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Whitepaper of Review Capital (RECAP Token)

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Review Capital (RECAP)

RECAP is a ZRC-2 token used in BuzzerNepal to decentralize the news portal industry.

Last Updated: March 1, 2021

Abstract

News and reviews impact almost everyone in making day-to-day choices. Our lifestyle and consuming habits are derived from information we collect as we grow up. Besides family, friends, school and workplace, one of the most influential source is “News Media”. News and Reviews affect our perception, our choice of clothes, our food, our movies, our career and more. Because of ease access to internet in these days, news media can easily reach out massive population and manipulate the information. This makes our lifestyle and consuming habits depend on trust of news and media companies. Plus, we all know about paid promotion, paid news and fake reviews. Hence the system is broken and unfair. To solve this, we are proposing a decentralized and trustless news portal system where all news contents are reviewed and validated in decentralized fashion. Writers and validators are rewarded with Review Capital Token (RECAP) based on their quality of task. No more advertised news & no more paid news.

Introduction

News industry is one of the most influential market with biggest user count and advertisements revenue. Bringing news industry into blockchain system will decentralize both contents and ad revenue.

Decentralized News Portal System

Review Capital focuses on building decentralized news portal built on Zilliqa blockchain. It runs on censorship-resistant mechanism and gets integrated with ZRC-2 token called RECAP. News articles on this platform are published, validated and circulated without any central authority. Even the advertisement placement goes through decentralized community decision. This will mimick the traditonal news industry into complete end-to-end blockchain system.

  • News Submission Process: Anyone can submit news and track it in smart contract regarding publication, trust score and earnings.
  • News Publication Process: Anyone can become a validator and participates in news publication process in decentralized way.
  • News Validation Process: Community will set up standards based on voting to validate all news.
  • Advertisement Submission Process: Anyone can submit advertisements of any kind.
  • Advertisement Placement Process: Validators participate in selection and approval of advertisements similar to news articles.
  • Reward Distribution Process: Smart Contract distributes the rewards to eligible participants.

Tokenomics of RECAP

Review Capital will operate in RECAP token with max supply of 11 millions RECAP tokens. RECAP is a ZRC-2 compliant fungible token which will primarily act as a reward incentives to news writers, validators and protocol developers. It costs 10 – 1 RECAP token to submit an article and 10 RECAP tokens to submit an advertisement. 10k RECAP tokens are minted per rewards cycle until the supply of 11 millions RECAP lasts. Reward minting triggers after CERTAIN number of published articles get validation. These newly minted RECAP tokens are distributed to writers, validators and developers. News writers get reward based on Trust Score of news & validators get reward based on their Profile Score.

Tokens are distributed in the ratio of 2:2:1 among Writers, Validators and Developers. There will be no tokens minted until X numbers of articles are validated in defined period.

Max supply cap = 11 million RECAP
Decimals = 12
Minting process = X number of validated articles per cycle
Per cycle RECAP minting = fixed 10k RECAP until max cap
Distribution: 40% : 40% : 20% for writer/validator/developer

Inflation phase period change: Every 657,000 blocks (approx. 1 year block time)
Number of validated article to trigger minting = 10 – 1280 (it goes double every block year until 1280 and takes approx. 8 years)
Cost fee of article submission = 10 – 0.10 (it goes down every block year until 0.1)
Max reward per article = 400 – 0.3125 RECAP (it goes down every block year until 0.3125)


Initial Minting

There will an initial minting of 200k RECAP token to kickstart the beta phase of project.
100k RECAP will be used to provide liquidity in Zilswap.
Remaining 100K RECAP will be distributed for beta Writers, beta Validators and early adopters.

PhasesInvolved PartiesToken Supply (RECAP)Percentage OwnPhase Period
Minting – InitialBeta Phase Development100,00050%Token Deployment.
Minting – InitialZilswap Liquidity100,00050%Token Deployment.

Once project goes live with validator app and governance, remaining 10.8 million RECAP tokens are minted based on reward cycle.

PhasesInvolved PartiesToken Supply (RECAP)Percentage OwnPhase Period
Minting – Phase 0News Writers4,000 per 10 articles reward cycle40%0-1 year block time
Minting – Phase 0Validators4,000 per 10 articles reward cycle40%0-1 year block time
Minting – Phase 0Team Development2,000 per 10 articles reward cycle20%0-1 year block time
Minting – Phase 1News Writers4,000 per 20 articles reward cycle40%1-2 year block time
Minting – Phase 1Validators4,000 per 20 articles reward cycle40%1-2 year block time
Minting – Phase 1Team Development2,000 per 20 articles reward cycle20%1-2 year block time
Max Supply11,000,000100%

When the max supply hits 11,000,000 RECAP tokens, network will run only on “News” submission fee and “Advertisement” submission fee.

Community Ecosystem

  • News Writers: Anyone who submits news or article or review contents for publication is called News Writer. Each news writer gets reward based on Trust Score of news article.

Trust Score: Trust score is a percentage value assigned to each article after curation from Validators. A news article with less than 50% Trust Score does not qualify for rewards. Validation are randomly push over to sample population of active validators for Publication Check, Evidence Check, Quality Check and Impact Check.

  • Validators: Anyone who participates in validation of news content and advertisements is called Validator. Each validator gets reward based on Profile Score.

Profile Score: Profile score is a percentage value assigned to each validator after completion of validation task. A validator with less than 50% Profile Score does not qualify for rewards of that article.

  • Developers: Anyone who is a member of core team working on RECAP protocol is called Developer. Reward received in developer wallet is used for growth of RECAP ecosystem.

Reward Mechanism

Since RECAP tokens are rewarded to 3 parties: News Writers, Validators and Protocol Developers, there exists a distribution mechanism for fairness.

Rewards of writers based on trust score of news articles
All submitted news articles are validated and assigned a final Trust Score within 1 days. Trust Score for any news article is a percentage score ranging from 0 to 100. News article with less than 50% Trust Score does not qualify for rewards. To be eligible for rewards, following 2 conditions must met: a) It must have Trust Score of 50% or more. b) Platform must have 10 validated articles in start period before cycle Reward Distribution is triggered.

Weekly Writers Reward Pool (WR) = 40% of (minted + fee collected) = 4000 RECAP + 40% of Collected fee = Cycle Fee Pool% * Total Reward of each Cycle * (Trust Score of an article/Total Trust Score of Pool)%

1 Reward cycle will accommodate 10 validated articles in Phase 0.

An article will be categorized into 5 groups based on the trust score they receive in order for the reward to be distributed.

Trust ScoreCycle Fee Pool %.Cycle Rewards Pool (RECAP)Distribution
50% – 60%5%25 RECAP per article + feeEqual
61% – 70%10%50 RECAP per article + feeEqual
71% – 80%20%100 RECAP per article + feeEqual
81% – 90%25%200 RECAP per article + feeEqual
91% – 100%40%400 RECAP per article + feeEqual

The highest reward – 400 RECAP goes to articles falling in the group with trust score of 90%-100% and the lowest 25 RECAP goes to the one with trust score of 50%-59%.

4000 RECAP will be minted in a new reward cycle for the articles. This number represents the maximum possible reward distribution scenario in Phase 0.

For example: If 10 out of 10 articles in a reward cycle fall in the 90%-100% group, the total reward to be distributed would be 4000. Therefore, since all other scenarios would result in the total amount less than that, there would be enough amount for reward distribution. Unspent RECAP will be reserved for writer’s development and marketing proposes

Rewards of validators based on profile score
Any wallet with 1000 RECAP token can become a Validator. When news articles are submitted, they are randomly sent out for validation among a sample pool of Validators. Each validation expires within 24 hours or 100% validation response. If “Publication Check” fails for any article, it gets instantly removed from platform. Other validations includes “Evidence Check”, “Quality Check” and “Impact Check”.

While these checks build up a “Trust Score” for a news article, the accuracy of validation makes Profile Score for a validator. A validator can miss the task or may provide validation which falls either in majority or minority. Based on these factors, profile score is maintained for each eligible wallet. When cycle rewards are minted, only validators, whose Profile Score is 50% or more, are eligible to receive RECAP tokens.

Cycle Validator Reward Pool = 40% of (minted + fee collected) = 4000 RECAP + 40% of Collected fee

Profile ScoreCycle Fee Pool %Weekly Rewards Pool (RECAP)Distribution
50% – 60%5%25 RECAP per cycle + feeEqual
61% – 70%10%50 RECAP per cycle + feeEqual
71% – 80%20%100 RECAP per cycle + feeEqual
81% – 90%25%200 RECAP per cycle + feeEqual
91% – 100%40%400 RECAP per cycle + feeEqual

If there is no validator wallet in any of the group, the allocated rewards goes to Airdrop wallet to randomly reward community events based on community vote.

Smart Contract Details

This will be updated very soon ….

Token Smart Contract: https://viewblock.io/zilliqa/address/zil12drvflckms6874ffuujcdxj75raavl4yfn4ssc

Products & Partners of Review Capital

  • Review Capital
  • BuzzerNepal

Roadmap

The brainstorming on this idea of decentralized news portal happened in March 2020 between Krishna & Anil. Initially the plan was to work on “Reviews” sector but later the team pivoted and focused on News sector. Between March 2020 and Feb 2021, a lot of paperworks and documentations were done. To build a working prototype, team decided to fork DASH blockchain and implement all the changes to fit RECAP ecosystem. With this successful prototype, we have a lot of plans ahead to launch on Zilliqa mainnet and achieive various milestones.

Phase IDGoals & MilestonesTentative Dates
PrototypeValidate use cases and analyze feedback from communityMarch 20th – Feb 28th 2021
Team building and fund raising
Fork DASH and implement RECAP ecosystem
Launch BuzzerNepal
Finalize v.1 Whitepaper based on prototype development
Mainnet on Zilliqa.Launch RECAP token on Zilliqa testnet & mainnetMarch 1st – May 30th 2021
Write smart contract for Reward mechanism.
Launch BuzzerNepal Beta Phase with RECAP mainnet
Phase 0Launch BuzzerNepal with RECAP mainnetMay 30th – July 30th 2021
Deploy smart contract for Reward mechanism.

Team

Review Capital has 7 board members in core team.

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