform or its future development. Further,
stability and cohesion within the team is critical to the overall development of the BenePit platform. There is
the possibility that conflict within the team and/or departure of core personnel may occur, resulting in
negative influence on the project in the future.
5. Failure to develop
There is the risk that the development of the BenePit platform will not be executed or implemented as
planned, for a variety of reasons, including without limitation the event of a decline in the prices of any
digital asset, virtual currency or BNP, unforeseen technical difficulties, and shortage of development funds
for activities.
6. Security weaknesses
Hackers or other malicious groups or organisations may attempt to interfere with BNP and/or the BenePit
platform in a variety of ways, including, but not limited to, malware attacks, denial of service attacks,
consensus-based attacks, Sybil attacks, smurfing and spoofing. Furthermore, there is a risk that a third
party or a member of the Foundation, the Distributor or its affiliates may intentionally or unintentionally
introduce weaknesses into the core infrastructure of BNP and/or the BenePit platform, which could
negatively affect BNP and/or the BenePit platform.
Further, the future of cryptography and security innovations are highly unpredictable and advances in
cryptography, or technical advances (including without limitation development of quantum computing),
could present unknown risks to BNP and/or the BenePit platform by rendering ineffective the cryptographic
consensus mechanism that underpins that blockchain protocol.
7. Loss of tokens
Prospective buyers of BenePit tokens should carefully consider and evaluate the risks and uncertainties of
BenePit and all of its business, operations, tokens, BenePit ICO and all information contained in this
whitepaper.
If such risks and uncertainties develop into actual situations, there will be substantial and negative impacts
on BenePit's business, financial position, results of operations and future prospects for BenePit. If it goes
like this, you may lose all or some of your tokens.
8. Other risks
In addition, the potential risks briefly mentioned above are not exhaustive and there are other risks (as more
particularly set out in the Terms and Conditions) associated with your purchase, holding and use of BNP,
including those that the Foundation or the Distributor cannot anticipate. Such risks may further materialise
as unanticipated variations or combinations of the aforementioned risks. You should conduct full due
diligence on the Foundation, the Distributor, its affiliates and the BenePit team, as well as understand the
overall framework, mission and vision for the BenePit platform prior to purchasing BNP.
7. Contacts
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7. Contacts
ICO participation inquiry
General inquiry
