What is Bitmark (BTM) Crypto Beginner’s Guide
Bitmark is a reputation platform and is a blockchain-based solution to digital ownership. The current systems of digital ownership often don’t benefit individual users, as they have little control over their data once companies buy it. Bitmark empowers universal digital ownership so anyone can participate in cryptocurrency exchanges, and everyone can live freely online.
Any user, product, and service can earn reputation on Bitmark’s platform through its Marking process; once they’ve gone through the process, their listing will have a pink glow that signifies quality. Having been approved by the Marking process will increase the success of users, and lead to increased sales of products and services; the better the reputation something has, the more views and interest it will receive. Through this system, Bitmark is a reputation-based platform.
There is a plan for data that is generated on the platform. Bitmark aims to substantially increase its audience by incorporating the platform into web browsers. At some point, the entire world wide web could function on based value matrices that incorporate a person’s activity and representations of their achievements. Every person could be held accountable for their activity and their own reputations.
The Markup Process
Bitmark’s unique Markup process delivers a reputable system for users and services that utilize the platform. There will be a public digital ledger that shows transactions between entities, and these systems can be further developed and applied to improve support for reputation marketplaces. If a user has a positive Markup reputation and has proven that they are trustworthy and of high quality, that leads to an increase of interaction between other users, and if it’s a product or a service, the process can lead to an increase of profit.
Negative marking is an option. The feature will allow users to decrease reputations that no longer deserve trust or quality. That way, users or services that gain trust but then take a turn or discontinue, won’t necessarily have their reputation forever. Reputations may rise and fall, which means that users will have to work hard to keep their good ones.
The Bitmark Token (BTM)
BTM is the Bitmark platform’s internal form of cryptocurrency. Users secure their data on the blockchain network in exchange for these tokens, and may trade with each other internally with wallets that are downloadable on Bitmark’s site. As BTM is sold and exchanged with other users, this creates an electronic record of their activity and contributes to their reputations. All transactions that are enacted on the platform can only be done with Bitmark tokens, however, the tokens can also be sold and exchanged just like all other cryptocurrencies that are currently on the market.
Bitmark’s end goal is to create a universal system for a new internet where everyone owns a piece of the digital economy. Ownership of coins and data, and the accountability for personal reputations, may lead to the next major asset class as more and more data is being consumed and generated every day. The platform represents a new way of giving users ownership over their data as cryptocurrency heads into the future.