Penny for Bit (PFB): The network that will pay you to use social networks

PFB is a decentralized solution that quantifies and tokenizes activities in social networks

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Penny for Bit (PFB) is a decentralized solution to quantify and tokenize the value of user activities through social media, compensating each of them with a symbolic but fair price.

Based on blockchain technology and smart contracts, the project aims to guarantee justice to the community of the different social networks that exist, by paying PFB in exchange for their activities on the platform.

In this way, it seeks to establish three systems considered consistent. Each of them will be part of the project mechanism, known as the PFB Coin Cycle:

  • PFB Coin: an ERC20 token, which will be the main payment method in the PFB project, in addition, it will be negotiable and exchangeable.
  • PFB Network: a platform that tracks user activities, through various applications, to rate each activity in order to compensate each user for their activities with the PFB Coin.
  • PFB Business: a business solution for companies and individuals around the world. Based on the information provided by the PFB Network, the PFB Business will provide clients with the tools necessary to improve the customer experience, refine a company’s marketing strategy and social advertising.

This ecosystem is part of Penny for Bit’s vision to build a decentralized compliant system, providing fairness for both PFB users and commercial network customers.

PFB will eventually build a network of applications that interact with billions of users, each user will be compensated in exchange for their daily activities with PFB Coin.

Thus, users will be able to exchange or sell their coins to any company, or individual who is interested in benefiting from the services provided by PFB Business, because the only payment method accepted in PFB Business is said token.

Why is PFB needed?

The biggest problem that PFB tries to solve is the use of user data for commercial use on social networks and other Internet platforms with no return for users.

The term user data can be used to emphasize that the data was created and owned by the user.

For example, when you give your name or address to any application, in this case your name or address data that you already own; Another example can be applied, when you turn on the GPS on your smartphone, the GPS will be able to track your location at any time, in this case, it created data that is your location and is also your property.

Businesses capture all of this data in many ways and from many sources. Some collection methods are highly technical in nature, while others are more deductive (although these processes often employ sophisticated software).

The bottom line, however, is the same: Businesses are using a host of collection methods and sources to capture and process customer data into metrics, with an interest in data types ranging from demographics to behavioral data, as you said. Liam Hanham, data science manager at Workday.

For their part, companies like Google, Facebook, Yahoo, Twitter, and many others have various ways in which they can generate income while continuing to offer their unique Internet services at no cost to consumers.

The main way that these companies make money online revolves around creating income through the sale of advertising.

Facebook is now worth $ 870 billion, with annual revenue of $ 86 billion. Google is worth nearly a trillion dollars, with annual revenue of $ 181 billion.

The business of these companies is based mainly on advertising directed at users, built on the basis of the data they collect from their consumers.

How does PFB intend to solve these problems?

The answer is simple: giving money back to your users.

In exchange for the activities of the users on the various platforms, the clients will get back PFB Coin every day.

A total of 3,657,839 PFB coins will be distributed every day to active users on PFB platforms. The distribution will be handled only by the ERC20 smart contract.

The smart contract schedule will calculate every 24th to calculate each user engagement.

An example of this is that, if there are 500,000 new users for each referral in the time span of the contract, the contract will distribute 500,000 PFB coins to the users who served as referrals.

Then 3,157,839 will be distributed to the rest of the users for fulfilling their activities and spending time on the PFB network.

With this they seek to achieve the ultimate goal of unlocking the value of the reputation of cryptocurrencies and promoting an interconnected, more attractive and high-quality cryptocurrency community that benefits both token holders and users of social networks.

Customers of the PFB network, both corporate and private, will access all the services they need from a single platform.

The tokenomy of the PFB Coin

The PFB Coin is an ERC-20 fixed token, which means that only 3,337,777,777 tokens will be delivered. Which will add more value to the currency as demand increases and supply decreases.

The distribution of the token will be done as follows:

  • 40% (1,335,111,111) for token swapping and public sale.
  • 40% (1,335,111,111) will be distributed among the users of the PFB network.
  • 10% (333,777,778) for the founders.
  • 5% (166,888,889) for the team.
  • 5% (166,888,889) for members.

Launched in April 2021 with a price of $ 0.002, PFB Coin is currently trading on Uniswap, Vidax and DEX-Trade with a value of $ 0.3.

It is expected that by 2025 there will be more than a billion hodlers of the token.

Do you want more information? Visit their website.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of  CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.

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This post is also available in: Español (Spanish) Русский (Russian)

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