For the full white paper, click here. For a shorter summary, continue below.
Scams, frauds and pump and dump groups are prevalent in crypto today. How is the average crypto investor supposed to know which crypto project is legitimate and which is BS? Whether its an ICO, a Facebook group or an exchange - it's very hard to tell where your hard earned time or money can be safely spent.
The US has a centralized organization called the Better Business Bureau (BBB) to help consumers know which companies to avoid and which to trust. This organization is far from perfect, but it serves its purpose. There is no such organization for crypto. There are a few that attempt to offer rating services for ICOs, but those are fraught with pay-to-play manipulation, and the consumer is left wondering what is real and what is paid for or fake.
Crypto enthusiasts asks themselves the following types of questions and crypto projects every day:
"Is this telegram group a pump and dump group in disguise, or is it legitimate? Is this ICO a scam or a great opportunity? Are the founders who they say they are? Is their code spectacular? Is their white paper copy/pasted or original? Is this Twitter influencer REALLY stating his opinion, or was he merely paid to say that? Does this exchange have a history of hacks, or is my money safe here? Is this crypto podcast a waste of my time or does it actually offer value? Is this crypto Meetup group here in London a great group of people, or is it a sales pitch in disguise?"
$NOBS aims to be the answer to questions such as these and the solution to this major problem facing the world's newest asset class.
The $NOBS token is a utility token and is based on the community of 100k+ strong crypto enthusiasts and experts. The process for how the token will be utilized is explained in the following 7 steps. For more thorough details, please read our white paper here.
Crypto-related projects approach No BS Crypto to be rated and reviewed by a team of vetted and trusted, yet publicly anonymous reviewers, sourced from the No BS Crypto community of over 100,000 people.
The crypto project may be anything from a small, local Facebook group for crypto enthusiasts, to an ICO raising $100M and everything in-between. Different crypto categories are outlined in the white paper.
The project is put forth to the internal community, in an anonymized manner, to be bid on with NOBS tokens. For instance:
Reviewer Earning Potential: $50 - $150
Cost to bid on project: 7,600 $NOBS (example)
In the above example, ICO “X” represents the anonymized crypto project that has paid to be reviewed, in this case an ICO. The identity of the ICO in question is revealed after bidding has ended.
“Raising $10M,” would of course be the amount of money the anonymized ICO is attempting to raise. In non-ICO crypto projects, this would not be a category.
“Reviewer Earnings Potential” refers to the amount that a vetted No BS Crypto reviewer could expect to make, payable in ETH and valued in USD, for working on the project.
“Cost to bid on the project” refers to the amount of $NOBS tokens required to work on this specific project and earn that specific amount of money. Using $NOBS to bid on projects ensures that reviewers are active crypto enthusiasts. The ratio of earnings potential from the project will exceed the value of the $NOBS tokens if traded on an exchange to fairly compensate the reviewer. For example, if the value on an exchange of the $NOBS tokens required to bid on the project were 0.05 ETH, the earnings potential would be set above that amount (e.g., 0.15-0.2 ETH) and thus the reviewer is compensated for their work well beyond the value of the $NOBS tokens they bid to do the review. There will be more details on this in step 3.
The project will be initially anonymized to help prevent manipulation by parties with potential conflicts of interest. This will help to prevent “ICO ‘X’” team members from attempting to become a No BS Crypto reviewer for the sole purpose of working on the project just to provide a favorable rating or review. The ICO project will only know a window of time when their project will be put forth to the community to be rated and reviewed, and they will be pulled from a pool of other projects in the same category. Internal KYC procedures will help ensure that there are no team members bidding on the project.
As alluded to in step 2 above, reviewers will have to spend $NOBS tokens to bid on the project. These tokens will be subsequently burned to reduce supply. These tokens can originate from three different sources:
Initially, the price that crypto projects pay to be reviewed will be lower as we optimize our systems and process and learn which reviewers from the community are the best of the best. As time goes on, our system becomes refined, and our ratings take on higher levels of legitimacy, prices charged to crypto projects will be increased to better match the level of value offered.
Once bidding is completed, and the team of reviewers is in place, reviewers will get to work on their respective duties with a set deadline. The reviewers on each project will be blind to each other to help prevent the possibility of collusion. There will also be multiple reviewers for each assigned task. For example, the breakdown may be as follows:
White paper analysis: 6 reviewers
Tokenomics analysis: 3 reviewers
Github analysis: 7 reviewers
Smart contract analysis: 4 reviewers
Founders and advisory team research: 8 reviewers
Final report assembling: 2 reviewers
The purpose of having multiple reviewers on each segment of the review is two-fold:
Once all reviewers have finished their respective assignments, their findings are sent to a reviewer in charge of data compilation and assembly into a clean and standardized report in PDF format, with a final numeral grade given to each project. Different categories of crypto projects are each graded by their own specific set of criteria with different weights given to specific factors.
Reviewers are then paid based on their expected amount going into the project. Higher skillsets will be compensated more generously than low skillsets. Reviewers will collectively earn 80% of the fee charged by No BS Crypto to the crypto project. 20% will be retained by No BS Crypto for overhead.
This rating and report will be posted on noBScrypto.com, within its respective category for the world to see. The rating will be front and center, regardless of whether the project received a good or a bad rating. This will help to weed out poor projects or outright scams, and will help legitimate projects better stand out.
More details on this step are outlined in the sectioned entitled “Revenue Model” in the white paper. In short, the reviewed crypto project will now have the option to pay a monthly subscription to stay on the site, or pay extra to be promoted.
Thanks for reading!