$BOOK Token
A true multifunctional utility and loyalty token ecosystem for Authors & Readers
Whitepaper | Tokenomics | Legal Opinion
Swap $BOOK Classic (2021)
What is $BOOK Token?
$BOOK serves as a versatile utility and loyalty token and can be considered stored reading energy. Readers can earn $BOOK through the Read to Earn™ Loyalty Reward System when they consume digital books (eBooks and Audiobooks). Earned tokens can be spent to obtain new books at a reduced price, and some digital books (and Mint + Print books) are exclusively available for purchase using $BOOK.
For creators, including authors and publishers, $BOOK is essential for generating Decentralized Encrypted Asset (DEA) digital books. Additionally, creators rely on $BOOK to access anonymous user and reading analytics and utilize an enterprise marketing system. They can receive payments in $BOOK for their digital book sales and can also earn $BOOK by hosting interactive book clubs directly with their audience. Furthermore, they can offer their audience free and discounted content, merchandise, and other incentives using $BOOK.
See our whitepaper to see all utility uses of the $BOOK Token.
For Readers
• $BOOK tokens power the Read to Earn™ Loyalty System, where users earn $BOOK for reading their ebooks or listening to their audiobooks.
• $BOOK tokens are used within the Marketplace and can be used to purchase some titles early and/or at a discounted rate. For some titles, merchandise, and Mint+Print™ physical print books, $BOOK is the only accepted form of payment.
• $BOOK can be used to reduce trading fees (when compared to other non-book exchanges).
• $BOOK tokens can be earned through P2P lending, and readers can use $BOOK to tip Authors & Creators, and donate to special causes and non-profits.
• Authors may require $BOOK tokens to access social book clubs with special access to exclusive content, author interactions, merchandise, etc.
For Authors & Publishers
• $BOOK tokens will be used to create DEA eBooks and Audiobooks.
• $BOOK tokens are used to pay certain book royalties to Authors, Publishers, and other delegates.
• $BOOK tokens are used to access the Reading Analytic Platform to better understand how their books are being consumed.
• $BOOK tokens are needed to utilize the Enterprise Advertising Platform by Authors and publishers wishing to market to their reading audience and offer incentives, discounts, and free content.
Token Ecosystem
The $BOOK protocol is designed to be a closed-loop system whereby different parties earn, spend, and use the tokens in a recirculating economy. The recirculation of $BOOK begins with the requirement by Authors and Publishers to spend $BOOK in order to create DEA digital books. Consumers then purchase books in either Fiat or Crypto and, in some instances, will receive discounts for purchasing with $BOOK. The Author & Publisher can then be paid $BOOK for selling their work. Consumers will earn $BOOK as they read their books from the Read-to-Earn™ system. Data from their reading and book ownership is anonymous and available for Authors and Publishers to learn about how their books are consumed and to market to Readers for new releases they might be interested in – both of which require $BOOK to access. Additionally, authors who host book clubs can charge a fee in $BOOK to have access if they wish, which will allow access to exclusive content, etc. $BOOK can also be a payment method for consumers wishing to loan out their books, and Readers can tip Authors directly in $BOOK.
Read to Earn™
Reading is broken.
A study by Digital Book World estimated that only 60% of books bought are ever opened. A study by Literacy Inc estimates that 50% of books started are never read to completion. This would mean that 70% of books that are sold are never read.
33% of U.S. high school graduates never read a book after high school.
80% of U.S. families have not purchased a book this year.
70% of adults have not been in a bookstore in the past five years.
Book.io believes what gets incentivized gets done. However, there has never been an immediate incentive for reading – until now. This was the broad idea behind creating a Read to Earn Loyalty model.
In the Read to Earn model, consumers receive $BOOK tokens for meaningfully engaging with the platform as a positive reinforcement for reading and not just collecting books. Readers are incentivized to read through our ever-expanding catalog of quality books and earn $BOOK tokens to use within the Book.io ecosystem. We also refer to this as “reader rewards,” “reader mining,” and “knowledge mining.” Similar to the Bitcoin Difficulty Adjustment and solving a problem to be eligible for the block reward, in our model, Consumers must read to compete for a proportional award, which also follows a “halving” schedule like Bitcoin, with rewards halving every two years.
The core model is straightforward:
- There is an allocated supply of $BOOK dedicated to the ReadTo Earn model
- This supply will run the course of a 50-year time period
- Every 4 hours, a reward is portioned
- Each consumer that has read within that 4-hour time period is rewarded in proportion against all combined readers’ cumulative words read
- A consumer can only earn $BOOK from reading/listening to a book a single time
Token Genesis
$BOOK Classic V1.0 (2021)
On June 2, 2021, a fixed supply of 10,000,000,000 (10 Billion) $BOOK tokens were minted as native-based Cardano tokens.
The original transaction for this is available for review at: https://bit.ly/3KHA07s.
This was a non-divisible token, and a reissued $BOOK token is now available as a 1-to-1 swap.
$BOOK V2.0 (2023)
On June 9, 2023, a fixed supply of 10,000,000,000 (10 Billion) $BOOK tokens were minted as a native-based Cardano token to replace the original 2021 $BOOK token.
The transaction for this is available for review at:
https://bit.ly/3XuDvWx
Tokenomics
$BOOK tokens are allocated as follows:
| Read to Earn Loyalty Program | 5,000,000,000 | 50% |
| Token Sale | 1,500,000,000 | 15% |
| Seed Sale | 500,000,000 | 5% |
| Initial Token Offering | 1,000,000,000 | 10% |
| Development | 900,000,000 | 9% |
| Engineering | 300,000,000 | 3% |
| Exchange Liquidity | 500,000,000 | 5% |
| Technical Bounty | 100,000,000 | 1% |
| Team, Advisors & Acquisitions | 2,600,000,000 | 26% |
Circulating Supply
Following the token sale and distribution of $BOOK, combined with the launch of the Read to Earn Loyalty Program, the following is an estimation of total circulating supply by year:
| Initial Token Release | 2,168,750,000 | 21.69% |
| Year 1 | 4,270,891,200 | 42.71% |
| Year 2 | 6,373,032,400 | 63.73% |
| Year 3 | 7,846,028,000 | 78.46% |
| Year 4 | 8,675,273,600 | 86.75% |
| Year 5 | 8,989,946,400 | 89.90% |
| Year 6 | 9,304,619,200 | 93.05% |
| Year 7 | 9,462,005,600 | 94.62% |
| Year 8 | 9,619,392,000 | 96.19% |
| Year 9 | 9,698,135,200 | 96.98% |
| Year 10 | 9,776,878,400 | 97.77% |
| Year 20 | 9,939,249,600 | 99.39% |
| Year 30 | 9,954,011,200 | 99.54% |
| Year 40 | 9,964,160,000 | 99.64% |
| Year 50 | 9,974,164,600 | 99.74% |
FAQs
Is there a legal opinion about the token?
Yes, view it here.
Who can buy?
Because our entity is based in the British Virgin Islands, our token sale is currently available to anyone living outside the United States, excluding Embargoed and Sanctioned Countries.
What blockchains does Book.io work on?
Book.io is a multi-chain company and allows authors and publishers to choose different chains for different specific needs. Currently Book.io has digital books on Algorand, Cardano, Ethereum, and Polygon. The $BOOK token is a native Cardano token.
When can I use $BOOK to buy books?
You will be able to make eBook purchases for certain titles (depending on Creator’s settings) with $BOOK when it is released on October 20, 2023.
Will $BOOK Classic (2021) be used?
$BOOK Classic will not be honored on the platform for purchasing books – you have to exchange it for $BOOK V2.0.