1000Blocks.space — Concept update
This article serves to explain in detail the new concept of the 1000 Blocks Space project. No worries, all the good things stay and the rest gets better 😉
Short summary: It’s still all about community-powered NFT. But now you’ll be able to invest in multiple Block Areas. And as long as you are the owner of a Block (no one covers you up), you earn our BLS tokens. All the investments during the NFT creation and the profit of the final NFT sales will go into a Rewards Pool. If you lock your BLS tokens into our Blocks Vault you’ll earn yields from the Rewards Pool. Otherwise, you can sell/buy BLS on the exchange too.
Why an update?
Every now and then a new technology comes around that enables humanity to make fundamental progress in one of the two areas:
- We can do something that we were already able to do. Just significantly better. → Cool!
- We can do something we were never before able to do. Hurray! → F* awesome!
The first one is mostly an easy sell. People adopt it faster. The second one is more of an uphill battle. The adoption takes much longer and requires more iterations to really make it fly. But once it flys, it changes industries in a big way.
When we had the initial 1000Block.space brainstorming session we knew we wanted to use Blockchain technology to solve a concrete problem. Our initial ideas were mostly around “this has been done, we can do it better”. But then we drifted into the space of “this has not been done..can we do it?”.
We settled on the question of how a system can enable a community, in a decentralized way, to create an NFT and compensate everyone fairly in the process?
This does not yet exist (or at least we don’t know about it). And we strongly believe there is a future where certain types of NFTs will be created jointly, by multiple creators. Either by a commission of a third party or simply for a cause. We also believe we can make this future happen. Or at least significantly contribute to it. That’s why we said “yes, we can do it” and went on the journey of creating 1000Blocks.space.
After our few weeks of hacking, we were able to launch the initial concept on Testnet. How it works is explained in our first blog post:
The Testnet version has been live for weeks and our community has grown rapidly in the meantime. From a few initial supporters to a few hundred today! 🚀
During the test phase, we have been closely monitoring the activities on our platform and the comments of the community (thanks to Space Apes for all the input). We had two core findings:
- The idea of a community-powered NFT is an attractive one → We should continue. 💪🏼
- Our implemented reward system is too complex → We need to simplify it. 🪄
For this reason, we decided to update our concept. Keep what is good and make the rest better! 🤓
What changes?
Not so much but still a lot! Fundamentally we are introducing two big changes:
- Each user (wallet) will be able to participate in the creation of the NFT more than one time. → Ability to invest in multiple Block Areas (one Area every 42h).
- We are removing compensations for Takeovers (you get paid if someone covers your Blocks) and introducing rewards for visibility → Yield will come from a Reward Pool to those who own Blocks.
How will this work?
Now comes the grand finale! After weeks of working on this (brainpower + coding) we are giving away our secret sauce, the master plan! Let us explain step by step how the system and rewards will work:
- To participate in 1000Blocks.space you will need to have and connect a BSC wallet.
2. In your BSC wallet, you will need to have BNBs.
3. Now you can invest in your Block Areas. One Area can still include from 1 to max 42 Blocks. But now you can have multiple Areas!
4. Every Block Area you can cover with a so-called Poster (image) that you want to show the world. You can also add text 😉 Plus more goodies coming… 🤫
5. The biggest piece of each investment into a Block Area will go into a Rewards Pool. Part of the investment will go to the previous Block/-s owner as compensation. Means you will get some investment back in case someone covers your Block/-s!
6. Once you invest in a Block Area you will start yielding BLS (BlockSpace) tokens for each Block that you are the owner of (your image is visible). As soon as someone covers you, you won’t earn yields anymore from the covered Block. Simple!
7. The BLS tokens you can then a) lock into our Block Vault or b) sell on the exchange (or buy them if you want more).
8. For every BLS locked into our Block Vault, you will receive BNB rewards from the Rewards Pool. Daily.
9. Once the NFT from the Block Space is created and sold, the profit of it will also go into the Rewards Pool. Means everyone still having his BLS in the Block Vault will get a share of it!
10. That’s it! You want BLS asap? We have a community pre-sale coming up!
More about the pre-sale here:
And that’s about it!
Getting interested? Follow us for more updates
Join us on our journey and change how Digital Assets are being created! For more info check out the following links:
- Website: https://1000blocks.space/
- Twitter: https://twitter.com/1000Blocks
- Telegram: https://t.me/thousandblocks
