Last time, we talked about Book WRT Introduction in this article https://goo.gl/adyFMb, now it’s time to present the current version of the Project Book White Paper v1.1.

Alongside with the development of the Project Book, we are also updating our White Paper. This will not be the final version, but it’s here to showcase that we plan to simultaneously work on many aspects of the Project. The website is being upgraded, Dummy Book Network is almost complete, and we will use it to test out the functionality before we go to the real deal and our DApp is being constructed too. We are slowly moving forward, therefore our White Paper will follow our current path.

It all starts with the why and how, so let’s dive into some of the excerpts of our White Paper.

The Blockchain of the Book Network will have the Proof of Work (PoW) consensus mechanism with SHA-256 algorithm. We aim to open the door to the new cryptocurrency investors to mine Book Coin and experience cryptocurrency mining. Book Coin mining will begin on traditional PCs or laptops (just like BTC in 2009–2011). As the Network grows, the difficulty will rise, so people will continue to mine Book Coin on SHA-256 mining equipment. Before the Book Network Mainet, there will be a swap 1:1 of Book Token for Book Coin.

Our goal in the years to come is to equip authors and writers worldwide with a digital bookstore right on the palm of their hand, where there will be no more third parties charging their fees and taking royalties. An option will be enabled for authors and writers where they can set the price amount of their manuscript(s), but it will be much different than Amazon and other websites where books are sold. Depending on the content of the book, authors and writers will be able to set a fair price, the one that will help them get more sales of their book(s).

On the other hand, customers love different payment options, so we will offer implementation of an optional payment system to accept BTC, TRX, ETH, ADA, XRP and other cryptocurrencies. Let’s not forget to mention that each time authors sell their books on the Book Network, they keep all the funds.

Two Factor Authentication (2FA) option will be added as additional security for every account (authors, writers and customers) in the Book Network.

How the Book Network will work is a customer will buy any book from the Book Network with WRT token that they bought on an exchange that supports WRT token.

A. A customer visits the Book Network and chooses a book.

B. A customer buys WRT from an exchange that supports WRT.

C. A customer sends WRT to the Author’s Wallet.

D. A customer receives the book(s).

E. Receives email as a proof of purchase

F. 100 points will be added to their account, where 100 points = 0.001 WRT.

The customer will receive an invoice copy via email for their purchase(s) and the Book Network will implement a system where customers gain points on each purchase to receive free WRT and can later use them to buy books from the Book Network.

The author will receive a full amount of WRT tokens in their own personal wallet from book purchases and it’s their choice to exchange them or keep them.

A.WRT tokens are added to the Author’s Wallet.

B. Author can deposit the tokens in an exchange that accepts WRT.

C. Exchange for TRX, or any other cryptocurrency → National fiat currency.

Customers will at first have two options to receive a book they bought — a PDF format or an E-Book. More options like audiobooks will be added later based on the adoption and success of the Project Book. Customers will instantly receive their book(s) purchased from the Book Network, without having to wait for days via slow mail.

WRT DAPP will be similar to Google Books but without paying fees and it will have additional features. For example, authors will be free to personalize their DApp without a third party. The source code is currently written in Sol, but will be converted to Java on TRON Virtual Machine and added on Github with a protocol similar to an IOS or an Android app. The DApp will be used by authors, writers and customers to enter the Book Network. Authors and writers will be able to check for status and withdraw their WRT securely. The process of customers purchasing books is similar to that of Google Books, only decentralized on the Book Network.

The Book Network is also in the process of creating a virtual bookstore on the blockchain where writers and authors from around the world gather together and share ideas. Our vision for the next generation is to bring in new books into the Book Network. Everyone can come together, add their manuscript(s) and sell their work, taking in all the profits without paying any fees to the third party.

Project Book Rewards Program

Another one of our goals is to reach schools, colleges and universities with Book WRT. There will be a Rewards Program for people that read at least one book per year. The book can be in any format. 100 WRT will be rewarded to readers for every chapter they read. For example, everyone knows “Harry Potter” Series or “Twilight”. Each book has over 30 chapters so 100 X 30 = 3000 WRT. After people finish reading a chapter, they need to fill out a form on the Book website to receive WRT. People will be enjoying receiving rewards for all their efforts and hard work. What we want to do is for people to start reading more books and spread the trend worldwide. This is much needed in this world today. We’re so distracted with our iPhones, Androids, iPADs and so forth, playing games and doing other activities, but we never have time to sit down and read a book to expand our minds or learn a few new things. Just think about this — the average individual reads 1 book per year and a CEO of a company about 5 books per year. Why deny ourselves the power of knowledge?

Financial distribution of Book WRT will be as follows, for a grand total of 24 billion WRT Tokens:

ICO of 14.90%: WRT tokens will be used for funding Project Book. During the ICO phase, Book Tokens will be 1:20 or 1 TRX for 20 Book Tokens. The remaining tokens will be burned. The ICO announcement will be made soon!

Planned soft cap is $1 million and planned hard cap is $2 million.

0.10% Book Rain: Book Tokens will be issued in periodic manual airdrops: Manual airdrops of Book Token will occur periodically on social media via Seedit bot starting on Telegram, so there will be a circulation of the supply. We decided to do it this way to show everyone we’re transparent and REAL, not a Google Form to get automatic airdrops of a token that might not have “case usage” and value in the future. Manual Airdrops will be preformed every Monday by an event called “Book Rain Day”. If the deadline is missed, it will be done the following day (which we believe won’t happen often). Once the 100 million Book Tokens Airdrop is complete, there will be no more airdrops on social media.

The Book Team gets to keep 25%

The Book Network Fund 30%: This will be used for funding and running the Book Network. Mostly updating severs to keep hackers at bay and all information kept safe, like locked inside a vault with maximum security. We will do everything in our power and knowledge that nothing is “leaked out” to hackers or to the general public. This is why no personal data will be stored on the Book Network or required and will never be used for any reason whatsoever. We admire and respect authors’, writers’ and customers’ privacy. All they’ll ever need is a Book Coin Wallet address and nothing else.

The Treasury 10%: Will be given as contributions to new writers and authors who want to add their manuscript(s) to the Book Network. A special TRX address will be set to receive 0.10 Book Coin per transaction. We want everyone to experience the essence of decentralization.

This will be the Treasury for the Book Network which will evolve over time and grow bigger. It will be used for future projects on the Book Network and to support the next generation, to further their education from K-12, similar to scholarships, only with WRT tokens.

Charities 10%: Will be given to Christian charities such as “St. Jude Hospital”, “Voice of Martyrs”, “World Vision”. Also, it will be given to local churches to support pastoral work and further their congregational needs. We will have an option on the Book Network for charity organizations for whoever desires to donate. We will collaborate with charity groups on social media via Facebook, Twitter, Instagram, etc. This is our way of saying thank you for all the support we had in the past.

Quarterly Coin Burn for the next 5 years, 10%: Starting in 2019, there will be a coin burn, and will be ending in 2024. Before every coin burn, an announcement will be made on Twitter and Telegram.

You can join us on our Telegram group https://t.me/BookWRT to read the complete White Paper, ask any questions or give any suggestions, and get a little welcome surprise when you enter.

Also IF ANYONE WANTS TO HELP TRANSLATE THE WHITE PAPER IN ANOTHER LANGUAGE, MAKE SURE TO JOIN TELEGRAM AND TALK TO VICTOR.

A place to follow up on updates is Medium https://medium.com/@milevastankovic and reddit users u/aloysius199 and u/Book-Token.

***NEXT TIME***

What are the Mission, Vision and Goals of the Project Book and the Book Network